Thus, that block would not be included in the blockchain and that miner would not be able to recoup the financial costs taken on during the proof of work mining process.Īnother important feature of a coinbase transaction is that bitcoins involved in the transaction cannot be spent until they have received at least 100 block confirmations. However, a miner that rewarded themselves incorrectly, would find that block being deemed invalid by other participants in the network. The next Bitcoin halving event will occur sometime in 2020, which will see block rewards reduced from their current level of 12.5 bitcoins per block to 6.25 bitcoins per block.Īs it is the miner that constructs the coinbase transaction, there was the possibility that a miner could simply reward themselves in excess of the correct block reward and total transaction fee. There have thus far been two instances in which the Bitcoin block reward has been halved. With the Bitcoin protocol, the block reward started at 50 bitcoins per block and is then reduced by half every 210,000 blocks, which can otherwise be interpreted as being approximately every 4 years.
The very first block included in a blockchain is known as the genesis block, which has a block height of zero. The height of a block is simply the number of blocks in the chain between it and the first block in blockchain. The miner will then calculate the block reward for the newly created block, which is calculated based on its block height. To create a coinbase transaction, the miner will calculate the total amount of transaction fees for transactions that are included in a block, which is calculated as the following:īlocks are not required to include any non-coinbase transactions, but miners will almost always include additional transactions in order to collect the fees that are attached to these transactions. The total amount of reward that a miner will collect is the sum of the block reward and the transaction fees taken from all the transactions that have been included in the block. Each block added to the blockchain must include one or more transactions, and the first transaction required in that block is called the coinbase transaction, which is also known as the generation transaction.Ĭoinbase transactions are always constructed by a miner and will contain a reward for efforts expended during the proof of work mining process. These blocks are then included on the blockchain to form an immutable and tamper-resistant record of all transactions that are made on the network. Transactions that are executed on networks such as Bitcoin are batched together to form a block.
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