Generating new bitcoins

[lancet]

I am new to bitcoins, so forgive me for asking something that is clear to everybody else. Do I understand it correctly that the source for the new bitcoins is service fees and mining of the trusted and appropriately equiped mining group?

[ebliever]

Hi! Rather than start from scratch, let me just point you to this helpful site:

http://www.coindesk.com/information/

Bitcoins are mined with each new block of transactions produced. Currently the block reward is 25 bitcoins, halving roughly every 4 years. Fees for transactions also go to the miners, but those are not new bitcoins but simply taken from bitcoins already in circulation. Blocks are produced on an average rate of every 10 minutes, though actual blocks can be a second apart or an hour apart based on the factor of chance in the mining process.

Miners are specialized hardware now (known as ASICs) that are operated by individuals or increasingly by large-scale industrial mining concerns. Anyone can get involved with mining, though in practice only those with very low cost electricity will likely  see a profit. In years past you could mine with desktop computers, then graphics cards and FPGAs, but those days are long past.

[HCLivess]

It is a reward for generating new blocks (validating transactions) by first competing with other miners.

[Amph]

every new block is generated after the previous reward is done, forming a chain as a result, only the first block, the one called genesis, is different in this regard

about the trusting, isn't necessarily, true, no one know if miners are trustable, but usually a smart miner will not harm the network or it will hurt his income

p.s. "geenesis" was just a bad typo mate, i know that it is genesis....

[Muhammed Zakir]

To avoid trust issue, Bitcoin is decentralized. I highly recommend you to read white paper. https://bitcoin.org/bitcoin.pdf

every new block is generated after the previous reward is done, forming a chain as a result, only the first block, the one called geenesis, is different in this regard

Genesis not geenesis. https://en.bitcoin.it/wiki/Genesis_block

about the trusting, isn't necessarily, true, no one know if miners are trustable, but usually a smart miner will not harm the network or it will hurt his income

"Smart" isn't appropriate here. Smart miner who want to harm network will harm network if he has enough hashrate to do so.

[SirChiko]

I am new to bitcoins, so forgive me for asking something that is clear to everybody else. Do I understand it correctly that the source for the new bitcoins is service fees and mining of the trusted and appropriately equiped mining group?

"mining group" seems like someone that has this role (sounds centralised lol) but actually anybody can become miner by their free will.

[JarvisTechnology]

I am new to bitcoins, so forgive me for asking something that is clear to everybody else. Do I understand it correctly that the source for the new bitcoins is service fees and mining of the trusted and appropriately equiped mining group?

Yes you are correct. although any one can technically mine bitcoins...whether or not they would benefit from them is another thing.

[BlackMachine]

I am new to bitcoins, so forgive me for asking something that is clear to everybody else. Do I understand it correctly that the source for the new bitcoins is service fees and mining of the trusted and appropriately equiped mining group?

Source for new Bitcoins is not the service fees. Service fee is a way to reward miner for mining for the network and they are circulated around. The new bitcoins generated is given by the system for every block mined and will be capped at 21 million bitcoins.

[notlist3d]

It is a reward for generating new blocks (validating transactions) by first competing with other miners.

The pool gains the current reward of 25 BTC + miners fee's paid for that block.  So there is a little bit of varibility of exact amount the pool will get  by solving the block.

And I used pool as a example as being solo is very very hard to get a block.