cryptocurrency that a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-miner/">miner receives for successfully finding and validating a block that contains <strong>transaction data</strong>, thus adding it to the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain.

/n

When <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin (BTC)</strong></a>, the first cryptocurrency in the world, was launched in 2009, the mining rewards were 50 BTC per block. Bitcoin rewards are programmed to be <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-halving/">halved every 210,000 blocks, or every four years. Currently, a Bitcoin miner receives 6.25 BTC per block. The next halving is expected to occur in 2024.</p>\n<p>While the Bitcoin mining reward has been decreased, the value of the cryptocurrency itself has increased exponentially since its launch. Therefore, miners that receive less cryptocurrency in 2022 are actually earning significantly more than they did in 2012.</p>\n<p>The overall supply of Bitcoin is limited. As it progressively dwindles, the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-transaction-fee/">transaction fees</strong></a> are expected to become another source of income for crypto miners as the fees are included in the mining rewards. The rewards incentivize the miners to maintain network security.</p>\n<p>Roughly 90% of the Bitcoin has been mined and is already in circulation. It is expected that the <strong>max cap</strong> of Bitcoin will be reached around 2140.</p>\n<p>One Bitcoin block can contain 1 MB of transaction data. Transaction information such as the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-address/">wallet addresses</strong></a> involved, the amount of cryptocurrency transferred, and the date the transfer occurred is stored in a block which is then added to the chain.</p>\n<p>Miners that find new blocks containing information on unconfirmed transactions and solve the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptographic-hash-function/">cryptographic hash</strong></strong></a> receive a block reward. The reward system may vary between different cryptocurrencies. In many cases, the winning miner that claims the block reward is the first one to add a transaction to a new block.</p>\n<p>The <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">Proof-of-Work (PoW)</strong></a> <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-consensus-mechanism/">consensus mechanism</strong></a> employed by Bitcoin and other cryptocurrencies requires intensive power resources and is not efficient in the long run. Some new cryptocurrencies are developed using alternative consensus algorithms, such as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-stake-pos/">Proof-of-Stake (PoS)</strong></a>, to receive block rewards.</p>\n<p>The PoS consensus algorithm allows block <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-validator/">validators to pool the money together and lock a certain amount of cryptocurrency in the blockchain network. The total value of the investment is used to determine the mining power.</p>\n<p>In some cases, validators may be chosen at random to receive rewards. They are typically rewarded for their efforts in transaction fees.</p>","level":"medium","meta_title":"What is Mining Reward? 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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":522,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Minting?","slug":"what-is-minting","section":"M","keyword":"Minting","status":"published","definition":"the process of creating new cryptocurrency coins via the Proof-of-Stake (PoS) consensus algorithm.","content":"<p><strong>Minting is the decentralized method of generating new cryptocurrency coins or tokens</strong> without the interference of a central authority such as the bank. Users can mint a range of tokens, including <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-stablecoin/">stablecoins and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-non-fungible-token-nft/">non-fungible tokens</strong></a>.</p>\n<p>New cryptocurrency coins are generated using consensus algorithms. The two main consensus algorithms used to create new cryptocurrency coins are <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">Proof-of-Work (PoW)</strong></a>, which requires users to <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mining/">mine the coins, and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-stake-pos/">Proof-of-Stake (PoS)</strong></a>, which involves <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-staking/">staking assets.</p>\n<p>Both consensus algorithms exist with the purpose of creating new crypto coins. For clarity&rsquo;s sake, it is more common to use the term &ldquo;minting&rdquo; when referring to staking and &ldquo;mining&rdquo; when talking about the PoW consensus mechanism. However, both minting and mining are methods of creating new <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-block/">blocks and adding them to the blockchain.</p>\n<h2>Proof-of-Work</h2>\n<p>The Proof-of-Work (PoW) consensus mechanism is used to mine cryptocurrency. The process of mining involves <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">network nodes</strong></a> finding, storing, and validating crypto transaction data on the public <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-distributed-ledger/">distributed ledger</strong></a> known as the blockchain.</p>\n<p><a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin (BTC)</strong></a>, the biggest cryptocurrency in the world, is mined using the Proof-of-Work consensus mechanism.</p>\n<p><strong>Miners use special equipment</strong>, including high-powered processors to solve <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hash/">hashes &ndash; mathematical problems that unlock new blocks. For each solved block, miners are rewarded in cryptocurrency and add new coins to circulation.</p>\n<h2>Proof-of-Stake</h2>\n<p>The Proof-of-Stake consensus algorithm involves staking. <strong>Users put a certain amount of their funds to stake the pre-existing cryptocurrency</strong>. These assets are known as their stake.</p>\n<p>Stakeholders can be randomly chosen to verify the blockchain transactions and receive rewards in transaction fees. The more coins stakeholders put forward, the more likely they are to be chosen as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-validator/">validators.

