Miners receive two different types of rewards for their mining efforts

New coin rewards for creating new blocks, and transaction fees for passing transactions contained in the blocks. To be able to solve these rewards, miners compete to complete an algorithm that is based on a cryptographic hash of the data.

The mathematical challenge of this algorithm is called "proof-of-work system", m31s miner which proves the computing power of the miner, i.e. the mechanism of algorithmic competition, the winner of which is entitled to play on the blockchain

The mechanism for recording transactions, both of which serve as the cornerstone of Bitcoin security.

The process of generating new bitcoins is called mining because its reward mechanism is designed in a decreasing speed model, similar to the mining process of precious metals. metal prototype fabrication Bitcoin's currency is mined and issued, similar to a central bank.

Miners will also be paid a transaction fee. Each transaction may include a transaction fee, which is the difference between the input and output recorded for each transaction. The winner of a miner who "mines" a new block in the mining process will

Receive all "tips" for the transactions contained in the block. saas payment gateway Currently, costs represent 0.5% or less of a miner's revenue, and most of the revenue still comes from the bitcoin rewards received from mining. However, as mining returns decrease, and

As the number of transactions per block increases, the share of transaction fees in miners' revenue will gradually increase. After 2140, all miners' revenue will be made up of transaction costs.

If you see mining only as a process of making money, then you see the means (incentive) as the end. Mining is a way to move the clearinghouse to the center The process of centralization, where each corporate clearinghouse analyzes and validates the transaction information it processes and settles it.

Mining protects the security of the Bitcoin system and enables consensus to be reached across the Bitcoin network platform without a central authority.