Sorry if this question is too basic or if it has somehow been answered before…

My understanding is that any type of Bitcoin block must be first mined, which applies to transaction confirmations, for instance.

However, if each and every block must be obtained from a mining effort, then for each and every block there is a reward (currently) of 6.25 bitcoins.

So for a given transaction, it requires a number of confirmations. If that transaction related to the transfer of 1 bitcoin from one person to another, it would require additional 6 confirmation blocks. Each of those confirmation blocks would have to be first mined. The miners would be granted 6.25 bitcoins for each of the transaction confirmation blocks.

In other words, there would be an exponential growth of bitcoins just for the sake of creating transaction blocks. And those bitcoins would in turn require more blocks so they could be traded/confirmed, which would result in yet more bitcoins granted to the miners.

Can someone please help clarify? Am I missing something rather obvious?

Thanks,

Julius

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By pplny

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