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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.
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Worldwide, bitcoin mining uses more electricity than Poland, a nation of 36.7 million people, according to the University of Cambridge’s Bitcoin Electricity Consumption Index.
How do miners mine Bitcoin? Miners mine Bitcoin using a mining rig, which can be anything from a normal PC to a dedicated machine, as long as it can follow SHA-256 — Bitcoin’s mining algorithm.