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Author Topic: How many keys in each new block of bitcoins issued?  (Read 43 times)
Cointosser99
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August 01, 2018, 10:10:11 AM
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Hi,

how does it work when a miner finds a new block and get the 12.5 btc reward? Is it one privatekey? How is it then split when you make transactions?
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August 01, 2018, 12:10:08 PM
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Hello Cointosser99,

When a miner successfully solves Bitcoins PoW algorithm and mined a block, this block reward will be distributed to the miner that solved it. It is distributed by the miners adding it as the first transaction on a block. This transaction has no inputs, but only an output to the miners wallet address. That miners wallet address also has a private key, but it does not work by generating a private key and public address that contains the block-reward. The newly generated coins will just be send to the miners address. From that address the coins can be spend to any other address in the network, like a regular Bitcoin transaction.

We hope that this explanation gives you a better insight as to how the block rewards are distributed.

With kind regards,
The Anycoin Direct team

Helping the crypto-community. Anycoin Direct
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August 01, 2018, 02:00:57 PM
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To exemplify, have a look at one of the most recent blocks:

https://www.blockchain.com/btc/block/0000000000000000001c6af31b32313d9bbb22dfe7c0f55269e7d3ede1411d11


You will see that the first transaction listed in this block has no inputs and is labeled as newly generated coins:

https://www.blockchain.com/btc/tx/05c779226993c6b4a7ceced0660f46b224763dc1b9b97f6581061c34d63bce0f


This is called a coinbase transaction. It contains the block reward for the successful miner. The miner receives it on a regular Bitcoin address, like they would receive any other transaction. The main difference between a coinbase transaction and a regular transaction is that the network accepts the transaction as valid, despite having no inputs. Naturally the amount of BTC transferred in a coinbase transaction may not be larger than the block reward of the current halving period, otherwise the transaction would be invalid.

Note that the coinbase transaction linked above contains 12.679... BTC which is more than the current block reward of 12.5 BTC. The difference of 0.179... BTC is accounted for by the transaction fees paid by the other transaction contained within this block.

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August 02, 2018, 08:58:53 AM
 #4

Thanks Anycoin & HeRetiK for clarifying this.
What tells the system which adress to send the block-reward to?
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August 02, 2018, 09:25:10 AM
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Thanks Anycoin & HeRetiK for clarifying this.
What tells the system which adress to send the block-reward to?

Miners include the coinbase transaction while building the block.

That is, the freshly mined block that is being relayed to the network does not only contain user transactions being confirmed (ie. transactions that you and me are sending when moving coins), but also a transaction where the miner sends themselves the block reward (ie. the coinbase transaction mentioned above).

To reiterate: The coinbase transaction containing the block reward is more or less a transaction like any other. So it's just a transaction where someone sends coins to themselves. Difference being, that this transaction may contain coins that did not exist before.

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