Who pays bitcoin miners?

in bitcoin •  11 days ago

If you are new in cryptocurrency or started not a long time ago, question can arise, actually who pays bitcoin miners? To know all of these, you need to know about bitcoin first.

Bitcoin is a digital currency or cryptocurrency which is created by complex mathematical calculation. It has a value like physical gold and can be traded. It is totally virtual money and no need a bank to store and transfer money. Now we will talk about our title of the post, who pays bitcoin miners?

Image source: , labeled with reuse.

  • Block rewards:

    Since 2009, in every 10 minutes a new block has found. When a new block found, it distributed to those wallet which is configured in that block. The current reward is approximately 12.5 BTC/block.

  • Transaction fees:

    When a new transaction made by user. It created a complex math problem and miners solves those problems. The miner who first solve that problem get reward from that transaction fee.

  • Mining pools:

    In this process mining pools mine and distribute all coin to the pool rulers. On average nearly 10,000 years needed to find a block by himself. But mining pool can find a block in very short time depending on it's power.

You can comment in the below section to share your idea.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

You received a 50.00% upvote from @brotherhood thanks to @carnation!,
join on @brotherhood community on discord channel:https://discord.gg/3HZdaGk and share your post there.

The force is with you! You got a 50.00% upvote from @steemyoda courtesy of @carnation!