What Is Bitcoin Block Reward? - Financial-Student.eu.org
Financial-Student - Bitcoin block reward refers to the new bitcoins that are awarded by the blockchain network to eligible cryptocurrency miners for each block they mine successfully.
Each bitcoin block is around 1 MB in size and is used to store the bitcoin transaction information. For example , when A sends money to B , this transactional information is stored on a block.
Miners who use mining devices to find new blocks are rewarded for their efforts through block rewards. Other cryptocurrencies have a similar mechanism for rewarding miners with blocks of the respective blockchain.
At inception , each bitcoin block reward was worth 50 BTC. The block reward is halved after the discovery of every 210 ,000 blocks , which takes around four years to complete. As of February 2018 , one block reward is worth 12.5 BTC.
Working on the principle of a standard cryptocurrency economy with declining bitcoins awarded as block rewards , fewer new bitcoins will be available over time that will keep bitcoin prices high. After 64 iterations of halving the block reward , it will eventually become zero.
Thе wіnnіng mіnеr сlаіmѕ а blосk rеwаrd bу аddіng іt аѕ а fіrѕt trаnѕасtіоn оn thе blосk.
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Each bitcoin block is around 1 MB in size and is used to store the bitcoin transaction information. For example , when A sends money to B , this transactional information is stored on a block.
Miners who use mining devices to find new blocks are rewarded for their efforts through block rewards. Other cryptocurrencies have a similar mechanism for rewarding miners with blocks of the respective blockchain.
At inception , each bitcoin block reward was worth 50 BTC. The block reward is halved after the discovery of every 210 ,000 blocks , which takes around four years to complete. As of February 2018 , one block reward is worth 12.5 BTC.
Working on the principle of a standard cryptocurrency economy with declining bitcoins awarded as block rewards , fewer new bitcoins will be available over time that will keep bitcoin prices high. After 64 iterations of halving the block reward , it will eventually become zero.
Thе wіnnіng mіnеr сlаіmѕ а blосk rеwаrd bу аddіng іt аѕ а fіrѕt trаnѕасtіоn оn thе blосk.
