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27 sats \ 5 replies \ @Rothbardian_fanatic 20 Dec \ parent \ on: Barber Shop Bitcoin Babble bitcoin
If I understand correctly, the final halving cannot take place for another 130 years, no matter the speed, power or number of miners working on the problem? What is the evidence of that. Are we only working on a linear scale or a exponential scale?
This is pretty basic.
Yes it's called the difficulty adjustment. It's the entire point of mining.
No matter the hashrate or 'speed' of miners... blocks on average only arrive once every 10 minutes.
Since every 10 minutes a new block arrives (on average) and only so many blocks occur between halvings...
There are 130 years approximately of new Bitcoin creation. It has precisely zero to do with the hashrate or power of miners, that is adjustable and why there's a difficulty adjustment.
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It has precisely zero to do with the hashrate or power of miners,
Not quite. A rapid plunge in computing power could radically delay the next difficulty adjustment. I don't think that's likely, but that's my understanding of how it works.
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Could a change in the basic system cause the block rate of 10 minutes to be reduced?
Would these changes to the system cause faster evolution of the final halving?
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Right, it's the expectation based on a 10 minutes per block average. It is based on blocks not time, but bitcoin is also designed to maintain the pace of finding one block every 10 minutes, regardless of advancements or regressions in computing power.
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Ok, you are saying that this is a programmed in limitation of the whole system, correct?
If that is so, what happens with the next block war or desire to change the basics of the system?
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