Definition
The block reward is the primary incentive for miners to secure the Bitcoin network. It consists of the block subsidy (newly created Bitcoin) plus all transaction fees from the transactions included in that block.
The block subsidy started at 50 BTC when Bitcoin launched in 2009 and halves approximately every four years (every 210,000 blocks). The current subsidy is 3.125 BTC after the April 2024 halving. Transaction fees make up an increasingly important portion of miner revenue as the subsidy decreases over time.
In Simple Terms
The Bitcoin earned by mining a block. Currently 3.125 BTC, it halves roughly every four years.
The amount of new Bitcoin awarded to the miner who successfully mines a block. Currently 3.125 BTC per block after the April 2024 halving.