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.
Share with a friend
If you thought this information was helpful why not share it on your favourite social media network and encourage others to learn more about Bitcoin
Latest Articles
Ledger Live Tracking Reveals Privacy Concerns
Ledger wallets are arguably one of the most popular hardware wallets/signing devices on the market; the brand recognition and trust it has built over the
Torrent Clients Come To Nostr
Online file sharing is nothing new; it is basically what the internet is designed to do, democratising access to information through a globally accessible network.
Bitcoin Knots Patch Aims To Tie Up Ordinals
The recent surge in popularity of Bitcoin Ordinals has sparked both excitement and concern within the Bitcoin ecosystem. There has not been this much of