Bitcoin is a decentralized digital currency that is not controlled by any central authority. It is a peer-to-peer currency that allows online transactions to be made without the need for intermediaries. Bitcoin is created through a process called mining, which involves solving complex mathematical equations to validate transactions on the network.
The amount of bitcoin that is created per day is not fixed and can vary depending on several factors. The creation of new bitcoin is controlled by the Bitcoin protocol, which has a built-in mechanism that reduces the number of bitcoins that are created over time.
Currently, the block reward for mining a new block on the Bitcoin network is 6.25 bitcoins. This means that every time a new block is mined, 6.25 bitcoins are created and added to the total supply of bitcoin. The block reward is halved every 210,000 blocks, which occurs approximately every four years. The last halving occurred on May 11th, 2020, and the next one is expected to occur in 2024.
In the early days of Bitcoin, the block reward was 50 bitcoins. This was reduced to 25 bitcoins in 2012, and then to 12.5 bitcoins in 2016. The reduction in the block reward is designed to control the supply of bitcoin and prevent inflation. As the block reward decreases, the rate at which new bitcoin is created also decreases.
Currently, the total supply of bitcoin is capped at 21 million. This means that once 21 million bitcoins have been mined, no more bitcoins will be created. As of August 2021, approximately 18.8 million bitcoins have been mined, leaving around 2.2 million bitcoins yet to be mined.
The rate at which new bitcoin is created is also affected by the difficulty of the mining process. The difficulty is adjusted every 2016 blocks, which occurs approximately every two weeks. The difficulty is adjusted to maintain an average block time of 10 minutes. If the block time is less than 10 minutes, the difficulty is increased, and if the block time is more than 10 minutes, the difficulty is decreased.
The current difficulty level for mining bitcoin is very high, making it increasingly difficult for miners to mine new blocks and earn the block reward. This has led to the emergence of mining pools, where multiple miners combine their computing power to mine new blocks and share the block reward.
In conclusion, the amount of bitcoin that is created per day is not fixed and can vary depending on several factors, such as the block reward, the difficulty of the mining process, and the total supply of bitcoin. Currently, the block reward for mining a new block is 6.25 bitcoins, and the total supply of bitcoin is capped at 21 million. As the block reward decreases and the difficulty of mining increases, the rate at which new bitcoin is created will continue to decrease until all 21 million bitcoins have been mined.