Bitcoin mining is the process of validating transactions and releasing new Bitcoin into circulation. As of July 2024, about 19.5 million Bitcoin have been mined, with 1.5 million remaining to be introduced until the total capped supply of 21 million is reached by 2140. Miners use powerful computers to solve complex mathematical problems and validate transactions in blocks, with an average block creation time of 10 minutes. Each block now provides a reward of 3.125 BTC after the latest halving in April 2024. Therefore, while it takes approximately 10 minutes to mine this amount, individual miners may earn less based on their computational power (hashrate). Many miners join mining pools to increase their chances of earning Bitcoin by pooling their hashrate. Hardware also plays a critical role, with ASIC devices being the most efficient for mining tasks. Solo mining is becoming increasingly challenging, leading many to use cloud mining solutions for cost-effectiveness and resource management.

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