Bitcoin mining is the process of adding new Bitcoin transactions to the public ledger called the blockchain. This process requires a lot of computational power and energy, and miners are rewarded with newly minted Bitcoins as an incentive. But how many Bitcoins are mined per day?
The answer to this question is not straightforward, as the number of Bitcoins mined daily depends on several factors, including the difficulty level of the mining process, the number of miners, and the block reward.
The Difficulty Level
The Bitcoin network adjusts the difficulty level of mining every 2016 blocks, which takes approximately two weeks. This adjustment is necessary to ensure that the block time remains around 10 minutes, regardless of the number of miners on the network.
If there are more miners on the network, the difficulty level increases, making the mining process more challenging. Conversely, if there are fewer miners, the difficulty level decreases, making the mining process easier.
As of August 2021, the difficulty level of mining Bitcoin is around 13.5 trillion. This means that miners need to perform 13.5 trillion hash calculations per second to solve a block and earn the block reward.
The Number of Miners
The number of miners on the network also affects the number of Bitcoin mined per day. The more miners there are, the higher the competition for the block reward, and the more difficult it is to mine Bitcoin.
The number of miners on the network fluctuates daily, depending on the profitability of mining. If the price of Bitcoin increases, more miners will join the network to take advantage of the higher profits, leading to an increase in the difficulty level.
Conversely, if the price of Bitcoin decreases, some miners may leave the network, leading to a decrease in the difficulty level.
The Block Reward
The block reward is the amount of Bitcoin that miners receive for solving a block. This reward is halved every 210,000 blocks, which occurs approximately every four years. The current block reward is 6.25 BTC, and the next halving is expected to occur in 2024.
Assuming that all other factors remain constant, the number of Bitcoin mined per day is equal to the number of blocks mined per day multiplied by the block reward.
As of August 2021, there are approximately 144 blocks mined per day, resulting in a total of 900 BTC mined per day.
Conclusion
Bitcoin mining is a complex process that involves several factors that affect the number of Bitcoin mined per day. The difficulty level of mining, the number of miners on the network, and the block reward all contribute to the daily output of Bitcoin.
As of August 2021, approximately 900 BTC are mined per day, but this number is subject to change as the difficulty level, number of miners, and block reward fluctuate. However, one thing is certain: Bitcoin mining will continue to be a crucial aspect of the Bitcoin network, and the number of Bitcoin mined per day will remain an essential metric for measuring the network’s health and growth.