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"vin" : [ { "coinbase" : "03443b0403858402062f503253482f", "sequence" : 4294967295 } ], "vout" : [ { "value" : 25.09094928, "n":0, "scriptPubKey" : { "asm" : "02aa970c592640d19de03ff6f329d6fd2eecb023263b9ba5d1b81c29b523da8b21\ OP_CHECKSIG", "hex" : "2102aa970c592640d19de03ff6f329d6fd2eecb023263b9ba5d1b81c29b523da8b21ac", "reqSigs" : 1, "type" : "pubkey", "addresses" : [ "1MxTkeEP2PmHSMze5tUZ1hAV3YTKu2Gh1N" ] } } ], "blockhash" : "0000000000000001b6b9a13b095e96db41c4a928b97ef2d944a9b31b2cc7bdc4", "confirmations" : 35566, "time" : 1388185914, "blocktime" : 1388185914 } Unlike regular transactions, the generation transaction does not consume (spend) UT‐ XO as inputs. Instead, it has only one input, called the coinbase, which creates bitcoin from nothing. The generation transaction has one output, payable to the miner’s own bitcoin address. The output of the generation transaction sends the value of 25.09094928 bitcoins to the miner’s bitcoin address, in this case 1MxTkeEP2PmHSMze5tUZ1hAV3YT Ku2Gh1N. Coinbase Reward and Fees To construct the generation transaction, Jing’s node first calculates the total amount of transaction fees by adding all the inputs and outputs of the 418 transactions that were added to the block. The fees are calculated as: Total Fees = Sum(Inputs) - Sum(Outputs) In block 277,316 the total transaction fees are 0.09094928 bitcoin. Next, Jing’s node calculates the correct reward for the new block. The reward is calcu‐ lated based on the block height, starting at 50 bitcoin per block and reduced by half every 210,000 blocks. Since this block is at height 277,316, the correct reward is 25 bitcoin. Aggregating Transactions into Blocks | 187PDF Image | Mastering Bitcoin
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