Block Rewards: How Miners Earn Revenue from New Blocks
A block reward is the cryptocurrency revenue miners receive after successfully validating a new block. It typically consists of newly issued tokens and transaction fees from transactions included in the block. This article explains its components, Bitcoin’s subsidy-halving mechanism, and how new coins are created through a special transaction.
Components of a Block Reward
After successfully validating and adding a new block, miners can receive the corresponding revenue. Broadly defined, a block reward consists of the block subsidy and transaction fees: the former comprises tokens newly generated by the protocol, while the latter consists of fees paid by transactions included in the block.
Differences in Terminology
Because the block subsidy is often a major source of the reward, people sometimes refer to the “block subsidy” simply as the “block reward.” Therefore, context is needed when reading source material: the term may refer to the subsidy itself or, more broadly, to the sum of the subsidy and transaction fees.
Bitcoin Subsidy and Halving
Evidence from Bitcoin illustrates the subsidy-reduction mechanism: the initial subsidy was 50 bitcoins per block; thereafter, it was approximately halved every 210000 blocks, and the historical subsidy changes in 2012, 2016 and 2020 are listed.
How New Coins Are Created
In a Bitcoin block, the coinbase transaction must appear first and is used to claim the block subsidy permitted under the rules and the transaction fees from that block. Unlike ordinary transactions, it does not use existing unspent outputs as inputs; other nodes check that the amount claimed does not exceed the permitted amount, so miners cannot arbitrarily create new coins.
Original Tutorial
https://www.binance.com/zh-CN/academy/glossary/block-reward
Bitcoin Coinbase Transaction Rules
https://developer.bitcoin.org/devguide/block_chain.html
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