I am pretty new to bitcoin.Suppose I mined it with a mining software. Now what do i do to earn a reward? How do i see the transactions? How do know what the block is? Most importantly, where do i submit the hash? Please help me. I am very grateful.
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No. I have understood what bitcoin mining is. I want to know what to do once i get the hash. – Shreyas Fegade Sep 21 '20 at 14:04
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Transmit the new block to your peers (a small number of other nodes you are in contact with). Wait 100 blocks, Optional - spend the money in the coinbase transaction. – RedGrittyBrick Sep 21 '20 at 14:24
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As a miner you first pick a set of transactions that you want to include in a block. Then you calculate the block header fields, add some randomness, and check whether that block candidate passes the difficulty requirement. If it does not, you create a new block candidate and try again.
When a block candidate fulfills the difficulty requirement, you have found a valid block. Your node then announces the block to its peers.
As the transaction set is picked as an input to the mining process, the block's content is already known. The block reward is paid out by the miner to themselves: the first transaction in the block, called the coinbase-transaction, pays the transaction fees and block subsidy to the miner. Each miner includes their own address in their block candidate's coinbase transaction, so whoever finds a valid block gets paid. Outputs of coinbase transactions can only be spent 100 blocks later, so only blocks that become part of the best-chain get paid.
Murch
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