10 sats \ 3 replies \ @davidw 31 Mar freebie \ on: The Bitcoin Halving bitcoin
Crawling out of the bunker to set the record straight. Love to see it.
Any theories or research as to why 210,000 blocks was chosen?
Satoshi simply backed into it. 1 sat for each block of the final epoch (halving period), 2 sats for the blocks of the 2nd to last epoch, so on and so forth all the way back to the first epoch (50 ₿ per block).
This gets you exactly 20,999,999.97690000 bitcoins. Believe it or not, this is the ACTUAL total maximum supply of bitcoin - not 21,000,000.0000000, as many commonly believe. It is simply rounded to 21M ₿.
Now that you understand that 21M ₿ was fairly arbitrary, in that it was likely "backed into" by nature of this halving schedule, you can probably understand why 210,000 blocks was the duration chosen to regulate the issuance. It simply gives us a fairly round number of roughly 21M coins... instead of something like 20,638,011.94747192 coins.
reply
I knew about the total issuance but never considered the ‘fairly round’ issuance in my thinking. Not sure why.
Instead believing 21 had a special relevance for Satoshi. Maybe it did, but schedule needed to align with the supply. Glad you managed to zap that thought in the bud. Thanks for taking the time to make us plebs wiser!
reply
My pleasure.
reply