Start Rules for dating my future self wiki

Rules for dating my future self wiki

The bitcoin inflation rate steadily trends downwards.

However, these values are based on the number of satoshi per block originally in integer format to prevent compounding error.

* In block 124724, user midnightmagic solo mined a block which caused one less Satoshi to be created than would otherwise have come into existence.

Instead, currency is created by the nodes of a peer-to-peer network.

The Bitcoin generation algorithm defines, in advance, how currency will be created and at what rate.

whether technological progress will continue to make hardware faster or whether mining will hit a a technological wall; or whether or not faster methods of SHA2 calculation will be discovered - putting an exact date or even year on this event is difficult.

The total number of bitcoins, as mentioned earlier, has an asymptote at 21 million, due to a side-effect of the data structure of the blockchain - specifically the integer storage type of the transaction output, this exact value would have been 20,999,999.9769 bitcoin.

One way to see a part of the destruction of coin is by collecting a sum of all unspent transaction outputs, using a Bitcoin RPC command .

The total_amount value returned is the sum of all outputs that the client deems technically spendable but not currently spent.

Due to deep technical reasons, block space is a scarce commodity, getting a transaction mined can be seen as purchasing a portion of it.

By analogy, on average every 10 minutes a fixed amount of land is created and no more, people wanting to make transactions bid for parcels of this land.

See also: This chart shows the number of bitcoins that will exist in the near future. * In Block 124724, user midnightmagic mined a solo block to himself which underpaid the reward by a single Satoshi and simultaneously destroyed the block's fees.