The Blockchain Lottery: How Miners Are Rewarded

By November 23, 2014Bitcoin Entertainment

In their new book Bitcoin for the Befuddled , Drs. Conrad Barski and Chris Wilmer use non-technical language and clear, step-by-step approaches to explain the ins and outs of bitcoin. Here, they provide an overview of the "blockchain lottery" and the process of how miners are rewarded.

As an incentive for users to update the blockchain as frequently as possible, Bitcoin uses a lottery-based reward system. Many people become miners and try to be the first […]

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