BTC mining rewards are reaching new highs. Rewards of Bitcoin miners represent a substantial chunk of emoluments in the blockchain proof-of-work arena. Last year Bitcoin miners were rewarded with fifteen million dollars ($15M) under incentives program for mining blocks and network security.
BTC mining rewards are crucial to sustaining the mining ecosystem. The total mining rewards paid collectively for various cryptocurrencies have just touched eighteen million dollars ($18M). This figure covers many coins, including Bitcoin, Bitcoin Cash, ZCash, Ethereum, and many more.
BTC mining rewards reflect Bitcoin’s dominant status
Bitcoin miners form a significant portion of total mining rewards. BTC mining rewards currently constitute eighty percent (80%) out of the total rewards figure that was paid to the PoW blockchains. In the past two years, the salary of bitcoin miners has jumped two hundred fifty percent (250%). Compared to this, Ether miner salaries have plummeted significantly.
Miners solve complex cryptographic puzzles and find blocks on a consensus algorithm called ‘Proof-of-Work.’ Unlike proof-of-stake, PoW is far more prevalent and reliable in the blockchain realm. The latest BTC mining rewards statistics show how the BTC is still the dominant cryptocurrency. It has the best PoW with the most wide-spread network and an excellent track record. The BTC hash rate has also improved significantly and currently stands around one hundred exahashes. Ether, the second-largest cryptocurrency, isn’t even close in terms of mining statistics.
BTC mining rewards are due for an overhaul
BTC mining rewards and salaries are poised to grow even further since many other cryptocurrencies are shifting away from PoW to proof-of-stake. The upcoming rewards halving will affect BTC mining rewards negatively. The per-block reward will be lowered to 6.25 BTC from the current 12.5BTC. Also, increasing mining costs post the halving event will also weed out the small miners. Demand-supply changes will also see an overhaul post the halving and affect the BTC mining rewards.
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