Btc reward
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When Bitcoin first started, 50 Bitcoins per block were given as a reward to miners. After every , blocks are mined approximately every 4 years , the block reward halves and will keep on halving until the block reward per block becomes 0 approximately by year As of now, the block reward is 6. Why was this done? Bitcoin was designed as a deflationary currency.
Like gold, the premise is that over time, the issuance of bitcoins will decrease and thus become scarcer over time. As bitcoins become scarcer and if demand for them increases over time, Bitcoin can be used as a hedge against inflation as the price, guided by price equilibrium is bound to increase.
On the flip side, fiat currencies like the US dollar , inflate over time as its monetary supply increases, leading to a decrease in purchasing power. This is known as monetary debasement by inflation.
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After every , blocks are mined approximately every 4 years , the block reward halves and will keep on halving until the block reward per block becomes 0 approximately by year As of now, the block reward is 6. Why was this done? Bitcoin was designed as a deflationary currency. Like gold, the premise is that over time, the issuance of bitcoins will decrease and thus become scarcer over time. As bitcoins become scarcer and if demand for them increases over time, Bitcoin can be used as a hedge against inflation as the price, guided by price equilibrium is bound to increase.
On the flip side, fiat currencies like the US dollar , inflate over time as its monetary supply increases, leading to a decrease in purchasing power. This is known as monetary debasement by inflation. A simple example would be to compare housing prices decades ago to now and you'll notice that they've increased over time!
This means every block up until block , rewards 50 BTC, while block , rewards Since blocks are mined on average every 10 minutes, blocks are mined per day on average. At blocks per day, , blocks take on average four years to mine. Total circulation will be 21,, coins. Satoshi explained this in an early email post in Coins have to get initially distributed somehow, and a constant rate seems like the best formula.
The block reward creates an incentive for miners to add hash power to the network. The block reward is what miners try to get using their ASICs, which make up the entirety of the Bitcoin network hash rate. ASICs are expensive, and have high electricity costs. Miners are profitable when their hardware and electricity costs to mine one bitcoin are lower than the price of one bitcoin. This means miners can mine bitcoins and sell them for a profit. The more hash power a miner or mining pool has, the greater the chance is that the miner or pool has to mine a block.
As miners add more hash rate, more security is provided to the network. The block reward acts as a subsidy and incentive for miners until transaction fees can pay the miners enough money to secure the network. As mentioned earlier, Bitcoin users must pay a fee when sending a transaction on the network.
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