How is bitcoin created?

[Jeanine]

The Bitcoin network automatically releases newly minted Bitcoin to miners when they find and add new blocks to the blockchain. The total supply of bitcoin has a cap of 21 million coins, meaning once the number of coins in circulation reaches 21 million, the protocol will stop minting new coins. In a way, Bitcoin mining doubles as both the transaction validation and the Bitcoin issuance process (until all the coins are mined, then it will only function as the transaction validation process.)

Importantly, increasing the amount of computing power dedicated to Bitcoin mining will not mean more Bitcoins are mined. Miners with more computing power only increase their chances of being rewarded with the next block, so the amount of bitcoin mined remains relatively stable over time. The Bitcoin network uses a coin distribution strategy known as “bitcoin halving” that ensures the amount of bitcoin distributed to miners reduces over time. By gradually decreasing the supply of new bitcoin entering circulation, the idea is it will help support the asset’s price (based on the fundamental principles of supply and demand.)

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