Will bitcoin be dug up? What should I do after digging?
Many novice friends are asking bitcoin about halving once every four years. What should I do after digging it up? Where is the reward from and what is the currency? What if the total amount is not constant enough? Today we are going to talk about the total amount of bitcoin and the rewards for miners._DJMINER
The rough description of the total number of issues is as follows: a certain amount of bitcoin is generated every 10 minutes, halved every four years, and the maximum number of issues is 21 million.
Let's talk about the law of halving. In January 2009, the creation block of bitcoin was born. The so-called creation block is the 0th block on the bitcoin blockchain. The number of bitcoin generated in this block is 50. After 10 minutes, the next block will appear on the system, and the number of bitcoin generated is still 50. Bitcoin system stipulates that the output of bitcoin will be halved every four years, that is to say, from 2009, 50 bitcoins will be produced every minute; after four years, 25 bitcoins will be produced every 10 minutes; after four years, 12.5 bitcoins will be produced every 10 minutes, and by 2140, all bitcoins will be produced, with a total amount of 21 million.
The above is a rough description of the bitcoin issuance process. The so-called rough description means that some data are inaccurate. For example, by using a calculator, we can calculate the total amount of bitcoin actually issued by 2140, which is slightly less than 21 million. Therefore, as a programmer, we are sure to think about the exact calculation process?
In fact, bitcoin's block out process is the mining process, so to accurately calculate the total amount, we need to have a basic understanding of the actual mining process._DJMINER
Now let's talk about the special concerns of the onlookers. What should we do after bitcoin is dug up? My first reaction was "eat radish first and worry less". There are about 4.2 million bitcoins left. It will be 2140 years before mining. That is to say, it will take more than 120 years to dig up the remaining bitcoin. So that should be the question of the third Transportation Committee of Beijing! If on that day, the miners can't get the block reward, but they can still rely on another income, that is, the transaction fee. Right, it's the 0.0000 yuan you paid for your transfer. Now it seems that it's too little. How can the whole mining market live on this gross money in the future?
If we look at it from the perspective of development, it's nothing!
Apart from bitcoin, other currencies can also be dug. However, different mining machines can dig different coins. If the algorithm mechanism of the two coins is the same, one mining machine can dig different coins. Otherwise, it is impossible to use one miner to dig different currencies at the same time, or the mining efficiency is very low, because the miner is customized according to a specific algorithm.
In addition, when miners dig bitcoin, they will be rewarded with bitcoin, and when they dig it, they will be rewarded with litecoin, so the reward depends on what you dig._DJMINER
The unrestricted issuance of currency in various countries makes money more and more worthless. The emergence of bitcoin brings the solution to the problem of inflation.
Because the price of bitcoin is fixed, without additional issuance, it will inevitably lead to deflation. Therefore, bitcoin is not suitable for use as currency. Of course, it is not the only reason. Other reasons have nothing to do with this topic, let alone.
In addition, it's as if the smallest unit of RMB is not yuan. The smallest unit of bitcoin is not a single one, but a smart one. A bitcoin is 100 million. When the total amount of bitcoin is not practical enough, it will appreciate. When people use it, they will move the decimal point to the left.
For example, in 2010, the world's first transaction between bitcoin and real objects, a programmer paid 10000 bitcoin for a pizza. It's still the app ape, who bought pizza in bitcoin in 2018, but this time spent 0.00649 bitcoin.
Therefore, as long as the price of bitcoin does not rise to a certain level, the quantity of bitcoin is still sufficient.
According to bitcoin literature, 2100 bitcoins will be produced in 2140 and will not grow any more. According to the principle of bitcoin, after 33 times of halving, the mining output of each block will reach 0.58 Cong, less than the minimum unit of one Cong. The interval of each half reduction is 210000 blocks. The total production time (2140 years) given in the above literature is calculated by 10 minutes of each block's production time._DJMINER
accurate calculation of the total amount of bitcoin issued
The rough description of the total number of issues is as follows: a certain amount of bitcoin is generated every 10 minutes, halved every four years, and the maximum number of issues is 21 million.
Let's talk about the law of halving. In January 2009, the creation block of bitcoin was born. The so-called creation block is the 0th block on the bitcoin blockchain. The number of bitcoin generated in this block is 50. After 10 minutes, the next block will appear on the system, and the number of bitcoin generated is still 50. Bitcoin system stipulates that the output of bitcoin will be halved every four years, that is to say, from 2009, 50 bitcoins will be produced every minute; after four years, 25 bitcoins will be produced every 10 minutes; after four years, 12.5 bitcoins will be produced every 10 minutes, and by 2140, all bitcoins will be produced, with a total amount of 21 million.
The above is a rough description of the bitcoin issuance process. The so-called rough description means that some data are inaccurate. For example, by using a calculator, we can calculate the total amount of bitcoin actually issued by 2140, which is slightly less than 21 million. Therefore, as a programmer, we are sure to think about the exact calculation process?
In fact, bitcoin's block out process is the mining process, so to accurately calculate the total amount, we need to have a basic understanding of the actual mining process._DJMINER
bitcoin has been dug. Can I dig another coin?
Now let's talk about the special concerns of the onlookers. What should we do after bitcoin is dug up? My first reaction was "eat radish first and worry less". There are about 4.2 million bitcoins left. It will be 2140 years before mining. That is to say, it will take more than 120 years to dig up the remaining bitcoin. So that should be the question of the third Transportation Committee of Beijing! If on that day, the miners can't get the block reward, but they can still rely on another income, that is, the transaction fee. Right, it's the 0.0000 yuan you paid for your transfer. Now it seems that it's too little. How can the whole mining market live on this gross money in the future?
If we look at it from the perspective of development, it's nothing!
Apart from bitcoin, other currencies can also be dug. However, different mining machines can dig different coins. If the algorithm mechanism of the two coins is the same, one mining machine can dig different coins. Otherwise, it is impossible to use one miner to dig different currencies at the same time, or the mining efficiency is very low, because the miner is customized according to a specific algorithm.
In addition, when miners dig bitcoin, they will be rewarded with bitcoin, and when they dig it, they will be rewarded with litecoin, so the reward depends on what you dig._DJMINER
what if it's not enough after digging?
The unrestricted issuance of currency in various countries makes money more and more worthless. The emergence of bitcoin brings the solution to the problem of inflation.
Because the price of bitcoin is fixed, without additional issuance, it will inevitably lead to deflation. Therefore, bitcoin is not suitable for use as currency. Of course, it is not the only reason. Other reasons have nothing to do with this topic, let alone.
In addition, it's as if the smallest unit of RMB is not yuan. The smallest unit of bitcoin is not a single one, but a smart one. A bitcoin is 100 million. When the total amount of bitcoin is not practical enough, it will appreciate. When people use it, they will move the decimal point to the left.
For example, in 2010, the world's first transaction between bitcoin and real objects, a programmer paid 10000 bitcoin for a pizza. It's still the app ape, who bought pizza in bitcoin in 2018, but this time spent 0.00649 bitcoin.
Therefore, as long as the price of bitcoin does not rise to a certain level, the quantity of bitcoin is still sufficient.
According to bitcoin literature, 2100 bitcoins will be produced in 2140 and will not grow any more. According to the principle of bitcoin, after 33 times of halving, the mining output of each block will reach 0.58 Cong, less than the minimum unit of one Cong. The interval of each half reduction is 210000 blocks. The total production time (2140 years) given in the above literature is calculated by 10 minutes of each block's production time._DJMINER
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