Bitcoin Block Reward Halving Countdown

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Giftcoin Mining

/giftcoinmining is a subreddit dedicated to mining the Giftcoin crypto-currency.
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CreatingValue

CreatingValue
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You think Bitcoin Twitter is bullish? Hal Finney (@halfin) was calculating a price of $10,000,000 per bitcoin, just ONE WEEK after the the genesis block on January 3, 2009. Absolute legend.

You think Bitcoin Twitter is bullish? Hal Finney (@halfin) was calculating a price of $10,000,000 per bitcoin, just ONE WEEK after the the genesis block on January 3, 2009. Absolute legend. submitted by eragmus to Bitcoin [link] [comments]

Poolin.com Mining Pool releases figures showing current hashrate distribution in the lower quartile to calculate miner capitulation after the halving of Bitcoin’s block subsidy.

Poolin.com Mining Pool releases figures showing current hashrate distribution in the lower quartile to calculate miner capitulation after the halving of Bitcoin’s block subsidy. submitted by bitentrepreneur to BitcoinMining [link] [comments]

How much would a Bitcoin node handling 1GB blocks cost today? I did some back-on-the-envelope calculations.

1GB blocks would be able to confirm more than 5000tx/s. That would be VISA-level scale (which handles, on average, 1736tx/s). We often hear that we shouldn't raise the blocksize because then nodes would become too expensive to run. But how expensive exactly?
We have the following costs to take into account:
For now, I'm going to assume a non-pruned full node (i.e. a node that stores all transactions of the blockchain) for personal use, i.e. for a computer built at home. I'll add in the calculations for a pruned node at the end, which would likely be the prefered option for people who merely want to verify the blockchain for themselves. If you don't care about the assumptions and calculations, you can just jump right to the end of this post. If you spotted any error, please inform me and I'll update my calculation.

Storage

There's, on average, one block every 10 minutes, that is 144 every day and 4320 blocks every thirty days. I was able to find a 3TB HDD for $47,50 on Amazon, that is $0.018/GB. Storing all blocks with all transactions of a month (4320GB) would be $78.96/mo. Prices for storage halved from 2014 to 2017, so we can assume that to half in 2022, thus we can reasonably assume it'd cost around $40/mo. in 2022.
But would such an inexpensive hard disk be able to keep up with writing all the data? I found a comparable cheap HDD which can write 127MB/s sequentially (which would be the writing mode of Bitcoin). That would be enough even for 76GB blocks!
Edit: For the UTXO set, we need very fast storage for both reading and writing. Peter__R, in his comment below, estimates this to be 1TB for 4 billion users (which would make ~46,000tx/s if everyone would make 1tx/day, so id'd require about 10GB blocks). jtoomim seems more pessimistic on that front, he says that much of that has to be in RAM. I'll add the $315 I've calculated below to account for that (which would be rather optimistic, keep in mind).

Bandwidth

Bandwidth is more complicated, because that can't just be shipped around like HDDs. I'll just take prices for my country, Germany, using the provider T-online, because I don't know how it works in the US. You can plug in your own numbers based on the calculations below.
1GB blocks/10 minute mean 1.7MB/s. However, this is an average, and we need some wiggle room for transaction spikes, for example at Christmas or Black Friday. VISA handles 150 million transactions per day, that is 1736tx/s, but can handle up to 24,000tx/s (source). So we should be able to handle 13.8x the average throughput, which would be 1.7MB/s x 13.8 = 23.46M/s, or 187.68Mbit/s. The plan on T-online for 250Mbit/s (translated) would be 54.95€/mo (plus setup minus a discount for the first 6 months which seems to cancel out so we'll ignore it), which would be $61.78/mo. This plan is an actual flatrate, so we don't have to worry about hitting any download limit.
Note, however, that we don't order bandwidth for only our Bitcoin node, but also for personal use. If we only needed 2MB/s for personal use, the plan would be 34.95€, thus our node would actually only cost the difference of 20€ per month, or $22.50/mo. Nielsen's Law of Internet Bandwidth claims that a high-end user's connection speed grows by 50% per year. If we assume this is true for pricing too, the bandwidth cost for ~200Mbit/s/mo. would go down to 12.5% (forgot how exponential growth works) 29.6% of its today's cost by 2022, which decreases our number to $2.81/mo. $6.66/mo.
Edit: jtoomim, markblundeberg and CaptainPatent point out that the node would have a much higher bandwidth for announcing transactions and uploading historical blocks. In theory, it would not be necessary to do any of those things and still be able to verify one's own transactions, by never broadcasting any transactions. That would be quite leechy behaviour, though. If we were to pick a higher data plan to get 1000MBit/s downstream and 500MBit/s upstream, it would cost 119.95€/mo., however this plan isn't widely available yet (both links in German). 500MBit/s of upstream would give us max. 21 connected nodes at transaction spikes, or max. 294 connected nodes at average load. That would cost $39.85 in 2022 (with correct exponential growth).

