Blockchain 101 Episode 07 – How are Bitcoins issued

Bitcoin does not have a specific issuer as it relies on a decentralized distribution system to gradually release Bitcoins. The Bitcoin system is equivalent to a large-scale decentralized ledger, and each block is a page in the ledger. The system automatically generates Bitcoins to rewards miners involved in the bookkeeping.

Every 10 minutes, miners compete to be the first to obtain the solution to earn the right to record a page. After completing his recording, he will obtain a certain amount of Bitcoins. This is the process of issuing new Bitcoins.

Based on Satoshi Nakamoto’s design, 50 Bitcoins were rewarded everytime. For every 210,000 completed pages, the reward will be halved. By 2140, rewards can no longer be halved, and the total Bitcoin supply will be final, at 21 million.

Therefore, start your mining now!