Bitcoin, created by the anonymous Satoshi Nakamoto, relies on mining to maintain its decentralized network. This article explores the daily creation of bitcoins.
Table of contents
Bitcoin Mining and Block Creation
Bitcoins are created through mining, which involves solving complex mathematical problems to verify transactions on the blockchain. Miners are rewarded with bitcoins for each new block they add to the chain. New blocks are produced approximately every 10 minutes.
Daily Bitcoin Output
On average, 144 blocks are mined per day. Currently, the reward for mining a new block is 6.25 BTC. Therefore, approximately 900 bitcoins are mined daily (144 blocks x 6.25 BTC/block).
Halving Events
The bitcoin reward halves approximately every four years. When Bitcoin was first mined in 2008, the reward was 50 bitcoins per block. In 2012, it was halved to 25, and in 2020, it was further reduced. The reward is now 3.125 BTC.
Impact of Halving
Halving events reduce the number of new bitcoins created daily, affecting the overall supply and potentially influencing the cryptocurrency’s value.
Remaining Bitcoins
Over 19 million bitcoins have been mined, with approximately 1.5 million remaining to be mined.
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