The Bitcoin price is $28,965.06, a change of -3.31% over the past 24 hours as of 4:05 p.m. We update our BTC to USD price in real-time. So far this year, Bitcoin has a change of -37.55%. The current CoinMarketCap ranking is #1, with a live market cap of $553,665,011,060 USD. It has a circulating supply of 19,043,943 BTC coins and a max. supply of 21,000,000 BTC coins.
Invented by the pseudonym Satoshi Nakamoto, Bitcoin is the first-ever cryptocurrency. It was launched in 2009 and works on blockchain technology - a decentralized peer-to-peer network that isn’t controlled by any central authority or bank. The Bitcoin cryptocurrency was created as a response to the 2008 recession and financial crisis by people who wanted to create a currency that would not be controlled by any government or corporation - a decentralized currency that would give power back to individuals instead of institutions like banks or governments.There are only 21 million Bitcoins that can ever be created. The transactions of Bitcoin are transparent and you can buy Bitcoin from a cryptocurrency exchange or mine them yourself. Mining creates new Bitcoins through computing power used to approve transactions in the network.
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Bitcoin mining is the process whereby transactions are verified and added to the public ledger, called blockchain, and it is also the means through which new Bitcoin is released. Mining Bitcoin involves compiling recent transactions into blocks while trying to solve a computational problem. The participant who solves the problem first gets to place the next block on the blockchain and then claim the rewards. Anyone who has internet access and suitable hardware can participate in Bitcoin mining.
Bitcoin mining is the process of adding transaction records to Bitcoin’s public ledger of past transactions or blockchain. The ledger of past transactions is called a blockchain which is nothing but a chain of blocks. The blockchain confirms transactions to the rest of the network as having taken place. Simply put, Bitcoin miners use special software to solve math problems and are issued a certain number of Bitcoins in exchange. This is a smart way to issue the currency and create an incentive for more people to mine. More miners mean faster and more reliable networks. People who like Satoshi Nakamoto's ideals have built vast farms of specialized computers that they say can generate new Bitcoins on their own. The software can be run on a PC with a fast processor and enough memory to support the operating system and other software you want to use. You can also do it on your smartphone or tablet, but it will take longer because you're not likely to have much processing power there (and if there's one thing Bitcoin mining needs, it's processing power).
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