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Halving and Cycles Theorem

In: Some Fundamentals of Mathematics of Blockchain

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  • Julien Riposo

    (London Stock Exchange Group)

Abstract

This chapter is studying a pattern that has been identified in the Bitcoin halving process. As spurious as it might appear, the division by 2 of the block reward actually reveals some interesting characteristics in terms of available bitcoins. Collecting the 21 million bitcoins might appear to be impossible due to the protocol imposing the irreducible value of bitcoin, i.e., the Satoshi precision. The question of a change in the protocol through a soft fork might appear legitimate in order to allow the obtention of all the bitcoins. The reason is that minting new bitcoins is going to be less and less likely; this possibly could imply an inflation effect, thus motivating crypto-exchanges to possess more bitcoins than allowed by the current protocol.

Suggested Citation

  • Julien Riposo, 2023. "Halving and Cycles Theorem," Springer Books, in: Some Fundamentals of Mathematics of Blockchain, chapter 0, pages 71-87, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-31323-3_5
    DOI: 10.1007/978-3-031-31323-3_5
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