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Author Topic: what year will 21 million coins will be completed?  (Read 1876 times)
Yakamoto
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August 02, 2014, 09:55:40 PM
 #21

2) 2140. It won't be before then, unless the protocol changes.

The block reward schedule is based on blocks, not time. It is only indirectly related to time because a block is supposed to be produced every 10 minutes on average. However, if hashing power (and thus difficulty) increases, the average time is less than 10 minutes.

The first halving occurred about 2 months early. Assuming that the hashing power continues to increase, the last block reward will occurr long before 2140 (my estimate is around 2130).

Last full block reward that is.

Transaction fees will always be included in blocks, and so higher fees will become apparent over time.

Maybe it's good for the network, maybe not.
haploid23
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August 02, 2014, 10:16:02 PM
 #22

Just a thought: All miners can collectively game the system so the 21 million mined coins can be achieved much quicker. Right before difficulty change, majority of the miners drop out so that the total network hash power plummets, so after the new difficulty correction drops, all miners jump back in. This would result in blocks being much faster than 10 minute averages. After 2 weeks, miners drop out again until difficulty change, then jump back in. Rise and repeat. Cutting down the 10 minute block times in effect would cut down the number of years required to mine out all blocks.

Practically speaking, this won't ever happen, but it's still a possibility.

Are you fcking retard?

Difficulty adjustment is based on number of blocks not "2 weeks"

When all the miners drop out, says good bye to your "10 minute" block time along with your stupid "2 weeks".

For a hero member to say such stupid fck, i think its safe to assume you're a fraudster/scammer. (hint for noobs: there are ppl who sell hero member account)



Holy shit, did you really just this this aggressive from a post?

OK, I had a brain fart and mixed up the average 10 minute block time and 2 week difficulty adjustment. I also I made the wrong assumption that difficulty was calculated based on the very last block before difficulty adjustment. Hence my reasoning of most miners dropping out at the very last minute, so that network hash power drops, so difficulty readjust according to how long it takes for the last block to get confirmed.

From your aggression, I think it's safe to assume you kill people IRL. seriouscoin, why so serious?

remotemass
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August 03, 2014, 10:22:43 AM
 #23

Even though, we will reach 20 million before 2030. That is 95% of the theoretical limit.

{ Imagine a sequence of bits generated from the first decimal place of the square roots of whole integers that are irrational numbers. If the decimal falls between 0 and 5, it's considered bit 0, and if it falls between 5 and 10, it's considered bit 1. This sequence from a simple integer count of contiguous irrationals and their logical decimal expansion of the first decimal place is called the 'main irrational stream.' Our goal is to design a physical and optical computing system system that can detect when this stream starts matching a specific pattern of a given size of bits. bitcointalk.org/index.php?topic=166760.0 } Satoshi did use a friend class in C++ and put a comment on the code saying: "This is why people hate C++".
silvestar
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August 04, 2014, 01:16:37 PM
 #24

any idea when will bitcoin reach 21 million mark as their are currently 15 million coins.

Are you sure there are 15 million coins already? Coinmarketcap.com says that there are a little over 13 million coins.

You are right.
You can check the total number of mined bitcoin on https://btc.blockr.io/trivia/blockchain and https://blockexplorer.com/q/totalbc
silvestar
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August 04, 2014, 01:19:04 PM
 #25

When will the bitcoin block reward be halved from 25BTC?

every 4 years beginning from 2009
2013=50 to 25coin,
2017=25 to 12.5coin
2021=12.5 to 6.25coin and so on

With the increasing difficulty, we have found blocks faster than the 10 minutes mark on average, and so we will see next block reward (the 420,000 th block) in 2016. http://bitcoinclock.com/
realdope
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August 04, 2014, 04:13:50 PM
 #26

Wow I wonder how society will be when Bitcoin mining is over  Embarrassed
odolvlobo
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August 04, 2014, 04:16:25 PM
 #27

Wow I wonder how society will be when Bitcoin mining is over  Embarrassed

Mining doesn't stop when the block reward reaches 0.

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ensurance982
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August 04, 2014, 04:47:18 PM
 #28

Right now bitcoin has 8 decimals but if the protocol is changed for it to have 16 decimals or more it will take more time to reach the limit...

No... No. No... No.. No! ... No!
I mean, you are right that Bitcoin may introduce additional decimal places, but they wouldn't devaluate the currency. 1 BTC would still be 1 BTC you would only be able to divide them further. It would have nothing to do with the block reward, which still would be phased out after 21m coins!

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odolvlobo
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August 04, 2014, 05:53:04 PM
 #29

Right now bitcoin has 8 decimals but if the protocol is changed for it to have 16 decimals or more it will take more time to reach the limit...

No... No. No... No.. No! ... No!
I mean, you are right that Bitcoin may introduce additional decimal places, but they wouldn't devaluate the currency. 1 BTC would still be 1 BTC you would only be able to divide them further. It would have nothing to do with the block reward, which still would be phased out after 21m coins!

Extending mining to sub-satoshi block rewards wouldn't result in more than 21 million BTC due to the constant halving. However, I don't believe that there would be sub-satoshi block rewards anyway.

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