Friday, October 7, 2022
HomeBitcoinA query concerning calculating bitcoin mining reward with respect to variety of...

A query concerning calculating bitcoin mining reward with respect to variety of cash left


A quick google search told me that up to today, more than 18.78 million bitcoins have been mined. Source

Another google search told me that today, the mining reward is 6.25 bitcoin per block.

If the above data is correct, I wonder why my calculation doesn't add up:

  • According to the rules by Nakamoto, the reward becomes half after every 210,000 bitcoins are mined.
  • The initial reward is 50 BTC/Block, but now the reward is 6.25 BTC/block, this means the reward has been cut in half 3 times, meaning around 630,000 to 840,000 bitcoins have been mined.

Then how come the first link tells me it's 18.78 million? I must have done something wrong. Please point it out. Thank you!


Edits:

I know where I'm wrong now. “210,000 bitcoins are mined” aren't correct; it's supposed to be 210,000 blocks

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments