Notes

Concepts
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The blockchain is the master ledger for the entire network of Bitcoin nodes. Transactions which are added to the blockchain are broadcast to other nodes which then add them to their own local copy of the blockchain. Each node verifies the blockchain to create an identical local ledger of all transactions that have occurred in the network since the genesis block was created.

Blocks are chained together forming a chain of blocks which is used to verify all prior blocks and contain information about recent transactions. By design, the only way to extend the blockchain is by adding new blocks. When blocks are produced they must be accepted by all nodes in the network before they can be added to the blockchain. This acceptance is confirmed through a process called proof-of-work.

Block size, block time and history

Every time the number of unspent transaction outputs - outputs of previous transactions that are unspent - increases, the block reward is also increased. The block reward halves every 210,000 blocks (~every four years). The block reward halving is adjusted so that the block reward keeps up with the rate of growth of the network's processing power. During the first 210,000 blocks, miners were rewarded with 25 bitcoins per block (the genesis block), which have since increased to 12.5 bitcoins.

The time interval between blocks is approximately 10 minutes. The first block, called the Genesis Block, was introduced in 2009.

Block reward

The block reward is the amount of new coins created by the mining of the block. This reward is halved approximately every 210,000 blocks, and decreases for each subsequent block that is mined.

Block size

The size of each block's header specifies the block's block size. The block size specifies how many transactions can be included in a block. This allows the number of unspent transaction outputs (UTXOs) to be scaled to a maximum number that can fit into a block, thus allowing for more variable transactions.

As blocks are created, the available space in a block decreases as older blocks must be hashed to create the block's new header. As a result, a block is full and must be extended. The process of extending a block is called a block reorganization.

Blocks are typically extended with one or more empty slots or suffix blocks. Each empty slot must be filled with a block header, and the block header for the last block of an extended block must specify the empty slot number.

History
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