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This article was originally written by IPFS Force Zone At noon on October 12, Beijing time , the block reward dropped from about 15 FIL to 10.55 FIL (filscan.io 14:00 data), with a direct impact of reducing 40,000 to 50,000 FIL rewards per day. This is mainly because the Filecoin baseline network standard has been adjusted from the original initial value of 1EiB (200% annual growth) to 2.5EiB (100% annual growth). The simple supply is not affected, mainly because the baseline supply has decreased, which has reduced the effective time T ' and the supply in the height time. To make it easier for everyone to understand, we use videos to explain the calculation process of simple supply and baseline supply, so that you can understand why the rewards have been reduced. Video production: Yao Shaosi, IPFS Force Zone Through the above video, I believe everyone will have a better understanding of how Filecoin's real supply is calculated. The following is a supplement to the above details. Readers who want to learn more about simple supply and baseline supply can continue reading. Initially, Filecoin mining was similar to Bitcoin, but with different parameters. Bitcoin’s block reward is halved every 4 years, while Filecoin’s is halved every 6 years, and 1.4 billion FIL are generated by mining. After adjustments, the total amount of Filecoin mining has been reduced to 1.1 billion FIL . FIL supply is divided into simple supply and baseline supply. The simple supply is to ensure that miners can get basic rewards when the total network computing power does not reach the baseline network standard. The calculation method is shown in the figure below, that is, 30% of the original planned daily total supply is the simple supply, and the corresponding t is the natural time unit. The remaining 70% of the supply is the baseline supply capacity, but because Protocol Labs uses this part as a KPI linked to the total network computing power, there is a difference - mainly because the effective time T' of the supply is different from the natural time. So how to calculate the effective time T'? The government has set a baseline network indicator to promote the effective computing power of global miners to meet the annually set indicator - the initial benchmark for the first year is 2.5EiB, and it maintains a 100% growth every year. Therefore, by the end of the first year after going online, the effective computing power of the entire network needs to meet 5EiB. So, how do baseline network indicators affect the actual supply? There are two main points: constraining the effective computing power of the entire network and stipulating the effective time T'. The specific analysis is as follows. How to constrain the growth of effective computing power? The official explanation formula is as follows. This formula means that at a certain moment, when the actual computing power is less than or equal to the baseline standard, the actual computing power is used; when the actual computing power is greater than the baseline standard, the baseline network computing power is used. Therefore, the area of the overlapping part of the two curves is regarded as the cumulative computing power of the baseline network standard, which is the following formula. How does the baseline standard affect the effective time T ' ? Fill the area of the overlapping portion (i.e. the cumulative power) into the baseline growth curve and calculate the effective time T ' , which is the time officially recognized as effective under the baseline standard. Then substitute the effective time T ' into the portion that originally belonged to the baseline supply ( the 70% curve of the original supply), and the blank portion is the baseline supply at that time. The official formula is as follows:
To make it easier to understand, we can fill the water that has flowed out of the blank part (actual supply of the baseline network) into the "Natural Time Actual Supply Chart" (below), and we can know the natural time. In summary, the effective time T ' is calculated by substituting the cumulative computing power into the benchmark standard curve while meeting the baseline standard, and then substituting the effective time T ' into the baseline supply curve, which is the baseline supply FIL . Finally, we put the baseline total supply back into the graph of FIL supply at every T time, and we can get the natural time T under the current supply. Why are block rewards decreasing? Compared with the original initial value of 1EiB, the 3EiB network is expected to be achieved by the end of the year. The current adjustment has resulted in more initial computing power requirements and a slow increase in the effective time T'. Under the same cumulative computing power, the current effective time T' is less, resulting in a smaller baseline supply.
Here is the official formula for interpreting the baseline supply: Baseline Mining Definition Calculation of block rewards under the baseline network
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