{"id":8990,"date":"2022-09-30T18:29:41","date_gmt":"2022-09-30T18:29:41","guid":{"rendered":"https:\/\/mdr.foobrdigital.com\/?p=8990"},"modified":"2022-09-30T18:29:41","modified_gmt":"2022-09-30T18:29:41","slug":"miners-transaction-confirmation","status":"publish","type":"post","link":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/2022\/09\/30\/miners-transaction-confirmation\/","title":{"rendered":"Miners &amp; transaction confirmation"},"content":{"rendered":"\n<p>As the Bitcoin blockchain has a fixed block size of 1MB, it can only accommodate an average of seven transactions per second, so unconfirmed transactions sit in something called a Mempool, waiting for Miners to take over.<\/p>\n\n\n\n<p>Miners\u2019 function is to watch the Mempool, waiting for these unconfirmed transactions, then package them into a candidate block;&nbsp; every ten minutes, one of the candidate blocks is chosen to be added to the existing blockchain confirming (settling) all the transactions within it.<\/p>\n\n\n\n<p>Miners are paid for this settlement function with new bitcoin for every confirmed block. The first block &#8211; aka Genesis block &#8211; was mined on January, 3rd 2009, with a reward of 50BTC.&nbsp;<\/p>\n\n\n\n<p>Ever since, a new block has been added to the network at approximately 10 minute intervals, and every 210,000 blocks the reward miners receive halves. This roughly equates to a four year halving cycle and means the supply cap of 21 million bitcoin will be reached around 2140.<\/p>\n\n\n\n<p>At Bitcoin\u2019s 2021 ATH price of $64,805 the reward rate of 6.25BTC amounts to over $420k paid per block, every ten minutes.<\/p>\n\n\n\n<p>The BTC that is awarded to the miner who confirms each new block is also known as the \u201ccoinbase reward\u201d \u2013 a term which was later claimed by the cryptocurrency exchange of the same name.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the Bitcoin blockchain has a fixed block size of 1MB, it can only accommodate an average of seven transactions per second, so unconfirmed transactions sit in something called a Mempool, waiting for Miners to take over. Miners\u2019 function is to watch the Mempool, waiting for these unconfirmed transactions, then package them into a candidate [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[442],"tags":[],"_links":{"self":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/8990"}],"collection":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/comments?post=8990"}],"version-history":[{"count":0,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/8990\/revisions"}],"wp:attachment":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/media?parent=8990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/categories?post=8990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/tags?post=8990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}