In the Bitcoin network, miners play a crucial role in securing the blockchain by verifying transactions and adding them to the public ledger. To incentivize miners to participate in the network and invest their resources, such as electricity and hardware, the protocol rewards them with newly minted bitcoins. This reward is known as the block reward.

The block reward is given to the miner who successfully solves a complex mathematical problem and creates a new block. The current block reward is 6.25 bitcoins and is halved every 210,000 blocks, which is approximately every four years. This means that over time, the amount of new bitcoins entering circulation decreases, leading to a finite supply of 21 million bitcoins.

The block reward is a crucial aspect of Bitcoin mining as it not only incentivizes miners to participate in the network but also helps regulate the rate at which new bitcoins are introduced into circulation.

A block reward in Bitcoin mining refers to the amount of Bitcoin awarded to miners for successfully validating and adding a new block of transactions to the blockchain. Miners compete to solve complex mathematical puzzles using computational power, and the first to solve it earns the block reward. This reward consists of two parts: newly minted Bitcoins and transaction fees from the transactions included in that block.

Initially, the block reward was 50 Bitcoins, but it halves approximately every four years in an event called the "halving." As of 2024, the reward stands at 6.25 Bitcoins per block. This gradual reduction ensures that the total supply of Bitcoin is capped at 21 million, contributing to its scarcity and long-term value.