This is a beanie with the cool correct Bitcoin scarcity formula embroidered on it. The formula is made by @Therationalroot. This beanie works very well to start an exciting conversation! This formula represents Bitcoin’s supply distribution schedule as defined by the Bitcoin protocol accurate down to the Satoshi! Read more about the formula below👇
• 100% Turbo Acrylic
• Unisex style
• Hand washable
About the formula:
A Satoshi, named after its creator, is the smallest unit of a Bitcoin. One Bitcoin equals 100 million Satoshi’s.
The formula = 2,099,999,997,690,000 Satoshi’s. Which divided by 100 million is slightly less than 21 million Bitcoin.
Below is a detailed explanation of the formula:
This symbol ∑ (called Sigma) means "sum up", it sums up whatever is followed with the variable i=0 to i=32. This variable represents the 32 Halvings in Bitcoin, where the supply that is mined will be cut in half.
The number 210,000 is the amount of blocks in each Halving.
The number 50 is the initial amount of Bitcoin being mined per block. We times this by 10^8 to get the amount of Satoshi’s.
The brackets aren’t actually brackets but a floor function. Since a Satoshi is the smallest unit of a Bitcoin, we need to round off down to whole Satoshis. This is the reason why there are slightly less than 21 million Bitcoin.