How are new bitcoins registered in the blockchain?

Bitcoin Questions and AnswersCategory: General questionsHow are new bitcoins registered in the blockchain?
Oscar Schult asked 1 month ago

Last updated on January 29th, 2018 at 02:25 pm

When a miner receives 12.5 “Virgin” bitcoins for solving a new block… what kind of transaction is registered?   I understand transactions are registered in a “From” –> “To” fashion. Which is the From address when new bitcoins are awarded?

2 Answers
Steven Hay answered 4 weeks ago

Hey Oscar,
 
Good question! There’s no “from” address for mining rewards, that’s right. This special transaction type is known as a coinbase transaction – no relation to the exchange which stole this term for its name.
 
How it works is, the miner creates this special payment to their own address as the first transaction in each block they work on. If they mine the block, then they get the transaction, plus all the fees from the other, normal transactions they include in the block.
 
As only one coinbase transaction is valid per block, the miner can’t cheat and include more coinbase transactions. They also can’t cheat by including more fees than really exist in the other transactions or by claiming a mining reward in excess of the current block reward (12.5 BTC now). All these types of fraud would be detected by other nodes in the Bitcoin network. The miner’s false block would be rejected and all their mining work would be wasted. This ensures miners act honestly and only claim the rewards due to them.

Laxy Jon answered 4 weeks ago

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