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Under the bitcoin Protocol rules here: https://en.bitcoin.it/wiki/Protocol_rules#Transactions

in the "block" messages section There is the pseudo-algorithm for validating a given block.

On Point 16-2 It says:

"Reject if coinbase value > sum of block creation fee and transaction fees"

If we keep it simple,

  • I know that the block creation fee is calculated using 64 bit integer operations (in satoshis) as:

    (50 * 100000000) >> (height / 210000)

  • And I also know that transaction fees are defined as:

    the sum of input values minus sum of output values for a given transaction.

So the overall transaction fees on a block would be the total sum of all transaction fees in that block.

But how do I 'calculate' in pseudo-words, the coinbase value and what is it referring to?

I seem to not understand something here...

Thanks in advance

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  • Isn't the coinbase value in that comparison the value of the outputs of the first transaction (coinbase) in the block? Dec 1 '20 at 14:47
  • Yeah, it's the sum of the output amounts of the coinbase transaction (first transaction in a block). Dec 1 '20 at 15:23
  • Thanks for the clarification! cheers Dec 1 '20 at 16:24
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The coinbase value in that comparison is the sum of the amounts of the outputs of the first transaction (coinbase) in the block

(community wiki answer, to avoid having unanswered questions with answers in comments floating around and occasionally getting bumped to the homepage)

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