Mining a cryptocurrency is a vital component of how the coin works. Every transaction between two parties is broadcast to the network of nodes running around the world and added to a block with hundreds of other transactions. Anyone can use the VersaCoin™ core program to mine or join a public pool.
Each of these miners are competing against all the others to validate the transactions in the the current block. It is using advanced cryptography algorithms to solve a mathematical problem (hash). Approximately every two minutes, a miner will “find” that block and as a reward for their “work” They receive brand new VersaCoin and all the fees that were associated with all the transactions in the block they found. But how many new coins does the finder get?
The answer depends on the project’s coin rules. You see, VersaCoin has a pre-determined fixed supply that is almost impossible to modify. Without getting too technical, the majority of all users in the world would need to agree to a change, so the likelihood of that occurring is not going to happen.
At the present time, each block found mints four (4) brand new coins. This reward payout will continue until block 2,102,410 is found, at which point it will be reduced by one (1). The new payout of three (3) will continue for approximately eight years, until block 4,204,810 is found. Again, the reward will be reduced by one (1) after block 6,307,210. The remaining 2,102,400 blocks will mint one new VersaCoin. By the time block 8,409,610 is found, it will be November of 2051 and from that point forward, miners will be compensated strictly by the transaction fees.
VersaCoin™ Reward Chart
|Approximate Year of Reward Reduction||Last Block Containing Current Reward Quantity||Reward of Minted Coins Per Block|