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Author: Admin | 2025-04-28
Is how the total supply is known – it is programmatically set.The miners will still be rewarded though, not from the “block reward”, but from transaction fees – explained next.How exactly is the block reward cut in half? It’s in the code held by the nodes. They know to reject any new block after 210,000 where a miner pays himself over 25 bitcoins.Transaction Fees:So far I’ve only shown imaginary blocks with a single transaction, the transaction where the miner gets paid a reward. This is called the “coinbase transaction”. It’s not named after the company, Conbase, I mean Coinbase. The company named itself after the coinbase transaction, not the other way around, don’t get confused.In addition to the coinbase transaction, there are transactions of people paying each other. Here’s an imagined example:I didn’t bother finding a real hash this time (It’s actually the real hash reported in block 200,001). The Nonce I just made up for fun, but notice a message can be embedded there.Satoshis famously included the words, “Chancellor on Brink of Second Bailout for Banks” in the first Bitcoin block (The Genesis Block), after the newspaper headline for the day.The point here is that there are 132 transactions included (not all shown). Look at transaction #132 – 2.3 bitcoins from an address is paying 2.1 bitcoins to another address and also to a second address the amount 0.1 bitcoin (I’ve used dots to shorten the length of the address).So a source of 2.3 bitcoins pays a total of 2.2 bitcoin (2.2+0.1=2.2). Is there 0.1 bitcoin missing? No, the difference is claimed by the miner, as I’ll explain.The miner is allowed to pay himself 25 bitcoins as the block reward (because 210,000 blocks have passed so the reward has been halved from 50 to 25). But if you look,
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