When a new block is successfully added to the blockchain, miners will receive Bitcoin for the work done – this is called a block reward.

Bitcoin miners are specialized nodes that process batches or blocks of transactions already verified on the blockchain where they stay forever.

Due to Bitcoin’s protocol, these miners complete complex equations called hashes that require a lot of energy, hence the name “proof of work”.

As a result of this work, miners receive compensation in the form of block rewards for their trouble.

With Bitcoin halving every 210,000 blocks, there is a race for miners to solve hashes and accumulate Bitcoin before block rewards are halved.