How does the block reward in bitcoin mining work?

1 answers

• Dec 15, 2021 · 3 years ago
  The block reward in bitcoin mining is an essential part of the system. It's the way new bitcoins are created and distributed. Miners compete to solve complex mathematical problems, and the first one to solve it gets to add a new block to the blockchain. As a reward, they receive a certain number of bitcoins. This reward is halved every four years to control the supply of bitcoins and prevent inflation. In addition to the block reward, miners also receive transaction fees from users who want their transactions to be prioritized. So, it's a combination of the block reward and transaction fees that incentivize miners to secure the network and maintain the integrity of the blockchain. It's a fascinating system that ensures the decentralized nature of bitcoin and keeps everything running smoothly.
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