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.
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