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The calculation can be seen in function GetBlockValue in the Bitcoin Core client: Example 8-5. Calculating the block reward - Function GetBlockValue, Bitcoin Core Client, main.cpp, line 1305 int64_t GetBlockValue(int nHeight, int64_t nFees) { int64_t nSubsidy = 50 * COIN; int halvings = nHeight / Params().SubsidyHalvingInterval(); // Force block reward to zero when right shift is undefined. if (halvings >= 64) return nFees; // Subsidy is cut in half every 210,000 blocks which will occur approximately every 4 years. nSubsidy >>= halvings; return nSubsidy + nFees; } The initial subsidy is calculated in satoshis by multiplying 50 with the COIN constant (100,000,000 satoshis). This sets the initial reward (nSubsidy) at 5 billion satoshis. Next, the function calculates the number of halvings that have occurred by dividing the current block height by the halving interval (SubsidyHalvingInterval). In the case of block 277,316, with a halving interval every 210,000 blocks, the result is 1 halving. The maximum number of halvings allowed is 64, so the code imposes a zero reward (return only the fees) if the 64 halvings is exceeded. Next, the function uses the binary-right-shift operator to divide the reward (nSubsi dy) by 2 for each round of halving. In the case of block 277,316 this would binary-right- shift the reward of 5 billion satoshis once (one halving) and result in 2.5 billion satoshis, or 25 bitcoin. The binary-right-shift operator is used because it is more efficient for division by 2 than integer or floating point division. Finally, the coinbase reward (nSubsidy) is added to the transaction fees (nFees), and the sum is returned. Structure of the Generation Transaction With these calculations, Jing’s node then constructs the generation transaction to pay himself 25.09094928 bitcoin. The generation transaction is the first transaction in the block, so we can see it in more detail using the Bitcoin Core command-line interface: As you can see in Example 8-4, the generation transaction has a special format. Instead of a transaction input specifying a previous UTXO to spend, it has a “coinbase” input. We examined transaction inputs in Table 5-3. Let’s compare a regular transaction input with a generation transaction input. A regular transaction looks like this: 188 | Chapter 8: Mining and ConsensusPDF Image | Mastering Bitcoin
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