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What If Money Printed Went Straight To Bitcoin

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If you have fallen far enough down the rabbit hole, you know that bitcoin’s supply schedule currently rewards 6.25 new bitcoin every 10 minutes, on average, to miners as a reward for successfully finding a valid nonce and committing a new block of transactions to the blockchain. This distribution schedule, the “block subsidy,” is Satoshi Nakamoto’s solution to the problem, or question, of “how do we fairly distribute this new currency into the hands of new users?” There was no premine (looking at you, Vitalik), and the genesis block that Satoshi mined before publishing the code had a block reward that was not spendable. The block subsidy started at 50 bitcoin and programmatically cuts in half every 210,000 blocks, roughly every four years. The current reward is 6.25 bitcoin per block. This means that currently, every 10 minutes, 6.25 new bitcoin are minted and added to the total number of bitcoin. When people talk about bitcoin’s hard cap of 21 million, it is a function of the initial 50 bitcoin block reward and subsequent halving schedule. Said differently, 21 million just happens to be the asymptote of the below function.

First published here

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Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
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