If the number of Bitcoins awarded per block reduces geometrically, we would never reach 21 million, would we? The sum of that infinite Geometric series is 21 million. That is why it gets reduced by half every 4 years.
Minners gets rewared as fee for their work and fee is is paid by the sender so ultimattly there is no bitcoin generated while mining ,correct me am wrong.?
The new coin is generated with a new block. So every block mined, miners get transaction fees + newly generated coins. If you go and check ledger on blockexplorer you will see some of the transactions don't have source address because they are newly generated by the system.
Miners gets reward of 12.5 bitcoins and as well as transaction fees. Bitcoins awarded per mining will keep changing every 4 years. Currently its 12.5 bit coins per block till 2020 I think and after that it will be around 6.5 bit coins. At some point of time in future, once all 21 million bitcoins are awarded , then miners will get only transaction fees.
If the number of Bitcoins awarded per block reduces geometrically, we would never reach 21 million, would we? The sum of that infinite Geometric series is 21 million. That is why it gets reduced by half every 4 years.
Minners gets rewared as fee for their work and fee is is paid by the sender so ultimattly there is no bitcoin generated while mining ,correct me am wrong.?
The new coin is generated with a new block. So every block mined, miners get transaction fees + newly generated coins. If you go and check ledger on blockexplorer you will see some of the transactions don't have source address because they are newly generated by the system.
Miners gets reward of 12.5 bitcoins and as well as transaction fees. Bitcoins awarded per mining will keep changing every 4 years. Currently its 12.5 bit coins per block till 2020 I think and after that it will be around 6.5 bit coins. At some point of time in future, once all 21 million bitcoins are awarded , then miners will get only transaction fees.