How the coins must be paid miners for mining process is provided? One of resources may be transactions fee. Is there any other resources for proving reward of miners?
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3 Answers
Miners receive a block subsidy and any transaction fees in the block.
The subsidy started at 50BTC and halves every 210,000 blocks. See Mining Reward. These are newly minted coins the network accepts as valid coins based on consensus rules above.
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Thank you, (1) what does halve meaning here? and (2) can we say that "In Bitcoin, it is crucial to incentivize miners by monetary reward, because mining process has significant monetary cost (energy/electricity cost)." ? otherwise, mining process is not affordable for miners ? is it correct? Thanks Commented Aug 15, 2018 at 19:14
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2(1) halve means it will drop by a factor of 2. Blocks 0-209,999 = 50 BTC, 210,000-419,999 = 25 BTC, etc. (2) sort of, it provides a reward for mining so there is incentive to mine. it also creates predictable minting of a fixed supply of coins– JBaczukCommented Aug 15, 2018 at 19:23
I think you can get a good idea about mining by watching this video https://www.youtube.com/watch?v=xUud-Pz8fE4&t=7s also for pow https://www.youtube.com/watch?v=9-W3uM2u_24&t=200s
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Are you affiliated with the channel in any way? If so, you must disclose your affiliation, it will be considered spam otherwise. Commented Aug 21, 2018 at 11:36
Miners gets their rewards for maintaining the work and security of the network. Each time they successfully form a block, they receive a fixed amount of crypto currency. That’s how Blockchain generates its own money.
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I know, but how do produce these coins? What is the resource? For example, transactions fee? Commented Aug 31, 2018 at 7:25