Who pays bitcoin miners?

in bitcoin •  4 months 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?

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  • 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.

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