Block Reward

A block reward is the reward a miner gets for solving the cryptographic hashing problem that verifies transactions and adds a new block to the blockchain. This creates incentive for miners to add hash power to the network. For Bitcoin, this block reward is halved every 210,000 blocks created, or roughly every four years. The last halving of the Bitcoin block reward was in May 2020, when the reward was “halved” from 12.5 BTC per block to the current 6.25 BTC per block. The next “halving” will occur in 2024, when the bitcoin award will be cut in half from 6.25 to 3.125 bitcoin.

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