Understanding Bitcoin mining and how it works

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Bitcoin mining is the process used to validate transactions on the network and introduce new Bitcoin into circulation.

As of July 2024, around 19.5 million Bitcoin were in circulation. However, the cryptocurrency is programmed to have a total supply of 21 million coins, with the remaining 1.5 million Bitcoin yet to enter into circulation. Users known as “miners” use powerful computers to solve complex mathematical problems and “mine” new Bitcoin in a process called Bitcoin mining.


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