When is the Bitcoin payout for solving a block going to change? What happens when overnight it is half as profitable to process a block?
asked Dec 21, 2011 at 2:26
Add a comment
|
1 Answer
It halves from 50BTC to 25BTC block reward after 210,000 blocks, which at 6 blocks mined per hour by my calculations works out to be in 358 days, which is around Dec 13th, 2012.
It's likely that the number of active miners will reduce substantially at that point, but within a relatively short time the difficulty should adjust down so that approx 6 blocks per hour are mined again. In the time it takes this to happen, transactions may take somewhat longer to be processed and confirmed.
answered Dec 21, 2011 at 2:53
-
+1 - and isn't it nice to know well in advance when the conditions of your business are going to change so you can start a gentle ramp up of alternatives?– GaryDec 21, 2011 at 9:30
-
1around Dec 13th, 2012: Did not the Mayas predict something like that? :-)– ThiloDec 22, 2011 at 1:21
-
That's Dec 21st, according to Wikipedia en.wikipedia.org/wiki/Maya_calendar . Oh, and apparently: "for the ancient Maya, it was a huge celebration to make it to the end of a whole cycle". I need to start planning my block-reward-halving party! Dec 22, 2011 at 2:39