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Author Topic: Mining reward  (Read 76 times)
Puppy01
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July 09, 2018, 09:39:37 PM
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Which is the quantity of bitcoins that a miner gets for mining a block? Does it change over time?
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The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
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Joshgod
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July 09, 2018, 10:03:49 PM
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I have always wanted to know about mining. I just don't understand how it's done.
nitrocryptonitro
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July 09, 2018, 11:12:24 PM
 #3

Hi,
currently, the mining reward is 12,5 BTC for each block mined.
But that won't be always the case. In approximatively 685 days, Bitcoin block reward will be halved, which means miners will only be rewarded with 6,25 BTC afterwards.
Reward is halved every 210,000 blocks.

If you want to know more about reward halving, you can go there:
https://www.bitcoinblockhalf.com/
and here:
https://blockonomi.com/bitcoin-halving/

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July 10, 2018, 04:02:36 AM
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https://en.bitcoin.it/wiki/Controlled_supply

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FarmerGreene2
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July 10, 2018, 05:27:48 AM
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Hi,
currently, the mining reward is 12,5 BTC for each block mined.
But that won't be always the case. In approximatively 685 days, Bitcoin block reward will be halved, which means miners will only be rewarded with 6,25 BTC afterwards.
Reward is halved every 210,000 blocks.

If you want to know more about reward halving, you can go there:
https://www.bitcoinblockhalf.com/
and here:
https://blockonomi.com/bitcoin-halving/

This is correct, but ignores one key piece.. the transaction fees. 

Bitcoin's miner reward halving system is designed to taper miners off of the new block rewards and onto the transaction fees as the reward.  As of the time I'm writing this the most recent block also contains 0.11 BTC of transaction fees in addition to the block reward.  That may not seem like much, but when there is a large transaction backlog it can add up very quickly as people offer more fees to get their transaction confirmed more quickly.
nakamura12
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July 10, 2018, 12:49:46 PM
 #6

Hi,
currently, the mining reward is 12,5 BTC for each block mined.
But that won't be always the case. In approximatively 685 days, Bitcoin block reward will be halved, which means miners will only be rewarded with 6,25 BTC afterwards.
Reward is halved every 210,000 blocks.

If you want to know more about reward halving, you can go there:
https://www.bitcoinblockhalf.com/
and here:
https://blockonomi.com/bitcoin-halving/
Indeed, at first the reward which miners get at first are more than 12.5 btc. About reward halving after miners mined 210,000 blocks is called halving.
kinatariang233
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July 16, 2018, 05:53:06 PM
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I have always wanted to know about mining. I just don't understand how it's done.
maybe you need a guide or a teacher, and also you can join in telegram mining group
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July 17, 2018, 02:37:01 AM
 #8

I'll explain the basics of how cryptocurrency mining works, also known as PoW - Proof of Work...

Your computer GPU or graphics cards are utilized to hash out (calculate) an algorithm which clears transactions on the blockchain. Each time someone sends for example a bitcoin transaction, they pay a small miner fee to validate that transaction...That miner fee is given to the person who solves / finds the block with that transaction in it as a reward for their time, energy use, etc

Another way to explain it is to think of yourself as a teller at a Bank getting payed for serving customers...Except the Bank is Bitcoin and the customer transactions are on the blockchain.

Some other important things to note
a) there will be difficulty adjustments on the blockchain meaning you will earn less and less of a reward over time for the same amount of hash power. Often people will switch between different coins.
b) there are different algorithms..this means some GPUs perform better for certain algorithms.
c) ASIC Miners are basically a GPU bundle specifically designed and optimized to mine a specific coin or type of algorithm...where standard GPUs can be switched between different algorithms
d) PoS - Proof of Staking is similar to PoW, but more eco-friendly...You leave a cryptocurrency wallet open and connected to the internet, with some altcoin inside which does the same thing as a computer (solves hash to earn a reward for finding a block), but obviously with allot less electricity because you can run it on a small computer like a Raspberry Pi, laptop or Intel NUC

Terms: Hash Power - GPU power in solving an algorithm.
Algorithm - advanced mathematical equation
Hash - An unordered association of key/value pairs, stored such that you can easily use a string key to look up its associated data value. (you'll understand this terminology better if you learn Python or a similar programming language)

Disclaimer: I am a bit tired when writing this article Smiley

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