Significance of a block reward in cryptocurrency

加密貨幣中區塊獎勵的意義

A block reward is a crucial component that supports the decentralized nature of cryptocurrencies and has great symbolic and functional importance. 

區塊獎勵是支持加密貨幣去中心化性質的關鍵組成部分，具有巨大的象徵意義和功能重要性。

Fundamentally, a block reward is the payment made to crypto miners for adding authorized transactions to the network. This process, known as mining, involves completing challenging mathematical puzzles, adding computing power to the network and preserving the distributed ledger’s integrity.

從根本上來說，區塊獎勵是向加密礦工向網路添加授權交易而支付的費用。這個過程被稱為挖掘，涉及完成具有挑戰性的數學難題、增加網路的運算能力並保持分散式帳本的完整性。

The importance of a block reward lies in the fact that it serves as the primary source of incentive for miners, creating a competitive atmosphere that protects the security and stability of the network as a whole. In addition to compensating miners for their computing efforts, it is essential to create new coins and efficiently manage cryptocurrency distribution and circulation. This dual role supports the overall supply and demand dynamics of the digital currency along with maintaining an incentive structure for miners.

區塊獎勵的重要性在於它作為礦工的主要激勵來源，營造了一種競爭氛圍，保護了整個網路的安全和穩定。除了補償礦工的計算工作外，創造新貨幣並有效管理加密貨幣的分配和流通也至關重要。這種雙重角色支持數位貨幣的整體供需動態，並維持礦工的激勵結構。

Furthermore, by eliminating the requirement for a central authority to control or issue currency, the block reward exemplifies the principle of decentralization. It creates an open, transparent, self-sustaining system where users are compensated for their efforts, enhancing the ecosystem’s innovative and democratic features. 

此外，透過消除中央機構控製或發行貨幣的要求，集體獎勵體現了去中心化原則。它創造了一個開放、透明、自我維持的系統，使用者的努力得到補償，增強了生態系統的創新和民主特徵。

Components of a block reward

區塊獎勵的組成部分

The mining reward and transaction fees are the two main parts of cryptocurrency block rewards, and they both serve as powerful incentives for miners.

挖礦獎勵和交易費用是加密貨幣區塊獎勵的兩個主要部分，它們都對礦工有強大的激勵作用。

The predetermined amount of newly minted coins is known as the mining reward, and it is often awarded to miners in exchange for successfully adding a new block to the blockchain. This part acts as the incentive system for miners in addition to bringing new cryptocurrency into circulation.

預定數量的新鑄造代幣被稱為挖礦獎勵，通常會獎勵給礦工，以換取成功向區塊鏈添加新區塊的礦工。除了將新的加密貨幣引入流通之外，這部分還充當礦工的激勵系統。

The second element is transaction fees, which are amounts users must pay to have their transactions included in a block. By encouraging miners to prioritize transactions with greater fees, this feature maximizes the blockchain’s efficiency. 

第二個要素是交易費用，這是用戶必須支付的金額才能將其交易包含在區塊中。透過鼓勵礦工優先處理費用更高的交易，此功能最大限度地提高了區塊鏈的效率。

The combination of mining rewards and transaction fees creates a robust incentive structure for miners, promoting network security, decentralization and transaction validation. Together, these elements provide the economic framework that keeps cryptocurrencies decentralized and in line with miners’ incentives for the general well-being and operation of the blockchain.

挖礦獎勵和交易費用的結合為礦工創造了強大的激勵結構，促進網路安全、去中心化和交易驗證。這些要素共同提供了經濟框架，使加密貨幣保持去中心化，並符合礦工對區塊鏈整體福祉和營運的誘因。

How block rewards are calculated

區塊獎勵如何計算

Cryptocurrency block rewards are determined by complex dynamics in which fixed and variable components are important.

加密貨幣區塊獎勵是由複雜的動態決定的，其中固定和可變成分很重要。

Some cryptocurrencies have fixed block rewards, where a set number of coins is issued for each block that is mined successfully. On the other hand, others employ variable rewards, which are frequently dependent on variables like network participation or computing difficulty. For example, the mining incentive for Bitcoin (BTC) is halved approximately every four years. This intentional scarcity, which is reminiscent of digital gold, functions to regulate the total supply. Similar to digital gold, this deliberate scarcity controls the total supply.

一些加密貨幣具有固定的區塊獎勵，即為成功開採的每個區塊發行一定數量的硬幣。另一方面，其他人則採用可變獎勵，這通常取決於網路參與或計算難度等變數。例如，比特幣（BTC）的挖礦激勵大約每四年減半。這種故意的稀缺性讓人聯想到數位黃金，其作用是調節總供應量。與數位黃金類似，這種故意的稀缺控制了總供應量。

Halving events have a significant impact on the crypto landscape because they can influence market dynamics and miner incentives. For instance, miners are forced to rely on transaction fees as the reward decreases, highlighting the growing importance of this variable component. Furthermore, mining incentives and difficulty have a mutually beneficial relationship. This is due to an algorithmic adjustment mechanism that keeps block creation times constant. 

