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Bitcoin mining is the process of verifying transactions and allowing new Bitcoins to enter circulation. As of July 2024, there are approximately 19.5 million Bitcoins in circulation, with a total supply capped at 21 million. Miners use powerful computers to solve complex mathematical problems and âmineâ new Bitcoins.
The Bitcoin network experiences a halving every 210,000 blocks, which reduces mining rewards and creates digital scarcity. This process is designed to preserve the value of Bitcoin. What do you think about Bitcoin mining? Share your thoughts in the comments!