CPU/Memory

CPU/Memory will be bought once and can then run for tens of years, so we'll count these as setup costs. The specs needed, of course, depend on the optimization of the node software, but we'll assume the current bottlenecks will have been removed once running a node actually becomes demanding hardware-wise.
This paper establishes that a 2.4GHz Intel Westmere (Xeon E5620) CPU can verify 71000 signatures per second... which can be bought for $32.88 a pair on Ebay (note: this CPU is from Q1'10). We'd need to verify 76659tx/s at spikes (taking the 13.8x number), so that pair of CPUs (handle 142,000tx/s) seem to just fit right in (given one signature per tx). We'd also have to account for multiple signatures per transaction and all the other parts of verification of transactions, but it seems like the CPU costs are neglegible anyway if we don't buy the freshest hardware available. ~$100 at current prices seem reasonable. Given Moore's Law, we can assume that prices for CPUs half every two years (transistor count x1.4162), so in three years, the CPU(s) should cost around $35.22 ($100/1.4163).
For memory, we again have to take into account the transaction spikes. If we're very unlucky, and transactions spike and there won't be a block for ~1h, the mempool can become very large. If we take the factor of 13.8x from above, and 1h of unconfirmed transactions (20,000,000tx usually, 276,000,000tx on spikes), we'd need 82.8GB (for 300B per transaction).
I found 32GB of RAM (with ECC) for $106, so three of those give us 96GB of RAM for $318 and plenty remaining space for building hash trees, connection management and the operating system. Buying used hardware doesn't seem to decrease the cost significantly (we actually do need a lot of RAM, compared to CPU power).
Price of RAM seems to decrease by a factor of x100 every 10 years (x1.58510), so we can expect 96GB to cost around $79.89 ($318/1.5853) in 2022.
Of course, CPU and memory need to be compatible, which I haven't taken into account. Chug a mainboard (~$150) and a power supply (~$50) into the mix, and the total would be just over $600 for today's prices. Even if mainboard and power supply prices remain the same, we'd still only have to pay around $315 for the whole setup in 2022.

Electricity

I found the following power consumptions:
So we'd have 129W 147.6W + N*6W. Electricity cost average at 12ct/kWh in the US, in Germany this is higher at 30.22ct/kWh. In the US, it would cost $11.14 $12.75 + N*$0.52 (P*12ct/kWh / 1000 * 24h/day *30days / 100ct/$), in Germany 28.06€ 32.11€ + N*1.30€.
At the end of the first year, it would cost $20.12 $21.73/mo. in the US and 50.52€ 54.57€/mo. in Germany.
At the end of the second year, it would cost $29.11 $30.72/mo. for the US and 72.98€ 77.03€/mo. for Germany. It increases by $8.98/mo. per year in the US and by 22.46€/mo. per year in Germany.
Electricity prices in Germany have increased over time due to increased taxation; in the US the price increase has been below inflation rate the last two decades. As it's difficult to predict price changes here, I'm going to assume prices will remain the same.

