The block reward is what a miner earns for a block: the subsidy (new bitcoin) plus all transaction fees. See today's reward and how it is changing.
Two parts
block reward = subsidy + total fees- The subsidy is new bitcoin, set by the halving schedule.
- Fees are the leftovers from every transaction in the block. See How Bitcoin transaction fees work.
Subsidy over time
Rules nodes enforce
- The The coinbase transaction may claim at most subsidy + fees. Claiming more makes the whole block invalid.
- Claiming less is allowed, but the unclaimed amount is lost forever.
- The reward can't be spent for 100 blocks.
The future
Each halving cuts the subsidy, so fees will gradually become a larger share of miners' income. Around 2140, the subsidy reaches zero and fees are all that's left.
See a real reward
Open the latest block on MyBitcoinExplorer and its first transaction. The outputs add up to the subsidy plus the block's fees. When the mempool is busy, fees can add a noticeable amount on top of 3.125 BTC; when it is quiet, the subsidy is almost everything.
The security budget
The total reward is what pays for Bitcoin's security. A frequent long-term question is whether fees will grow enough to replace the shrinking subsidy. Nobody knows yet; it depends on future demand for block space.
Key takeaways
- Block reward = subsidy + fees.
- Nodes reject blocks claiming more than allowed.
- As subsidies shrink, fees become the main incentive.
Common questions
What is the block reward today?
The subsidy is 3.125 BTC since April 2024, plus whatever fees the block's transactions pay.
Is the block reward the same as the coinbase?
The coinbase transaction is how the reward is paid out.
How much do miners earn per block?
3.125 BTC of new bitcoin since April 2024, plus all fees in the block.
Is the block reward the same for every block?
The subsidy is the same within a halving period; the fee part changes every block.