Block Reward
When a new block is successfully added to the blockchain, miners will receive Bitcoin for the work done – this is known as a block reward.
Bitcoin miners are specialised nodes that process already verified batches, or blocks, of transactions on to the blockchain where they remain forever.
Due to Bitcoin’s protocol, these miners complete complex equations known as hashes which requires a lot of energy to do, hence the name “proof-of-work”.
As a result of this work, miners receive compensation in the form of block rewards for their trouble.
With the Bitcoin halving happening every 210,000 blocks, there’s a race for miners to solve hashes and accumulate Bitcoin before the block rewards get cut in half.
Latest Articles
What Is A Lightning Network Escrow?
The bitcoin network today has a market cap in the billions and has even reached as high as 1 trillion dollars US. The network settles
How To Fix A Stuck Umbrel Bitcoin Node
I recently checked up on my Umbrel node to install some apps and play around and noticed that my bitcoin node was not syncing; it
What Is Ordisrespector?
Ordinals, the controversial NFT concept living on the bitcoin blockchain, has been a major topic for discussion in recent weeks. Since the introduction of the