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Fees work on a first-price auction system, where the higher the fee attached to the transaction, the more likely a miner will process that transaction first. This method of requiring miners to click here machines and spend time and energy trying to luis r conriquez crypto something is known as a proof-of-work system and is designed to deter malicious agents from spamming luis r conriquez crypto disrupting the network.
They also earn any transaction fees attached to the transactions they add to the new block. A new block is discovered roughly once every 10 minutes. Bitcoin block rewards decrease over time. Everyblocks, or about once every four years, the number of bitcoin received from each block reward is halved to gradually reduce the number of bitcoin entering the space over time.
As ofminers receive 6.