late on Nostr: #bitcoin: started thinking where the 21 million and halvening every 210 thousand ...
#bitcoin: started thinking where the 21 million and halvening every 210 thousand blocks comes from. This doesn't answer the question wholly (why 4 years etc.), but it's interesting anyway. Is there any better known explanation to this?
"Here's a mathematical explanation:
Calculate the number of blocks per 4 year cycle:
6 blocks per hour
* 24 hours per day
* 365 days per year
* 4 years per cycle
= 210,240
~= 210,000
Sum all the block reward sizes:
50 + 25 + 12.5 + 6.25 + 3.125 + ... = 100
Multiply the two:
210,000 * 100 = 21 million."
Source:
https://bitcoin.stackexchange.com/questions/8439/why-was-21-million-picked-as-the-number-of-bitcoins-to-be-created#8442Published at
2023-07-19 03:48:48Event JSON
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"content": "#bitcoin: started thinking where the 21 million and halvening every 210 thousand blocks comes from. This doesn't answer the question wholly (why 4 years etc.), but it's interesting anyway. Is there any better known explanation to this?\n\n\"Here's a mathematical explanation:\n\nCalculate the number of blocks per 4 year cycle:\n\n6 blocks per hour\n* 24 hours per day\n* 365 days per year\n* 4 years per cycle\n= 210,240\n~= 210,000\nSum all the block reward sizes:\n\n50 + 25 + 12.5 + 6.25 + 3.125 + ... = 100\nMultiply the two:\n\n210,000 * 100 = 21 million.\"\n\nSource:\n https://bitcoin.stackexchange.com/questions/8439/why-was-21-million-picked-as-the-number-of-bitcoins-to-be-created#8442",
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