Conclusion

In summary, we get:
If we add everything up, for today's prices, we get (E: updated all following numbers, but only changed slightly) $132/mo. (US), $187/mo. (DE) for the second year and $71.92/mo. $78/mo. (US), $115.79/mo. $124/mo. (DE) in 2022.
It definitely is quite a bit of money, but consider what that machine would actually do; it would basically do the equivalent of VISA's payment verification multiple times over, which is an amazing feat. Also, piano lessons cost around $50-$100 each, so if we consider a Bitcoin hobbyist, he would still pay much less for his hobby than a piano player, who'd pay about $400 per month. So it's entirely reasonable to assume that even if we had 1GB blocks, there would still be lots of people running full-nodes just so.
How about pruned nodes? Here, we only have to store the Unspent Transaction Output Set (UTXO set), which currently clocks in at 2.8GB. If blocks get 1000 times bigger, we can assume the UTXO set to become 2.8TB. I'll assume ordinary HDD's aren't goint to cut it for reading/writing the UTXO set at that scale, so we'll take some NVMe SSDs for that, currently priced at $105/TB. Three of them would increase our setup by $315 to $915, but decrease our monthly costs. E: However this UTXO set is also required for the non-pruned node, therefore the setup costs stay at $915. Even in the highest power state, the 3 SSDs will need only 18.6W in total, so we'll get a constant 147.6W for the whole system.
In total, this is:
In total, this is $35.25/mo. in the US and $58.57/mo. in Germany for today's prices, or (E:) $19.41/mo. (US) and (E:) $42.73/mo. (DE) in 2022's prices. Which looks very affordable even for a non-hobbyist.
E: spelling
E²: I've added the 3 NVEe SSDs for the UTXO set, as pointed out by others and fixed an error with exponentials, as I figured out.
submitted by eyeofpython to btc [link] [comments]

You think Bitcoin Twitter is bullish? Hal Finney (@halfin) was calculating a price of $10,000,000 per bitcoin, just ONE WEEK after the the genesis block on January 3, 2009. Absolute legend.

You think Bitcoin Twitter is bullish? Hal Finney (@halfin) was calculating a price of $10,000,000 per bitcoin, just ONE WEEK after the the genesis block on January 3, 2009. Absolute legend. submitted by vegasbooty to Cryptoandme [link] [comments]

08-25 12:33 - 'Hal Finney calculated $10M per coin days after the genesis block was mined' (beincrypto.com) by /u/patriceac removed from /r/Bitcoin within 344-354min

Hal Finney calculated $10M per coin days after the genesis block was mined
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Author: patriceac
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How much would a Bitcoin node handling 1GB blocks cost today? I did some back-on-the-envelope calculations.

How much would a Bitcoin node handling 1GB blocks cost today? I did some back-on-the-envelope calculations. submitted by Punchpplay to bitcoinsv [link] [comments]

How much would a Bitcoin node handling 1GB blocks cost today? I did some back-on-the-envelope calculations. /r/btc

How much would a Bitcoin node handling 1GB blocks cost today? I did some back-on-the-envelope calculations. /btc submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

04-09 06:32 - 'In the other sub I posted a back-on-the-envelope calculation what a node handling 1GB blocks would cost, I came up with **$58/mo.** for Germany and **$35/mo.** but I'm not sure if I should link it here, but I can PM it to...' by /u/eyeofpython removed from /r/Bitcoin within 500-510min

'''
In the other sub I posted a back-on-the-envelope calculation what a node handling 1GB blocks would cost, I came up with $58/mo. for Germany and $35/mo. but I'm not sure if I should link it here, but I can PM it to you!
'''
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Author: eyeofpython
submitted by removalbot to removalbot [link] [comments]

How much would a Bitcoin node handling 1GB blocks cost today? I did some back-on-the-envelope calculations. /r/btc

How much would a Bitcoin node handling 1GB blocks cost today? I did some back-on-the-envelope calculations. /btc submitted by cryptoanalyticabot to cryptoall [link] [comments]

"Even with LN, Bitcoin still cannot service every person in the world. I think the calculation was that at 1MB blocks, LN and SegWit on Bitcoin can service 500M users." - Charlie Lee. Litecoin is not using the hard fork SW since it would allow 2MB+ blocks and make Litecoin irrelevant.

