How to get Bitcoins?

Creating bitcoin is called digging. You dig bitcoin when your computer calculates complex mathematical problems to help manage blockchain processes. People use computing power to authorize, validate, and validate bitcoin transactions, as well as to add new blocks to the chain. The people involved in this process are called miners.

Digging is a distributed consensus system. It is used to confirm transactions that are waiting to be included in the blockchain. In this way, a chronological order of transactions is achieved, and network neutrality is maintained.

A new block is added to the blockchain every about 10 minutes. The most successful miners receive the newly created bitcoins as a reward. You have to understand that the prize is not usually given to one person, because no one in the world has enough computer power to solve the complex mathematical equations that are needed for a successful block. Higher numbers of miners lead to a more secure network.

As a result, miners collaborate and group their computing power into so-called “mining associations.” The reward is then given in proportion to the work done (those with more computing input receive a higher reward).

The prize is halved for every 210,000 blocks. Initially, miners received 50 bitcoins, and in 2012 the prize was reduced for the first time (to 25 bitcoins). The second halving was in 2016, when the prize was halved from 25 bitcoins to 12.5 bitcoins. The last halving took place on 11 May 2020, and the next is expected in 2024.

The digging fee is halved about every four years. We get this time frame by multiplying 210,000 (the number of blocks needed to achieve halving) by 10 minutes (the time required for a new block).

The bottom line is this: More miners provide a safer network, but they also cause greater mining difficulties. This is because the system provides a new unit every 10 minutes (neither later nor earlier).

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