So the people who believe that in the coming day’s digital currency is the future are the targeted audience of the miners or the independent individuals or companies who participate in this network.
Bitcoin mining is again very often used term which refers to a process in which bitcoins are released in circulation. Here, mining requires solving a difficult puzzle computationally so as to discover a new block of the blockchain. By discovering new blocks and adding it to the blockchain the miners receive awards. The awards are new bitcoins. The reward is later halved after every 210,000 blocks. The block reward was 50 bitcoin in 2019 and now present it is 12.5.
Now let’s understand how it works!
As you already know, bitcoin is a sort of cryptocurrency, it works on the principle of peer to peer technology which helps or facilitates instant payments. The independent individuals or the companies, those participating in this bitcoin network are commonly called miners and are rewarded by new bitcoins, vouchers or transaction fees that are paid in bitcoin. Well, what do the miners do? These are a decentralized authority who are enforcing the credibility of the bitcoin network.
Bitcoins are being released to the miners at a fixed but declining rate, such that the total supply of bitcoins is kept around 21 to 22 million. Currently, there are over 3 million bitcoins that have to be mined. In today’s time if we evaluate 1 btc to inr it is around 502398 rupees.