How much witnesses earn?

[abit]

Here is better formula:

[block reward] * (60 / [block interval time]) * 60 * 24 * 30 / [total number of witnesses] = [witness salary for one month]

Almost correct. Due to maintenance intervals, currently there are 3 less blocks produced in every hour.

Is the '3 blocks' value hardcoded? And maintenance takes nowhere near that long in reality, right?

It's a parameter which can be adjusted by the committee

Code: [Select]

get_global_properties
{
...
    "block_interval": 3,
    "maintenance_interval": 3600,
    "maintenance_skip_slots": 3,
...


[bytemaster]

Here is better formula:

[block reward] * (60 / [block interval time]) * 60 * 24 * 30 / [total number of witnesses] = [witness salary for one month]

Almost correct. Due to maintenance intervals, currently there are 3 less blocks produced in every hour.

Is the '3 blocks' value hardcoded? And maintenance takes nowhere near that long in reality, right?

Correct, maintenance takes a fraction of a second (today). 

[roadscape]

Here is better formula:

[block reward] * (60 / [block interval time]) * 60 * 24 * 30 / [total number of witnesses] = [witness salary for one month]

Almost correct. Due to maintenance intervals, currently there are 3 less blocks produced in every hour.

Is the '3 blocks' value hardcoded? And maintenance takes nowhere near that long in reality, right?

[abit]

Here is better formula:

[block reward] * (60 / [block interval time]) * 60 * 24 * 30 / [total number of witnesses] = [witness salary for one month]

Almost correct. Due to maintenance intervals, currently there are 3 less blocks produced in every hour.

[Samupaha]

Here is better formula:

[block reward] * (60 / [block interval time]) * 60 * 24 * 30 / [total number of witnesses] = [witness salary for one month]

[Samupaha]

Currently the Committee has set the Blockchain parameter for 1.5BTS  to be paid to the witness producing a block. Therefore, with 3 second block interval, the maximum hourly payment from the Reserve Pool to the Active Witnesses is 1800BTS. The amount a given witness will receive during that hour considers the total witnesses and successful block production.

Yeah, thanks, this is something how I remembered it works. The text at Cryptofresh was just a little bit misleading.

Let's make a calculation to see if I've understood everything right...

There is currently 23 witnesses, so pay per hour for one witness is 1800/23=78.26 BTS
Per day: 1800/23*24=1878.26 BTS
Per month: 1800/23*24*30=56347.82 BTS
With current price ($0.004335) that makes about 245 USD per month.

[Fox]

Currently the Committee has set the Blockchain parameter for 1.5BTS  to be paid to the witness producing a block. Therefore, with 3 second block interval, the maximum hourly payment from the Reserve Pool to the Active Witnesses is 1800BTS. The amount a given witness will receive during that hour considers the total witnesses and successful block production.

[xeroc]

yes .. the whole hourly pay is divided among all witnesses ..
If there are more witnesses, everyone gets paid less .. and vice versa ..

[Samupaha]

How much witnesses get paid?

Cryptofresh says: "Witness budget: 1,800 BTS per hour". Does that mean 1800 BTS per hour is divided for all witnesses, so that more we have witnesses, less is the salary of one witness?

I need to know this so that I can tell what people can expect to earn if they become witnesses.