Why am I unable to spend funds from a newly mined block?
If you are receiving mining payouts and tried to exchange or send them, you may have stumbled across this error message:
Don't worry! This article will explain what is going on and what to do.
In this Article:
What is happening?
The first transaction in any newly mined block is a special "reward" transaction to the miner for the mining effort (which is called the coinbase transaction). Depending on the cryptocurrency that was being mined this reward transaction often cannot be spent for a certain number of blocks (for Bitcoin it would be a 100 blocks). This waiting period is meant to prevent this so called coinbase transaction from becoming unspendable in the event of a blockchain fork.
If you are interested you can read more technical details about the coinbase transaction here.
So what should I do?
We are sorry to say, however, as this requirement is hardcoded in the blockchain, there are no tricks that could be used to make the transaction spendable faster. The waiting period will remain the same no matter what wallet is used to spend the coins. The only recourse is to simply wait until the required number of blocks pass and the transaction becomes spendable.