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Once a valid block has been generated, it is broadcast to the network and quickly verified by the other nodes in the network. The difficulty of finding a winning number is adjusted every 2016 blocks so blocks are generated on average, every 10 minutes. Creating New Bitcoins When a miner finds a new block, it includes a new address to which new bitcoins and any transaction fees are to be awarded. This reward is the monetary incentive for people like you and me to run miners. If the conditions are right, you can put mining hardware to work, paying for your time and electricity and make a profit by selling the resulting bitcoins that you were awarded. As this guide is being written, 50 bitcoins are awarded to the miner who finds each block. This will continue until block 210,000 is found at which time the block reward will halve to 25 bitcoins. The reward will then halve again every 210,000 blocks thereafter. This means the number of Bitcoins ever created will top out at around 21 million (estimated to occur in near 2040). Where do these bitcoins come from? They are literally created by the network as part of the Bitcoin protocol. This is the same process that created any bitcoins you will ever own or use. 12 Introduction to Bitcoin MiningPDF Image | Introduction to Bitcoin Mining 2012
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