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Ethereum: When Will the Last Bitcoin Be Mined?
The age-old question: When Will the Last Bitcoin Be Mined?
For those who may not know, Bitcoin is a decentralized digital currency that uses cryptography to secure and verify transactions. It was created in 2009 by an anonymous person or group using the pseudonym Satoshi Nakamoto.
The Ethereum blockchain mining process is similar to Bitcoin, although there are some key differences. In this article, we will explore the calculations for when the last Bitcoin will be mined, as well as the underlying code.
The Calculations: Where Do They Come From?
There are several sources that estimate when the last Bitcoin will be mined. Some of these sources include:
- The Bitcoin Stack
: The Bitcoin Stack is a collection of software and libraries used to build Bitcoin and other blockchain projects. According to an article on the stack, it is estimated that the last Bitcoin will be mined in 2140.
- Chainalysis: Chainalysis is a company that provides blockchain analysis services. In an interview with Coindesk, their CEO stated that the last Bitcoin will be mined in 2097.
- Bitmain: Bitmain is a Chinese mining hardware company that designs and manufactures Bitcoin mining equipment. In an article on their website, they estimate that the last Bitcoin will be mined in 2150.
Relevant code
The relevant code to estimate when the last Bitcoin will be mined is a Bitcoin Stack reference to a block named “0000000000000000000000000000020010122212222000000”. This block is known as the “Genesis Block” and contains 1,000,002 of the 21 million Bitcoins in existence in the Bitcoin universe.
However, to estimate when the last Bitcoin will be mined, we need to look at the number of blocks per day. According to Coinwarz, a website that tracks cryptocurrency data, approximately 12,700 new blocks are created on the Ethereum blockchain every day.
Using this information, we can calculate when the last Bitcoin will be mined by dividing the total number of Bitcoins (21 million) by the number of blocks per day (12,700). This gives us approximately 4 years and 3 months before the last Bitcoin will be mined.
Conclusion
While there are various estimates of when the last Bitcoin will be mined, it is difficult to pinpoint a single source. However, using the relevant code from the Bitcoin Stack and the block mining schedule on the Ethereum blockchain, we can calculate that the last Bitcoin will be mined in approximately 4 years and 3 months.
Code snippet
Here is some relevant code that shows how to use the block number to calculate when the last Bitcoin will be mined:
const blockchainAddress = "000000000000000000000000020010122212222000000";
const blockNumber = 1000; // replace with the actual block number
const lastBlockHash = Blockchain.ethereum.blockchain.address;
const lastBlockNumber = Blockchain.ethereum.blockchain.lastBlock;
if (lastBlockNumber === blockNumber) {
const estimatedTimeToMintLastBitcoin = Math.ceil(21e9 / 12.7e6); // divide the total number of Bitcoins by the number of blocks per day
console.log(Estimated time to mint the last Bitcoin: ${estimatedTimeToMintLastBitcoin} days);
}
Please note that this code snippet is for illustration purposes only and should not be used in production.
I hope this article helps answer your question about when the last Bitcoin will be mined. Let me know if you have any more questions or need further clarification!