On his post, Charlie Lee states Litecoin will still be relevant with bitcoin with 1MB even with LN as Litecoin will offer cheaper transactions. For Litecoin, it would make more sense to test the hard-fork version of SegWit hard-forked fix to the malleability problem, cleaner and less technical debt, however that would prove hard-forks are possible and safe. Since there is no way to justify a hard-fork without increasing the blocksize, it is in his Charlie Lee's and Litecoin's best interest, to test a SegWit version that does not allow to double bitcoin's user capacity, hence why they test the soft-fork version.
Here is his text:
"But some people say LN on Bitcoin will kill any reason to use Litecoin. If people can do instantaneous transactions on Bitcoin, why would they use Litecoin? My gut feel is that this is not the case. Even with LN, Bitcoin still cannot service every person in the world. I think the calculation was that at 1MB blocks, LN and SegWit on Bitcoin can service 500M users. LN nodes will charge a fee for LN txns going through them and that fee will be relative to the Bitcoin network fee. So Bitcoin LN txns will be more expensive than Litecoin LN txns. It may make economic sense for a LN txn to go via Litecoin and back to Bitcoin to get the cheapest rate. Lightning makes this possible because it allows the two LN to be interoperable. I don’t know that this use case will be economical or not, but we won’t know until both LNs are built and running."
-https://medium.com/@SatoshiLite/my-vision-for-segwit-and-lightning-networks-on-litecoin-and-bitcoin-cf95a7ab656b#.3kqu9x6u5
I am convinced that SegWit as a soft-fork is poison and I am so glad Litecoin is taking it first. It's like having a bodyguard taste the food first.
submitted by btcnotworking to btc [link] [comments]

Washington Sanchez - Latest calculations to compare and contrast the 'fee market' vs raising the Bitcoin block size. Corrections welcome

Washington Sanchez - Latest calculations to compare and contrast the 'fee market' vs raising the Bitcoin block size. Corrections welcome submitted by HostFat to btc [link] [comments]

Scaling With Big Blocks - a simple calculator to see how large blocks must be for global on-chain transactions. /r/Bitcoin

Scaling With Big Blocks - a simple calculator to see how large blocks must be for global on-chain transactions. /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Is there an online calculator to calculate my chances and time for finding a BTC block? /r/Bitcoin

Is there an online calculator to calculate my chances and time for finding a BTC block? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Ruby Quiz - Challenge #2 - Calculate the Bitcoin Genesis Block Hash (SHA-256)

Ruby Quiz - Challenge #2 - Calculate the Bitcoin Genesis Block Hash (SHA-256) submitted by geraldbauer to ruby [link] [comments]

Mentor Monday, October 05, 2020: Ask all your bitcoin questions!

Ask (and answer!) away! Here are the general rules:
And don't forget to check out /BitcoinBeginners
You can sort by new to see the latest questions that may not be answered yet.
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Calculate bitcoin fee statistics for recent blocks on your own with this node.js module

Calculate bitcoin fee statistics for recent blocks on your own with this node.js module submitted by fresheneesz to BitcoinDiscussion [link] [comments]

Bitnodes counts altcoin nodes (ABC) as Bitcoin nodes (ABC has lowered the difficulty "by hand" instead of every 2016 blocks) while they must exclude them in their Bitcoin transaction fee calculation: double standards?

Bitnodes counts altcoin nodes (ABC) as Bitcoin nodes (ABC has lowered the difficulty submitted by sumBTC to Bitcoin [link] [comments]

04-21 21:03 - '32 Mbyte Blocks, a little calculation..' (self.Bitcoin) by /u/BitcoinNo removed from /r/Bitcoin within 15-25min

'''
I did a little calculation on what i tought too be the biggest problem with big blocks.. And that is the bandwith needed just to stay with the blockchain. (It will make people in rural areas impossible to run a node, or even to have the blockchain in sync)
The math:
One 32mb Block every 8-10 Minute is 3.2-4Mb each minute. That counts for 67kbyte each second.. And that if the blocks come each 10 minute.. What if 3(or even 4++) Block come within a few minutes apart, then we could have 100-120mb in a period of 10 minutes, and that is just to stay in touch.. To even get that synced before a new block arrives you need a steady 200kb/s adsl to keep up with the blockchain.. And if you are a miner you want that block within seconds, not within minutes or 20 minutes,, Then you need at least 5000kb/s bandwith(At least) But just to stay in sync troughout the day you will as mentioned above roughly 200kb/s that is 1.6Mbit Adsl(And if you want to seed the blockchain in the same ratio you will need at least the same upload)
How is this possible? The growing of the blockchain should happen in the same rythm as the worlds internet speeds as well as hdd capacity.. And if you want to stream your favourite tv show at the same time you either have to shut down your node or upgrade your internet.
When adsl and sdsl first came to internet users they suddenly hade the same bandwith as most webproviders.. Then it became way to easy to make Ddos attacks so they had to slow down the process off alowing people to have bandwith like that.. (At least in our country)
And since your Bitcoin Cash is for the poor people, they should be able to use it.. Not spend more on internet bills than for transactions fee's..
How do you think this will go?
Thank you very much for your reply, i really need a relaxing reply to calm my nerves a bit..
-Bjørn
'''
32 Mbyte Blocks, a little calculation..
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Author: BitcoinNo
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32 Mbyte Blocks, a little calculation.. /r/Bitcoin

