Saturday, December 23, 2017

Will Bitcoin's Block Reward Actually Never End?

Nifty page that counts down until the next Bitcoin Block Reward Halving in 2020. Also shows you expected inflation rate, coins mined, hashrate, and other interesting details.

http://www.bitcoinblockhalf.com/

Every 210,000 blocks on the Bitcoin blockchain, the Block Reward paid out to miners that process the transactions for and on the network, is halved. Originally it was 50 BTC and has since been halved twice, to 25, and now 12.5 BTC.

A lot of people say that the block reward will eventually end, and at that time it will be somewhere around the year 2140. BUT, if you half 12.5, and then 6.25, and then 3.125, and so on...you never ever get to zero. You will always end up with a number very very close to zero, but not exactly zero.

So will there always be a small micro-reward? Or is there something in the code that stops the reward from going on forever, however minute it is?

See: Xeno's Paradox to see the analogy


#cryptocurrency #Bitcoin #BTC $BTC #BlockReward #TheHalvening


UPDATE: I found some interesting reading, and what I think from what I read, is that after exactly 63 reward halvings, the block reward is hard-coded to be 0 (zero) Bitcoin, leaving only mining fees for the miner who discovers the next block.

Apparently, this wasn't always the case. There *used to be a bug, but has since been fixed.

Read about it here:

https://bitcoin.stackexchange.com/questions/38994/will-there-be-21-million-bitcoins-eventually/38998#38998