The motivation that keeps miners going \u2014 And the Bitcoin Blockchain thrivingBlock reward is what you call it when a miner is rewarded new bitcoins by the blockchain network after successfully validating a new block. Two components make a block reward: block subsidy and transaction fees. A block subsidy is comprised of newly minted coins and it represents block reward\u2019s biggest part. The other part consists of all fees paid from the transactions made on that block. Since block rewards come from block subsidy, it is common for people to interchange the two, referring to block subsidy when you are talking about block rewards. It is good to remember that block rewards do not include the fees.Block SubsidyAs for Bitcoin, the starting block subsidy was 50 BTC and programmed to be reduced in half once every four years, or every after 210,000 blocks. This is known as the Bitcoin Halving event. Bitcoin\u2019s initial 50 BTC block subsidy was halved to 25 BTC in 2012. The halving event of 2016 reduced the mining reward to 12.5 BTC. The halving event in May of 2020 has seen the BTC block reward going down to 6.25 BTC. The principle behind this is that as bitcoins become scarce, prices are kept high as fewer bitcoins becomes available (only 21 million will ever be available). After 64 more iterations until 2140, the block reward will eventually hit zero.The BlockThe size of a bitcoin block is 1 MB where bitcoin transaction information is stored. When Bob sends money to Alice, the transaction information is recorded on the block.Crypto miners employ mining devices to look for new blocks and receive rewards for their efforts with block rewards. You can find similar reward mechanisms with other cryptocurrencies when recognizing the efforts of their miners. Miners compete for new\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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