減半事件對加密貨幣格局產生重大影響，因為它們可以影響市場動態和礦工激勵。例如，隨著獎勵的減少，礦工被迫依賴交易費，這凸顯了這個可變因素的重要性日益增加。此外，挖礦激勵和難度之間存在著互惠互利的關係。這是由於演算法調整機制使區塊創建時間保持恆定。

The degree of difficulty varies dynamically with the amount of processing power (hash rate) used in the mining process. Maintaining the intended block generation time becomes increasingly challenging as more miners join the network and the hash rate rises. On the other hand, the difficulty will reduce as the hash rate drops.

難度隨著挖礦過程中所使用的處理能力（哈希率）的變化而動態變化。隨著越來越多的礦工加入網路並且哈希率上升，維持預期的區塊生成時間變得越來越具有挑戰性。另一方面，隨著算力下降，難度也會降低。

Rewards frequently adjust to balance the work necessary for a successful block validation as mining difficulty rises. This complex interaction between fixed and variable elements, halving occasions, and mining difficulty exemplifies the rigorous calculus behind determining block rewards in the ever-evolving world of cryptocurrencies.

隨著挖礦難度的上升，獎勵會經常調整，以平衡成功區塊驗證所需的工作。固定和可變元素、減半事件和挖礦難度之間的複雜相互作用體現了在不斷發展的加密貨幣世界中確定區塊獎勵背後的嚴格計算。

Bitcoin’s block reward mechanism

比特幣的區塊獎勵機制

Bitcoin’s block reward systems have been pivotal in the development of the cryptocurrency landscape.

比特幣的區塊獎勵系統在加密貨幣領域的發展中發揮了關鍵作用。

At its inception, miners received 50 BTC for successfully adding a new block to the blockchain under the fixed block reward mechanism. However, approximately every four years, Bitcoin experiences halving events that cut the reward in half to preserve scarcity and replicate the scarcity of precious commodities like gold. With just 21 million BTC in circulation, this deflationary strategy aims to improve the cryptocurrency’s store-of-value properties.

成立之初，礦工在固定區塊獎勵機制下成功為區塊鏈添加新區塊即可獲得 50 BTC。然而，大約每四年，比特幣就會經歷減半事件，將獎勵減少一半，以保持稀缺性並複製黃金等貴重商品的稀缺性。由於流通中的比特幣僅有 2,100 萬枚，這種通貨緊縮策略旨在改善加密貨幣的價值儲存特性。

Other cryptocurrencies often draw inspiration from Bitcoin but showcase diverse reward structures. For instance, cryptocurrencies like Dogecoin (DOGE) and Litecoin (LTC) closely resemble Bitcoin’s halving method and adjust their block rewards on a regular basis.

其他加密貨幣通常從比特幣中汲取靈感，但展示了不同的獎勵結構。例如，狗狗幣（DOGE）和萊特幣（LTC）等加密貨幣與比特幣的減半方法非常相似，並定期調整其區塊獎勵。

On the contrary, the entire supply of Ripple’s XRP (XRP) was premined, negating the need for traditional mining and block rewards. Using a proof-of-stake (PoS) consensus process, the Ethereum blockchain selects validators to build new blocks according to the quantity of Ether (ETH) they possess and are prepared to stake as collateral.

相反，Ripple 的 XRP (XRP) 的全部供應都是預先開采的，消除了對傳統採礦和區塊獎勵的需求。使用權益證明（PoS）共識流程，以太坊區塊鏈根據驗證者擁有的以太幣（ETH）數量選擇驗證者來建立新區塊，並準備作為抵押品進行質押。

Technological advancements and their influence on block rewards

技術進步及其對區塊獎勵的影響

Innovations in technology can increase mining productivity, potentially reducing transaction fees as a share of total miner income.

技術創新可以提高挖礦生產率，有可能降低交易費用佔礦工總收入的比例。

The computing power devoted to blockchain validation is directly impacted by the effectiveness and capabilities of mining devices. Therefore, technological developments in mining hardware and software have the potential to greatly boost mining productivity, enabling miners to process more transactions while using less energy.

用於區塊鏈驗證的運算能力直接受到挖礦設備的有效性和功能的影響。因此，採礦硬體和軟體的技術發展有可能大大提高採礦生產率，使礦工能夠在使用更少的能源的同時處理更多的交易。

Increased competition among miners due to efficient mining may result in a drop in transaction fees as a share of total miner income. It may, however, also raise the network’s difficulty and hash rate, which would make it more challenging for individual miners to compete.

由於高效挖礦，礦工之間的競爭加劇可能會導致交易費用佔礦工總收入的比例下降。然而，它也可能提高網路的難度和哈希率，這將使個體礦工的競爭更具挑戰性。

By influencing transaction fees, technological advancements in blockchain scalability solutions like layer-2 protocols (such as Bitcoin’s Lightning Network) or alternative consensus methods can indirectly affect block rewards. Reduced competition for block space and cheaper transaction fees could result from these solutions if they can boost the network’s transaction throughput. This, in turn, may impact the miners’ total earnings.

透過影響交易費用，區塊鏈可擴展性解決方案（例如第 2 層協議（例如比特幣的閃電網路）或替代共識方法）的技術進步可以間接影響區塊獎勵。如果這些解決方案能夠提高網路的交易吞吐量，那麼它們可能會減少對區塊空間的競爭並降低交易費用。反過來，這可能會影響礦工的總收入。