Block rewards

Why miners follow the rules, how new coins are issued, and what happens when they stop.

Nakamoto’s incentive: block rewards and fees (2008)

Nakamoto's incentive: block rewards and fees (2008)

Fixed supply and the halving schedule (2009)

Fixed supply and the halving schedule (2009)

The instability of Bitcoin without the block reward (Carlsten et al. 2016)

The instability of Bitcoin without the block reward (Carlsten et al. 2016)

Mining games: when honest mining is an equilibrium (Kiayias et al. 2016)

Mining games: when honest mining is an equilibrium (Kiayias et al. 2016)