What is the Bitcoin Mining Block Reward? The Bitcoin block reward refers to the new bitcoins distributed by the network to miners for each successfully solved block. Become the best Bitcoin miner and learn how bitcoin mining pool earnings dates mine Bitcoins with the best Bitcoin mining hardware, software, pools and cloud mining. How is the Block Reward Determined?
Satoshi Nakamoto, Bitcoin’s creator, set the block reward schedule when he created Bitcoin. It is one of Bitcoin’s central rules and cannot be changed without agreement between the entire Bitcoin network. 1 and halves every 210,000 blocks. 210,000 rewards 50 BTC, while block 210,001 rewards 25. Since blocks are mined on average every 10 minutes, 144 blocks are mined per day on average.
At 144 blocks per day, 210,000 blocks take on average four years to mine. Total circulation will be 21,000,000 coins. It’ll be distributed to network nodes when they make blocks, with the amount cut in half every 4 years. The block reward is the only way that new bitcoins are created on the network.