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1. Miner has to listen for the transactions that are broadcast on the network. They must verify those transactions by checking the correctness of the signatures and also the outputs have been spent before or not. This is done to mitigate double spend problem. 2. Before joining the network, miners must have all the previous blocks that are the part of the blockchain. They listen for the new blocks that are broadcast on the network. Then they must validate each block that is received by validating each transaction in the block. They also have to check whether the clock has valid nonce or not. 3. Once the miners have the latest copy of the blockchain, they can begin building their own blocks. To do this, the miner group transactions that are heard into a new block which extends the most recent block. 4. Now miners have to find a nonce that makes the block valid. This is one of the crucial steps during mining which requires much work. 5. Assume that the block is accepted after finding a nonce. There is no guarantee that the block will be part of the consensus chain even if the block is accepted. If the other miners accept the same block and start mining on top of it, then the block will be a part of the consensus chain [20]. 6. If all the miners accepted the block and added to the part of the consensus chain, then the miner who worked on finding the nonce for that particular block will get rewarded. The block reward as of now is 12.5 Bitcoins. In addition to that, if any of the transactions in the block contained transaction fees, the miner collects those transaction fees too. Mining Reward The reward for Bitcoin mining is decreasing with the number of Bitcoins mined. The total number of Bitcoin that can be mined is limited to 21 Million. The reward decreases by half after every successful 210,000 blocks mined. The time period of mining 210,000 blocks is around four years. In the present date, the reward is 12.5 Bitcoins. Initially, the reward for mining the Bitcoin was 50 Bitcoin. Apart from the reward that miners get from mining, they also receive an amount called as the transaction fee for every successful addition of transaction in the blockchain [4]. Generally, the transaction fee is 1% of the block reward. From 27PDF Image | Analysis of Bitcoin Cryptocurrency and Its Mining Techniques
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