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AbacusTrades

Computer Networking · Machester, California
Website: www.abacustrades.net

First, it adds transactions to the block chain. How does Bitcoin mining keep the network safe, stable, and secure? Mining Bit ... coins does two things. When you mine Bitcoins, you’re compiling all recent Bitcoin transactions into blocks and trying to solve a difficult puzzle (the Bitcoin algorithm). Whichever miner solves the puzzle first gets to place the next block on the block chain and claim their rewards. Those rewards include the newly released Bitcoin as well as transaction fees from the Bitcoin transaction that just got added to the block chain. Not all Bitcoin transactions have transaction fees. The reward for mining Bitcoins has diminished over time. This is done on purpose to slow the release of Bitcoins over time. There will only be 21 million Bitcoins released over the entire course of the project. The reward for mining is cut in half every 210,000 blocks, or about every 4 years. In 2009, the block reward was 50 Bitcoins. In 2014, it was reduced to 25 Bitcoin. read more

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