Bitcoin miners play a crucial role in the cryptocurrency network by competing to solve complex mathematical problems. This process allows them to add new blocks to the blockchain and earn rewards in the form of new BTC. The reward for miners is halved approximately every four years, with the most recent halving occurring in April of this year.
Miners use powerful computers to validate and secure transactions on the network. By solving these mathematical puzzles, miners ensure the integrity and security of the blockchain. In return for their efforts, they are rewarded with newly minted bitcoins.
Since the amount of new BTC issued to miners is reduced by half every four years, the competition among miners becomes more intense over time. This scarcity helps to maintain the value of Bitcoin and incentivizes miners to continue supporting the network.
Overall, Bitcoin miners play a crucial role in the decentralized nature of the cryptocurrency network. Their efforts help to secure transactions, maintain the integrity of the blockchain, and ensure the continued success of Bitcoin as a digital currency.
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