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What Is Crypto Mining
Mining serves an important purpose aside from lining miners’ pockets and supporting the Bitcoin ecosystem: it is the only way to release new cryptocurrency into circulation. Miners, in other words, are essentially “minting” currency. For example, there were just under 19 million bitcoins in circulation as of March 2022, out of a total of 21 million.
Apart from the coins created by the genesis block (the first block created by founder Satoshi Nakamoto), every single bitcoin was created by miners. In the absence of miners, Bitcoin as a network would continue to exist and be usable, but no new bitcoin would be created.
To earn new bitcoins, you must be the first miner to solve a numerical problem with the correct or closest answer. This is also known as proof of work (PoW). To start mining is to engage in this proof-of-work activity to find the answer to the puzzle.
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