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Author Topic: Bitcoin issued per year formula  (Read 160 times)
TheWolf666
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October 23, 2018, 09:19:12 AM
 #1

If Bitcoin delivered 50 coins every 10 minutes (600 seconds) the first year, then it should have delivered 50 x (1577000/10) = 7885000 Bitcoin the first year.

But I cannot see this number in any charts like in this one for example where it is said that the first years were added 2625000 bitcoins.

https://en.bitcoin.it/wiki/Controlled_supply

So what is the exact formulas to determine how many bitcoins are issued / year (before halfing)

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AdolfinWolf
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October 23, 2018, 09:25:36 AM
Merited by suchmoon (4)
 #2

I don't understand your math to begin with.

There are 24*365 = roughly 8760 hours in a year. A block every 10 minutes, 8760*6 = 52560 blocks.

52560 * 50 = 2628000 Bitcoins?

If Bitcoin delivered 50 coins every 10 minutes (600 seconds) the first year, then it should have delivered 50 x (1577000/10) = 7885000 Bitcoin the first yea
Where do you get this formula from?


If you account the increase/decrease in hash rate, (or the lack of blocks mined in the first year of bitcoin "existing",) this number may vary slighly when looking on a shorter period of time, otherwise, this should be pretty correct?

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October 23, 2018, 09:37:51 AM
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Ok I was wong on the number of minutes in a year (525600)

My mistake, now it makes sense!

Thanks

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October 23, 2018, 09:38:29 AM
 #4

As AdolfinWolf mentioned, your formula & number are wrong.

Besides, the formula you're looking for available at link you mentioned. FYI, (50*108)/2i refers to amount of block reward in satoshi amount.
But in reality, average Bitcoin block time is 9.4 minutes because mining hashrate usually increasing and difficulty adjustment only happens every 2 weeks.

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October 23, 2018, 11:13:03 AM
 #5

Actually only 32489 blocks were mined in 2009, which makes (only) 1,6 million coins.

Here is the last block mined in 2009
https://www.blockchain.com/btc/block/00000000827b23e7fcdd7fd189c7c61224542d98921e5f6a28e9e5b777b9db69

The difficulty was at its lowest level and still there weren't enough miners to find a new block every 10 minutes.
Those were the days Smiley

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October 23, 2018, 11:18:25 AM
 #6

Oops,

32489 blocks were mined in 2009, but about 33800 blocks in the first 365 days, because the first block was not mined in the new years eve.

Here is a block from 9th January 2010, almost exactly 1 year later than the first block-
https://www.blockchain.com/btc/block/000000000d30a3dab7c120ca79ce032516f9dd2f99ee161e8eaba802b9f9c83b

It still makes (only) about 1,69 millionBTC

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October 23, 2018, 05:39:27 PM
 #7

If Bitcoin delivered 50 coins every 10 minutes (600 seconds) the first year, then it should have delivered 50 x (1577000/10) = 7885000 Bitcoin the first year.

But I cannot see this number in any charts like in this one for example where it is said that the first years were added 2625000 bitcoins.

https://en.bitcoin.it/wiki/Controlled_supply

So what is the exact formulas to determine how many bitcoins are issued / year (before halfing)


To calculate theoretically how many bitcoins are mined in one year (assuming 50 BTC per block):

Code:
min/year = 365.25 days/year * 24 hr/day * 60 min/hr = 525960 min/year

blocks/year (average) = (525960 min/year) / (10 min/block) = 52596 blocks/year

bitcoin/year (1 full year, 50 BTC per block) = 52596 blocks * 50BTC/block = 2629800 BTC/year

Note: This is assuming 10 minutes per block, which is just an average. Also, the first block was mined on Jan 3, 2009 and did not continue every 10 minutes at the beginning, it took a couple weeks to begin to stabilize around 10 minutes:

https://i.stack.imgur.com/Ogxtj.png

Maybe someone can comment as to why the wiki has 2625000 BTC as the estimate per year, I'm not sure why.

However, The estimation for a blocks in a year in Bitcoin is 210000/4, where 210000 is the subsidy halving height (just short of 4 years). At 50 BTC per block this is 2625000.


Merit will be highly appreciated if the posts seems helpful.
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October 24, 2018, 12:56:08 AM
 #8

Relevant: https://bitcoin.stackexchange.com/questions/37077/how-much-inflation-does-bitcoin-have-year-by-year
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