Dogecoin Minted problem: is it 19%?
Being the second largest cryptocurrency in the world by capitalizing the market, Ethereum has attracted significant attention in recent times. One of the most fascinating aspects of Ethereum is his potential to Mina Dogecoins, a precursor of Bitcoin. Recently, a prominent website claimed that almost 19% of the total Dogecoins were mined, stirring debates between enthusiasts and experts.
Calculation of mining dogcoins: a methodological approach
To determine if this statement is accurate, to examine the mathematical calculations involved in the mining of dogcoins on Ethereum. According to different sources, including technical forums and online communities, the total offer of Dogecoins is about 102 billion units.
The reward structure of the Ethereum block dictates that each new block contains a certain number of dogcoins, which increases by 1 million per block. The current reward rate of the Ethereum block is 10,000 Dogecoins (ETH) and takes about 10-12 minutes to make a block. If we assume an average minced rate of 11,250 ETH per block (a gross estimate based on the data provided), it translates to about 1.05 billion mined blocks per day.
Calculation of mining dogcoins: a calculation
Using these numbers, let’s calculate the total number of dogcoins that have been mined:
102.000.000.000 (total offer) / 10,000 (block reward) = 10,200,000 blocks
10,200,000 blocks x 1,050,000 ETH per block ≈ 10,500 billion
Conclusion
It seems that the 19% mined Dogecoine claim is probably inexact. Although it is true that a significant number of dogcoins have been mined in recent times, the real proportion is significantly lower than it was initially mentioned.
To put this in perspective, if we assume an average rate of 11,250 ETH per block and a total offer of 102 billion units, about 1.05 billion blocks would be mined until December 2023.
Note that this method of calculation is based on various assumptions and may not take into account factors such as the efficiency of the mining group or potential adjustments of the block rewards. However, it offers an interesting perspective on the pure staircase of the extracted Dogecoins.
As the Ethereum network continues to grow, it is essential to keep up to date with the progress and challenges that developers, miners and enthusiasts alike. Recognizing the complexities involved in the exploitation of cryptocurrencies, we can better browse the complexity of this vast digital landscape.