Rules for dating my future self wiki
Any currency that is generated by a malicious user that does not follow the rules will be rejected by the network and thus is worthless.
Bitcoins are created each time a user discovers a new block.
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.
Consequently, the time the last Bitcoin will be created will also vary, and is subject to speculation based on assumptions.
If the mining power had remained constant since the first Bitcoin was mined, the last Bitcoin would have been mined somewhere near October 8th, 2140.
The block reward given to miners is made up of newly-created bitcoins plus transaction fees.
As inflation goes to zero miners will obtain an income only from transaction fees which will provide an incentive to keep mining to make transactions irreversible.
Because the number of bitcoins created each time a user discovers a new block - the block reward - is halved based on a fixed interval of blocks, and the time it takes on average to discover a block can vary based on mining power and the network difficulty, the exact time when the block reward is halved can vary as well.
The theoretical total number of bitcoins, slightly less than 21 million, should not be confused with the total spendable supply.
The total spendable supply is always lower than the theoretical total supply, and is subject to accidental loss, willful destruction, and technical peculiarities.
The sale of this land is what supports the miners even in a zero-inflation regime.
The price of this land is set by demand for transactions (because the supply is fixed and known) and the mining difficulty readjusts around this to keep the average interval at 10 minutes.
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Due to deep technical reasons, block space is a scarce commodity, getting a transaction mined can be seen as purchasing a portion of it.