/n

Any coins that have been put forward as a stake are not spendable</strong>. If a stakeholder breaks the rules of the blockchain or deliberately records inaccurate transaction data to receive rewards, they may lose their wager. Stakeholders follow a high-risk-high-reward strategy by staking large amounts of coins to increase their odds of making a profit.</p>\n<p>Although minting can refer to different processes of creating coins or tokens, it is most commonly used to refer to new cryptocurrency created via the Proof-of-Stake mechanism.</p>\n<h2>Non-Fungible Tokens</h2>\n<p>Non-fungible tokens are <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-721/">ERC-721 standard tokens</strong></a> built on the <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum blockchain</strong></a>. The process of minting an NFT differs from minting cryptocurrency. All new NFTs are added to the Ethereum blockchain and often contain visual files, such as photos or videos, attached to them.</p>\n<p>Users who want to mint NFTs must have a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-wallet/">cryptocurrency wallet</strong></a> with Ethereum (ETH). They can then register their wallet on an NFT marketplace like <strong>OpenSea</strong> <strong>or</strong> <strong>Rarible</strong>. To create the NFT, they can upload the file they want to be attached to the token and pay for the creation using ETH. The NFT is minted when the transaction data is verified.</p>\n<p>&nbsp;</p>","level":"medium","meta_title":"What is Minting? Definition & Meaning | Crypto Wiki","meta_description":"Minting meaning: Minting - the process of creating new cryptocurrency coins via the Proof-of-Stake (PoS) consensus algorithm.","meta_keywords":null,"language":"en","created_at":"2022-03-23T07:53:57.000000Z","updated_at":"2023-05-16T11:35:07.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-minting"},"prevSection":{"id":520,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Minimum Viable Product (MVP)?","slug":"what-is-minimum-viable-product-mvp","section":"M","keyword":"Minimum Viable Product (MVP)","status":"published","definition":"a product that has enough features to interest early adopters and validate the idea in the early development stages.","content":"<p>A <strong>minimum viable product (MVP)</strong> is a product with enough features to <strong>interest early-stage adopters</strong> and validate its idea in the <strong>early stages of project development</strong>. MVPs are used in technological industries as means of receiving <strong>quick user feedback</strong> which can be used to improve the product.</p>\n<p>MVPs are based on the principles of <strong>agile development</strong>. Some companies can develop and release minimum value products as they aim to have them out in the market as fast as possible.</p>\n<p>This allows the developers to <strong>test the concept with a real customer base before they make the commitment to the full product development budget</strong>. The developers may also use the feedback that the MVP has received to compare the results with the demand of the target market.</p>\n<p>MVP strategies can be used to reduce the time and resources required to commit to the full development of a product that may not succeed.</p>\n<p>One of the key benefits of an MVP is the ability to <strong>learn about the consumers&rsquo; interests without fully developing the product</strong>. If a company knows whether the product is appealing early on, they may require fewer expenses to spend on unsuccessful products.</p>\n<p>Some developers mistakenly believe that MVP implies the barest functionality of the product. However, other data, such as the potential business viability, should be taken into account when conducting MVP research.</p>","level":"easy","meta_title":"What is Minimum Viable Product (MVP)? Definition & Meaning | Crypto Wiki","meta_description":"Minimum Viable Product (MVP) meaning: Minimum Viable Product (MVP) - a product that has enough features to interest early adopters and validate the idea in the early development stages.","meta_keywords":null,"language":"en","created_at":"2022-03-23T07:32:01.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-minimum-viable-product-mvp"},"currentChapter":"M","currentSection":"what-is-mining-reward","chapterTitle":"M","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-mining-reward","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">

Handbook Cover Page
Crypto Terms: Letter M

What is Mining Reward?

Mining Reward MEANING:
Mining Reward - the benefits received for finding and validating a new block.
Medium
2 minutes

Let's find out Mining Reward meaning, definition in crypto, what is Mining Reward, and all other detailed facts.

A mining reward, or a block reward, is the cryptocurrency that a miner receives for successfully finding and validating a block that contains transaction data, thus adding it to the blockchain.

When Bitcoin (BTC), the first cryptocurrency in the world, was launched in 2009, the mining rewards were 50 BTC per block. Bitcoin rewards are programmed to be halved every 210,000 blocks, or every four years. Currently, a Bitcoin miner receives 6.25 BTC per block. The next halving is expected to occur in 2024.

While the Bitcoin mining reward has been decreased, the value of the cryptocurrency itself has increased exponentially since its launch. Therefore, miners that receive less cryptocurrency in 2022 are actually earning significantly more than they did in 2012.

The overall supply of Bitcoin is limited. As it progressively dwindles, the transaction fees are expected to become another source of income for crypto miners as the fees are included in the mining rewards. The rewards incentivize the miners to maintain network security.

Roughly 90% of the Bitcoin has been mined and is already in circulation. It is expected that the max cap of Bitcoin will be reached around 2140.

One Bitcoin block can contain 1 MB of transaction data. Transaction information such as the wallet addresses involved, the amount of cryptocurrency transferred, and the date the transfer occurred is stored in a block which is then added to the chain.

Miners that find new blocks containing information on unconfirmed transactions and solve the cryptographic hash receive a block reward. The reward system may vary between different cryptocurrencies. In many cases, the winning miner that claims the block reward is the first one to add a transaction to a new block.

The Proof-of-Work (PoW) consensus mechanism employed by Bitcoin and other cryptocurrencies requires intensive power resources and is not efficient in the long run. Some new cryptocurrencies are developed using alternative consensus algorithms, such as Proof-of-Stake (PoS), to receive block rewards.

The PoS consensus algorithm allows block validators to pool the money together and lock a certain amount of cryptocurrency in the blockchain network. The total value of the investment is used to determine the mining power.

In some cases, validators may be chosen at random to receive rewards. They are typically rewarded for their efforts in transaction fees.
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