Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin Mining => Topic started by: Stuart on January 18, 2025, 06:30:39 PM
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I know years gone bye this 210,000 number of blocks must be mined before a new halving occurs. What if the crypto community population increase; in transactions rate, miners and users of the crypto community. Do you think it will change the four years circle by reduction or it will still remain on the four years halving circle.
Will be glad to hear your shares on this.
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I know years gone bye this 210,000 number of blocks must be mined before a new halving occurs. What if the crypto community population increase; in transactions rate, miners and users of the crypto community. Do you think it will change the four years circle by reduction or it will still remain on the four years halving circle.
Will be glad to hear your shares on this.
this is easy to answer the btc difficulty gets altered around every two weeks.
so pretend it is 110t difficulty. in theory that degree of hardness makes blocks get hit around every 10 minutes .
six per hour
144 per day
2016 per two week period.
it almost always goes up or down every two weeks. maybe 13 days maybe 14:days maybe 15 days.
then they make th new diff 109:or 111 or 112
so it keeps us near the two weeks.
so it was last april 2024
it will be march april or may of 2028 due to the constant two week adjustments.
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Do you think it will change the four years circle by reduction or it will still remain on the four years halving circle.
Nobody is going to change that
A reduction in time means the reward is going to be halved earlier, it puts pressure on the miners that have accounted for a 4-year cycle.
Prolonging the reward doesn't work
For example, let's assume this is the halving and you have 3.125 blockreward.
It's 2028, 20343750 BTC have been mined and you think of keeping another 4 years with this reward, this will add 656250 more coins, which means that in just 8 years from now all coins will be mined, in the first 4 years cycle 10.5 mils coins have been mined out of the possible 20999999.97, so if the first cycle would have run for 8 years the whole mining would have been mined already, since the supply is halving in each period, running a period twice as much means more coins will be mined that in all that is left 50>25+12.5+6.25+3.12+1.56+.....because the last satoshi is indevisible.
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Do you think it will change the four years circle by reduction or it will still remain on the four years halving circle.
Nobody is going to change that
A reduction in time means the reward is going to be halved earlier, it puts pressure on the miners that have accounted for a 4-year cycle.
Prolonging the reward doesn't work
For example, let's assume this is the halving and you have 3.125 blockreward.
It's 2028, 20343750 BTC have been mined and you think of keeping another 4 years with this reward, this will add 656250 more coins, which means that in just 8 years from now all coins will be mined, in the first 4 years cycle 10.5 mils coins have been mined out of the possible 20999999.97, so if the first cycle would have run for 8 years the whole mining would have been mined already, since the supply is halving in each period, running a period twice as much means more coins will be mined that in all that is left 50>25+12.5+6.25+3.12+1.56+.....because the last satoshi is indevisible.
Your answer is a different interpretation of the ops question but it is perfectly valid answer.
but the bottom line is ½ times should stay fairly stable for many more 1/2ings
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Do you think it will change the four years circle by reduction or it will still remain on the four years halving circle.
Nobody is going to change that
A reduction in time means the reward is going to be halved earlier, it puts pressure on the miners that have accounted for a 4-year cycle.
Prolonging the reward doesn't work
If the four years was accounted by the miners, does this mean all new miners no matter the population of them joining the already existing miners will remain in this circle?
If this is YES, what will then happen when all Satoshi is mined? Will it be the end of Bitcoin mining or something new will come up?
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Do you think it will change the four years circle by reduction or it will still remain on the four years halving circle.
Nobody is going to change that
A reduction in time means the reward is going to be halved earlier, it puts pressure on the miners that have accounted for a 4-year cycle.
Prolonging the reward doesn't work
If the four years was accounted by the miners, does this mean all new miners no matter the population of them joining the already existing miners will remain in this circle?
If this is YES, what will then happen when all Satoshi is mined? Will it be the end of Bitcoin mining or something new will come up?
we will be dead don't worry about it.
The longer answer is we don't know that because we are not sure if fees will match the missing rewards or the system needs alteration in the future.
If you are a pow guy look at what doge did. endless identical block size never running out of coins. But the rate of inflation endlessly reduces to but never reaches 0%
It is the reason why doge mining is huge.
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If this is YES, what will then happen when all Satoshi is mined? Will it be the end of Bitcoin mining or something new will come up?
How do you know Bitcoin will survive till 2140? :D
Nobody knows what will happen, there are no definite answers this will work this will not, and to be honest I can't really picture a scenario where consensus is reached on a solution.
Theoretically, the network can run with a single basic, theoretically, you can have millions of hobbies keeping asics online to secure the network despite losing money on electricity, but in practice...who knows?
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If this is YES, what will then happen when all Satoshi is mined? Will it be the end of Bitcoin mining or something new will come up?
How do you know Bitcoin will survive till 2140? :D
Nobody knows what will happen, there are no definite answers this will work this will not, and to be honest I can't really picture a scenario where consensus is reached on a solution.
Theoretically, the network can run with a single basic, theoretically, you can have millions of hobbies keeping asics online to secure the network despite losing money on electricity, but in practice...who knows?
Yeah BTC has a future issue around 2056 or maybe 2060 when blocks are really getting too small.
I see doge as having better legs
Year BTC
2028 1.5625 ................... must be at 200k for miners
2032 0.78125................... must be at 400k for miners
2036 0.390625................. must be at 800k for miners
2040 0.1953125............... must be at 1,600k for miners
2044 0.09765625............. must be at 3,200k for miners and minimum fee is around 0.00000170 btc or $5.44 it still works at this level but just a few more 1/2ings later looks like shit
2048
2052
2056
2060