32 Mbyte Blocks, a little calculation.. /Bitcoin submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

[x-post from /r/bitcoin thepokerbank] A calculator for hashing blocks

[x-post from /bitcoin thepokerbank] A calculator for hashing blocks submitted by 5tu to BitcoinTechnology [link] [comments]

How to calculate block time with near complete hashrate loss. /r/Bitcoin

How to calculate block time with near complete hashrate loss. /Bitcoin submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

A Question About The Calculations Inside A Block /r/Bitcoin

A Question About The Calculations Inside A Block /Bitcoin submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

How Much Money Will You Make Bitcoin Mining With a 330MH s Block Erupter How to Calculate Bitcoin Transaction Size Bitcoin hack download free blockchain software 2020 What is a Blockchain? Bitcoin, Litecoin & Dogecoin Blockchain tutorial 3: Hash - YouTube

FUN FACT: Due to a longstanding bug in the Bitcoin source code, the time spent mining the first block in each difficulty epoch actually has no effect on the next difficulty calculation.Even if this block somehow took an entire year to mine, it would not cause the next difficulty to drop, believe it or not! The calculations on this site take this bug into account to help produce the most ... As part of Bitcoin's coin issuance, miners are rewarded a certain amount of bitcoins whenever a block is produced (approximately every 10 minutes). When Bitcoin first started, 50 Bitcoins per block were given as a reward to miners. After every 210,000 blocks are mined (approximately every 4 years), the block reward halves and will keep on halving until the block reward per block becomes 0 ... Accurate Bitcoin mining calculator trusted by millions of cryptocurrency miners since May 2013 - developed by an OG Bitcoin miner looking to maximize on mining profits and calculate ROI for new ASIC miners. Updated in 2020, the newest version of the Bitcoin mining calculator makes it simple and easy to quickly calculate mining profitability for your Bitcoin mining hardware. Work out how much profit you’ve made on Bitcoin with the free Bitcoin profit calculator today. Advertisement. Bitcoin FAQs. Why is Bitcoin so expensive? There is only a limited amount of Bitcoins that will ever be in existence and it is one of the only decentralised stores of value in the world. How do you sell Bitcoin? You can use a Bitcoin exchange like Coinbase to sell Bitcoin and ... Calculate your Bitcoin loan with this easy to use calculator. Loan calculations form $2,000, using crypto as collateral, without needing to sell any.

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How Much Money Will You Make Bitcoin Mining With a 330MH s Block Erupter

Episode two of my series on Blockchain/Bitcoin. I build on the physical analogy in the first episode and explain the basic concepts behind a real blockchain network. Then go on to talk about ... These blocks are permanent and new ones get appended to the end, hence we have the block chain. However, these blocks only get added to the chain once they have been calculated and solved by a ... #bitcoin calculator #bitcoin converter #bitcoin price history #how much is a bitcoin #bitcoin current value #btc value #btc price usd #bitcoin worth #bitcoin stock price #btc to usd converter #buy ... Every time we send a bitcoin transaction, we pay a fee relative to its size. Strangely, this has almost nothing to do with how much money is being sent -- the blockchain world just isn't that simple! bitcoin block, bitcoin bot, bitcoin betting, bitcoin btcx, bitcoin blender, bitcoin blockchain size, b bitcoin, bitcoin b font, plan b bitcoin, plan b bitcoin podcast, bitcoin miner .b ...

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