![]() The difficulty of the mathematical problem is automatically adjusted by the network, such that it targets a goal of solving an average of 6 blocks per hour. Miners get an incentive to include transactions in their blocks because of attached transaction fees. ![]() Bitcoin transactions are broadcast to the network by the sender, and all peers trying to solve blocks collect the transaction records and add them to the block they are working to solve. The number of Bitcoins generated per block starts at 50 and is halved every 210,000 blocks (about four years). This record is known as a generation transaction, or a coinbase transaction, and is always the first transaction appearing in every block. Because there is a reward of brand new bitcoins for solving each block, every block also contains a record of which Bitcoin addresses or scripts are entitled to receive the reward. ![]() There are multiple valid solutions for any given block – only one of the solutions needs to be found for the block to be solved. The mathematical problem in each block is extremely difficult to solve, but once a valid solution is found, it is very easy for the rest of the network to confirm that the solution is correct. New blocks cannot be submitted to the network without the correct answer – the process of “mining” is essentially the process of competing to be the next to find the answer that “solves” the current block. It also contains an answer to a difficult-to-solve mathematical puzzle – the answer to which is unique to each block. Each block contains a record of some or all recent transactions and a reference to the block that came immediately before it. Each block memorializes what took place in the minutes before it was created. New blocks are added to the end of the record (known as the blockchain), and can never be changed or removed once written (although some software will remove them if they are orphaned). A block is a record of some or all of the most recent Bitcoin transactions that have not yet been recorded in any prior blocks. Block (on the Bitcoin Blockchain) Data is permanently recorded on the Bitcoin network through files called blocks.
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