The remaining 2.5 million BTC will be mined from now until the year 2140. There are approximately 18.5 million bitcoin that have been mined and can be included in the circulating supply. This implies that the odds of finding a result with more zeros requires more hashes. More difficult solutions have more zeros at the beginning. The difficulty is defined as the number of zeros that must appear at the beginning of the resulting hash. If blocks are being mined to slowly, the hashing equation will become easier to solve. If blocks are being mined to quickly, the hashing equation becomes more difficult to solve.
This makes mining a block easier or harder based on the time it is currently taking. To make sure that block mining times are consistent, the Bitcoin protocol has difficulty adjustments. Each of these blocks are mined every ten minutes. On the Bitcoin blockchain, each block is 1 mb in size and holds an average of 3,500 transactions per block. All other nodes on the network will check the work of the miner that mined the block to ensure that it was legitimate. The Bitcoin network consists of nodes that can validate transactions, organize them into blocks, and solve the hashing function to mine a block and receive the block reward. Today, it is estimated that roughly 1% of the world’s population either owns or has previously owned bitcoin. After gaining popularity on the dark web, it took six years for bitcoin to eventually reach mainstream popularity when its price surged to $20,000 per coin in December of 2017. Ten months after the famous pizza transaction, bitcoin’s usage as a medium of exchange began to skyrocket as it was adopted by dark web users who wished to shield their identity while making purchases on the dark web. The first known instance of bitcoin being used to pay for a good or service happened more than a year later on May 22nd, 2010 when Laszlo Hanyecz paid 10,000 BTC (worth approximately $41 at the time) for two large pizzas. Nine days later, the first transaction with bitcoin was completed when Satoshi Nakamoto sent bitcoin to Hal Finney, the creator of the world’s first RPoW (reusable proof-of-work system). Satoshi Nakamoto mined the first Bitcoin block, known as the genesis block, on January 3rd, 2009. Bitcoin remains the global cryptocurrency market leader by price and total market value.
By design, the underlying network is censorship-resistant, permissionless and peer-to-peer with a scarce and programmable native currency (BTC).
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