Problem of extracted dogs: Is it really 19%?
As the second largest cryptocurrency in the world by market capitalization, Ethereum has noted significant attention recently. One of the most fascinating aspects of Ethereum is its potential for mining dogs, the precursor of Bitcoins. A recently outstanding website claimed that almost 19% of all dogs were mined, causing a debate among enthusiasts and experts.
Calculation of extracted dogs: Methodological approach
To determine if this claim is accurate, let’s examine mathematical calculations related to the extraction of dogs on Ethereum. According to various sources, including technical forums and internet communities, the total supply of Dogecoins is about 102 billion units.
The structure of the Ethereum award decides that each new block contains a number of dogs that increases by 1 million per block. The current reward for Ethereum is 10,000 dogs (ETH), and the extraction of one block takes about 10-12 minutes. If we set up an average mining rate of 11,250 ETH per block (approximate estimation based on the data provided), this translates into about 1.05 billion blocks extracted per day.
Calculation of extracted dogs: Calculation
By using these numbers, let’s calculate the total number of dogs extracted:
102,000,000 000 (total supply) / 10,000 (block prize) = 10,200,000 blocks
10,200,000 blocks x 1 050,000 ETH per block ½ 10 500 billion
Application
It seems that the claim of 19% of the extracted dogs is probably inaccurate. Although it is true that a significant number of dogs have been extracted recently, the actual proportion is much lower than initially.
To look at it from a perspective, if we set up an average mining rate of 11,250 ETH per block and a total supply of 102 billion units, by December 2023 there will be about 1.05 billion blocks.
It should be remembered that this calculation method is based on various assumptions and may not take into account factors such as the efficiency of the extraction pool or potential corrections of block prizes over time. Nevertheless, it provides an interesting insight on the very scale of extracted dogs.
As the Ethereum network increases, it is necessary to inform about the progress and challenges faced by developers, miners and enthusiasts. Recognizing the complexity associated with the extraction of cryptocurrencies, we can better move around the complexities of this vast digital landscape.