What is Bitcoin Block Reward?
The Bitcoin Block Reward is a special rule for the Bitcoin cryptocurrency. Bitcoin's developer, Satoshi Nakamoto, devised the Bitcoin reward as a way to control the cycle. The bitcoin reward determines how much miners get for mining bitcoin.
Miners receive bitcoin rewards by successfully winning a bitcoin block in the blockchain system. The miner claims the reward by adding it to the beginning of the block. At the time the bitcoin was launched, the bitcoin block reward was worth 50 bitcoin. Due to a reward halving principle (where the reward is halved every 210,000 blocks) the value has since declined and will eventually reach zero.
Block rewards are the only way that new bitcoins can be created and are therefore important to keep the bitcoin economy going.