What:
- Anyone in the world who takes a block of transactions, finds the Proof of Work, and then broadcasts that as the next block on the chain.
- As a reward, they get compensated with a “Block Reward”.
- It’s an entry in the block that says the miner gets
n Bitcoin as a reward for their work.
- Thus, with every new block, the total number of money in the economy increases with each new block.
Motivation:
- A key problem with the blockchain is that we need to have a common consensus on what the block next added to the chain is.
- Thus, we have “Block Creators” (“Miners”) who take a block, find the Proof of Work and then add that block to the chain.