How much money is produced every four years...

rudrigorc2

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Quote from: ALOIS on June 19, 2012, 12:51:14 PM

as i know i blocks decreases month-by-month. So annual production of money isn't same.

the algorithm regulates the difficulty every 2016 blocks to try keep constant the production of blocks aproximatelly 6 blocks/hour

qhen more people come with more hashing power, the difficulty rises.

block halves every 210.000 blocks. so, this day its already very near.

ALOIS

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as i know i blocks decreases month-by-month. So annual production of money isn't same.

rudrigorc2

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Quote from: Foxpup on June 19, 2012, 02:44:58 AM

Quote from: rudrigorc2 on June 19, 2012, 02:17:13 AM

Look at where the whole network was only 100 GHASH

more than 100 thousand blocks already were already mined in Jan/11

http://blockchain.info/block-height/103000 look how difficult? 18,437.64

5 million relatively easy bitcoins

Which at the time were worth something on the order of a penny apiece, due to the fact that Bitcoin was an unproven system that very few people were using and were afraid to invest large amounts of real money in. Nobody at the time seriously thought (although they all hoped) that bitcoins would be worth anything near what they are today. The only reason bitcoins are worth what they are today is because these early adopters were prepared to take the risk of expending a large amount of effort into something that may well have turned out to be a complete failure. All investments are like this. Those who take the risks stand to reap the rewards, and they also stand to lose everything if it doesn't work out.

Sure! My point is: there are some rich out there without any herculean effort, some people became rich mining with CPU!
The coins worth nothing at that time, and so were the costs to mine. People just accumulated some digits in a weird piece of software. Like a silly game.

I understand all that and all I can do is to thank all early adopters who brought this currency into the future, which is now!

Foxpup

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Vile Vixen and Miss Bitcointalk 2021-2023

Quote from: rudrigorc2 on June 19, 2012, 02:17:13 AM

Look at where the whole network was only 100 GHASH

more than 100 thousand blocks already were already mined in Jan/11

http://blockchain.info/block-height/103000 look how difficult? 18,437.64

5 million relatively easy bitcoins

Which at the time were worth something on the order of a penny apiece, due to the fact that Bitcoin was an unproven system that very few people were using and were afraid to invest large amounts of real money in. Nobody at the time seriously thought (although they all hoped) that bitcoins would be worth anything near what they are today. The only reason bitcoins are worth what they are today is because these early adopters were prepared to take the risk of expending a large amount of effort into something that may well have turned out to be a complete failure. All investments are like this. Those who take the risks stand to reap the rewards, and they also stand to lose everything if it doesn't work out.

rudrigorc2

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Quote from: Foxpup on June 19, 2012, 02:05:06 AM

Quote from: InterCoin on June 18, 2012, 05:47:37 PM

10 million is a massive amount to have already been mined... thats like $70,000,000 Shocked

The first bitcoins were mined by people investing their time and computer resources in a system which at the time was highly experimental and nobody really knew whether it was going to work or not. They took the risk, a huge risk in fact, and they deserve to see a return on their investment. They've earned every cent of it.

Look at where the whole network was only 100 GHASH

more than 100 thousand blocks already were already mined in Jan/11

http://blockchain.info/block-height/103000 look how difficult? 18,437.64

5 million relatively easy bitcoins

the joint

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Quote from: MoonShadow on June 18, 2012, 05:02:19 PM

Quote from: geffaxiv-532 on June 18, 2012, 04:52:37 PM

http://bitcoincharts.com/bitcoin/

Blocks last 24 hours: 151 blocks x 50 BTC = 7550 BTC x 365 days = 2755750 BTC x $5 USD = $13,778,750 USD

Is the above accurate?

Accurate only for that moment. Once 10.5 million bitcoins have been issued, the block reward cuts in half. This happens roughly every 4 years, and continues to cut in half every additional four years until the block reward drops below a single bit on the 64 bit integer that holds bitcoin values; after which point no more bitcoins will ever be issued. This algo results in a total monetary base for bitcoins that is highly predictable and trends towards a (calculas) limit of 21 million bitcoins, but in practice will cease somewhat before hitting that limit.

Is this something like the kill screen in Donkey Kong?

Foxpup

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Vile Vixen and Miss Bitcointalk 2021-2023

Quote from: InterCoin on June 18, 2012, 05:47:37 PM

10 million is a massive amount to have already been mined... thats like $70,000,000 Shocked

The first bitcoins were mined by people investing their time and computer resources in a system which at the time was highly experimental and nobody really knew whether it was going to work or not. They took the risk, a huge risk in fact, and they deserve to see a return on their investment. They've earned every cent of it.

wachtwoord

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If the market thought it was absurd the exchange rate would have been lower to reflect that. (not to say the market cannot be irrational, it can and often is)

InterCoin

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10 million is a massive amount to have already been mined... thats like $70,000,000 Shocked

Stephen Gornick

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Quote from: geffaxiv-532 on June 18, 2012, 05:38:22 PM

I don't like how 10 million BTC has already been mined, I find that absurd.

Why so?

Stephen Gornick

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Activity: 2506

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Quote from: geffaxiv-532 on June 18, 2012, 04:52:37 PM

http://bitcoincharts.com/bitcoin/

Blocks last 24 hours: 151 blocks x 50 BTC = 7550 BTC x 365 days = 2755750 BTC x $5 USD = $13,778,750 USD

Is the above accurate?

Well, your exchange rate is off. For a while when bitcoin was trading $15 and higher, in USDs, there was over $100K USD worth of bitcoins mined each day. A matter of months later at $2.25, that dropped to $16K USD worth.

So how much "money" is mined each day, depends on your definition of "money".

The target rate is for 7,200 BTC per day, through block 210,000 (expected to be reached in early December), then 3,600 BTC per day for the next 210,000 blocks (targeted to take four years), then 1,800 per day for the 210,000 blocks (another four years) following, etc.

geffaxiv-532

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I don't like how 10 million BTC has already been mined, I find that absurd.

MoonShadow

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Quote from: geffaxiv-532 on June 18, 2012, 04:52:37 PM

http://bitcoincharts.com/bitcoin/

Blocks last 24 hours: 151 blocks x 50 BTC = 7550 BTC x 365 days = 2755750 BTC x $5 USD = $13,778,750 USD

Is the above accurate?

Accurate only for that moment. Once 10.5 million bitcoins have been issued, the block reward cuts in half. This happens roughly every 4 years, and continues to cut in half every additional four years until the block reward drops below a single bit on the 64 bit integer that holds bitcoin values; after which point no more bitcoins will ever be issued. This algo results in a total monetary base for bitcoins that is highly predictable and trends towards a (calculas) limit of 21 million bitcoins, but in practice will cease somewhat before hitting that limit.

HonorMe

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I'm not sure exactly, but i don't think it is as constant as there is a finite amount that will be produced, thus putting a cap on inflation.

geffaxiv-532

newbie

Activity: 40

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http://bitcoincharts.com/bitcoin/

Blocks last 24 hours: 151 blocks x 50 BTC = 7550 BTC x 365 days = 2755750 BTC x $5 USD = $13,778,750 USD

Is the above accurate?

Topic: How much money is produced every four years... (Read 934 times)