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Understanding Bitcoin: What is Mining and What is the Current Supply?

 Bitcoin mining is the process by which new Bitcoins are created and transactions are verified on the Bitcoin network. In order to mine Bitcoin, computers must solve complex mathematical equations in order to validate transactions and add them to the blockchain. Miners compete with each other to solve these equations, and the first miner to solve a given equation is rewarded with a certain number of Bitcoins.

As of February 2023, the current supply of Bitcoin is approximately 21 million. However, not all of these Bitcoins are currently in circulation. Some are still being mined, and others may be lost or held in wallets that have not been accessed in many years. It is estimated that around 18.7 million Bitcoins are currently in circulation.

Bitcoin was designed with a hard cap on the total number of coins that will ever be created, which is set at 21 million. This limit was put in place to prevent inflation and ensure that Bitcoin remains a scarce and valuable asset. The rate at which new Bitcoins are created is also designed to decrease over time, with mining rewards halving every 210,000 blocks. As of February 2023, the current mining reward for successfully adding a block to the blockchain is 6.25 Bitcoins.

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