Steemit Crypto Academy [Beginners' Level] | Season 3 Week 8 | Blockchain Rewards By @sarkodieeric1

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Though I have been doing this program before, but it has been a long. But I will like to thank my cryptoacademy professor @awesononso for such a very wonderful teaching on Blockchain rewards.

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Definition Mining and Block Rewards

Before I start I will like to explain what what mining or block reward is, a lot of rich in this world has massively invest in the Cryptocurrencies business but those with no income or little income want to find their way in the Cryptocurrencies business and can do so by creating content and been reward. And the process of doing so is Mining and Block rewards. Mining in Blockchain technology is the process by which users on its blockchain adding transactions to a large distribution of ledger or it is the process getting bitcoin by solving a computational puzzle. Block reward, is the number or addition of bitcoin to what a person has if he or she successfully mine a block of a Cryptocurrencies. Bitcoin and other are not easily to get most a times, and the only way someone can get Cryptocurrencies without investment or putting his money into it is by mining and after every mining the end result is the rewards that is called the Block rewards.

Advantages of Mining and Blocks Rewards

Through mining and block rewards helps those who couldn't invest get some tokens in other to sell for real money.

Disadvantages of Mining and Block Rewards

Because those who couldn't invest or do not have money to invest and trying to get something out of it sometimes found it difficult to get some rewards.

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Definition of Bitcoin Halving

Since Bitcoin Halving is about bitcoin Cryptocurrency I will like to explain how bitcoin works. Bitcoin is the first Cryptocurrency which exited in this world, and because it was the first Cryptocurrency is known mother cryptocurrency. And since halving is been attached to bitcoin, I will like to talk about how bitcoin operates. Bitcoin is a liquid money which has a stored digital wallet on smart smartphones or computer. Bitcoin can also be bought with real money and can be transferred from one bitcoin wallet to another. Some company accept bitcoin in buying and selling. A lot of people create more similar bitcoin in the system and by so doing the amount that people receive in mining and receiving of block reward are been divided into two or cut into half, which refers to bitcoin halving. The halving of Bitcoin is been continue to halving every four years. And so then the price of bitcoin increase and decrease every year. Bitcoin halving is very important because it marks in Bitcoin declining supply finite supply. And one disadvantage is that it decrease the rate at which new coins are created and it also lower the available supply.

Block Height

Block height is the number of blocks which by occurring before or in front of the blockchain. And also take care of the transactions records of ledger which occurs day in and day out in the block. Bitcoin halving are arranged to occur once every 210,000 blocks. And it happened every four years. The recent halving occured in 2020, that is last year.

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_{Current Bitcoin Height graph in the year 2020}

About Steem Inflation Rate

Justin Sun the owner of TRON recently bought steem Blockchain technology, and because of that when steem move up one way or another it affects the tron blockchain also. That is why steem's inflation affect other coin. Because now the tron and Steem goes hand in hand. And then it affects the tron some how.

Current steem height

The Steem Block inflation rate reduces by 0.01% every 250,000 blocks they occurs.
Current block height = 56,389,933 blocks
To find number of reductions so far:
56,389,934/250,000 = 225.56

There have been some amount 225 reductions so far.

Take the next whole number to calculate the block height for the next reduction:
Block height for next reduction = 226 x 250,000
= 56,500,000. By the current height steem can go up again.