1 1 payout means a 1 1 stake per block, and is defined as the number of bitcoin which must be mined for a 1 1 payout (see below).
This is why block rewards were designed to be 1 per block (not 1 each block – this is to keep rewards as low as possible and to not discourage miners from making large and successful blocks – see this post for explanation why).
Why is 1 1 payout required?
The main reason is to limit inflation, which will be very difficult to achieve if there are more blocks, as 1 bitcoin in circulation is not enough to cover inflation. In addition, in order to have enough money to cover inflation, miners would have to spend the very same amount of electricity that a bitcoin miner consumes in a normal computing job.
How much electricity does a miner need to generate a block to cover all its energy costs?
At the moment, a miner needs a maximum of 500 watts when working on a block – to get a larger number of bitcoin in circulation for example, a miner would need to double the energy output of the Bitcoin network per block.
Therefore, a miner needs a maximum of 1.2 million watts per year to generate a bitcoin block for the whole network, which is 2.4x the energy used when you do a 1 1 payout. This is also the current Bitcoin consensus average: 1.16 million Watts per bitcoin block.
There are several ways how to produce a 1 1 payout, these include:
You use the current consensus rules to generate a 1 1 or the 1 1+ payout.
You mine in such a way that you do not increase the bitcoin block reward, and have no block reward for 12 hours.
You generate a block that can be mined in any manner, even by generating a new bitcoin transaction – this can be in any way; so many ways that they are not even possible to list them here!
You generate a block that is not mined, and then claim a stake.
You mine a block using a miner pool, and get a stake.
You get an additional stake if there is a 2 1 payout in the interval you generate the block, or to add another stake if it is a 3 1 block, etc…
1.2 millionwatts x 4 (1 for a normal block and 1 for a 2 1 payout) = 9.1 millionsh/day= 4.5%/year= 27.8 mill
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