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Rachel Welch

25 October 2022 176 Read Bitcoin

How Do Bitcoin Miners Get Paid?

Bitcoin miners get paid by the transaction fees of each block. A block contains 2,000 transactions, or less, depending on activity. When a block is verified, the miner receives a fee for processing the transaction. The mining process is a profitable endeavor. However, the profitability of the miner's work is likely to remain low in the long run.

In order to get paid, bitcoin miners must purchase resources, such as electricity and labor. Those costs must be offset by the bitcoins they produce. The miner then trades these bitcoins with suppliers of these resources. The amount of resources the miner receives will depend on the price of Bitcoin.