3/18/2019 BTCP - Coinburn stats calculation

BTCP Coinburn calculation

Supplies being confirmed (as of block 480,000):
Circulating Supply: 4,632,708 BTCP

Total Supply: 22,655,975 BTCP

Maximum Supply: 22,855,194 BTCP

Summary of the BTCP coinburn

The 2nd coinburn occurred at block height 480,000 to make BTCP, without transfer since the snapshot
fork, unspendable. They still at present exist in the blockchain but above this blockheight they cannot be
spent and will return an error if a transaction is attempted.

A summary of the 2 coinburns that have occurred in BTCP's lifetime:

Coinburn 1 (block height 455,500) - made illegimate coins from bad actor unspendable
Coinburn 2 (block height 480,000) - made unmoved coins unspendable

Now the 2nd coinburn has passed, we can accurately establish the number of actual BTCP in circulating
supply, total supply and maximum supply, whereas previously we had to assume that the most possible
were claimed from the snapshot and therefore in circulating supply plus were unsure of maximum supply
due to illegimate coins. There has been much debate and consulation with BTCP community members
and CoinMarketCap experts to get to the exact meaning of everything and get perfectly accurate values.

In order to establish the accurate circulating supply, a number of steps as detailed below are required.
Towards the end of these steps, you can find the circulating supply, total supply and maximum supply
stats as of block "coinburn 2" (blockheight 480,000) and as per the definitions provided by
CoinMarketCap: https://coinmarketcap.com/faq/

These 3 values have so far been confirmed by 1 person and when we have 3 proven confirmations of
the same values, CoinMarketCap can then be informed of these values to update their systems. We
therefore encourage more people to confirm the following is correct and this page will be updated as
confirmations come in.

Calculating the coinburn stats

Stage A: Establish the number of coins at the 2 block heights

STEP 1

Download and install a BTCP Node: https://github.com/BTCPrivate/BitcoinPrivate then update the

btcprivate.conf to include stopatheight = 278458, then wait for sync

STEP 2

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Run gettxoutsetinfo to get the total coins at the end of the fork.

Expected result: 22,387,943 BTCP

STEP 3

Update the btcprivate.conf to now have stopatheight = 455500 and again wait for it to sync

STEP 4

Run gettxoutsetinfo to get the total coins at what is termed "coinburn 1".

Expected result: 20,850,632 BTCP

Stage B: Establish the coins mined to "coinburn 1" (455,500) and "coinburn 2" (480,000)

STEP 5

Calculate coins mined to coinburn 1. This calculation should look like this:

((420,000 - 278,458) * 1.5625) + ((455,500 - 420,001) * 0.78125)

Explanation: Here we are establishing the number of coins mined at the 1.5625 block reward and adding
them to the number of coins mined to coinburn 1 height at the 0.78125 block reward

Expected result: 248,892 BTCP

STEP 6

Calculate coins mined to coinburn 2. This calculation should look like this:

((420,000 - 278,458) * 1.5625) + ((480,000 - 420,001) * 0.78125)

Explanation: Here we are establishing the number of coins mined at the 1.5625 block reward and adding
them to the number of coins mined to coinburn 2 height at the 0.78125 block reward

Expected result: 268,032 BTCP

Stage C: Establish the "reset" coins at coinburn 1

STEP 7

Calculate block explorer value at block 278,458. This calculation should look like this:

x - ((420,000 - 278,458) * 1.5625) + ((x - 420,001) * 0.78125))

Explanation: current block explorer value – mined to date where x = current block height

Expected result: 20,360,463 BTCP

STEP 8

Calculate block explorer value at coinburn 1 (455,550). This calculation should look like this:

x - ((420,000 - 278,458) * 1.5625) + ((455,500 - 420,001) * 0.78125))

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Explanation: current block explorer value – mined to date where x = current block height

Expected result: 20,609,355 BTCP

STEP 9

Calculate difference between gettxoutsetinfo and block explorer at coinburn 1 (455,500). This calculation
should look like this:

2,040,000 - (Step 4 - Step 8)

Explanation: This establishes the number of coins "reset" at coinburn 1 from 2,040,000 illegimate coins.

Expected result: 1,798,722 BTCP

Stage D: Obtaining UXTO dump and finding unspent transactions in our range

STEP 10

Download and run utxo-dump https://github.com/BTCPrivate/utxo-dump and import results into a

database such as MySQL/MariaDB.

STEP 11

Run query to find all unspent transactions > 272,991 and < 278,459

eg

SELECT SUM(amount_column) FROM yourtable WHERE blockheight_column > 272991 AND blockheight_column < 278459

The result is in satoshis. Divide this result by 100,000,000 to get whole BTCP's

Expected result: 16,224,544 BTCP

Stage E: THE RESULTS: Calculating the circulating supply, total supply and max supply

STEP 12

Calculate circulating supply at coinburn 2 (480,000)

= Step 2 + Step 6 – Step 9 – Step 11

Explanation: coins after fork + mined coins to 480,000 – coinburn 1 – coinburn 2

Expected number = 4,632,708 BTCP

STEP 13

Calculate total supply at coinburn 2 (480,000)

Step 2 + Step 6

Explanation: coins after fork + mined coins to 480,000

Expected number = 22,655,975 BTCP

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STEP 14

Calculate total mining supply at coinburn 2 (480,000)

((420,000 - 278,458) * 1.5625) + ((630,000 - 420,001) * 0.78125)) + ((840,000 - 630,001) * 0.390625)

Explanation: coins mined * 1.5625 block reward + coins mined * 0.78125 block reward coins mined *
0.390625 block reward

Expected number = 467,251 BTCP

STEP 15

Calculate max supply

Step 2 + Step 14

Explanation: coins after fork + mined to completion

Expected number = 22,855,194 BTCP

Final note:

These calculations were as of a previous blockheight. If you want up to date values add mining rewards to
Step 12 and 13.

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