How are you? By Allah's grace, I'm doing very well. Today, the topic I want to discuss is Bitcoin mining.

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Before we know about mining, we need to know about Bitcoin transactions. Suppose you live in Sri Lanka and I live in Bangladesh. Now I need emergency one thousand dollars. What do you do now? You first go to the bank and transfer one thousand dollars from your account to my account. Then the banker will deduct $1000 from your account. And that 1000 dollars will transfer to my account. And this transaction will be stored in the ledger of the bank.

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But in case of Bitcoin it is completely different if you want to pay me 1000 dollars then you go to your wallet and send 1000 dollars to my account address. There are many differences between Bitcoin and bank transfers. For example, if you want to do the transaction with the bank, then the bank will deduct a large amount of fees from you. And your transfer then becomes bank dependent. And the bank can block your transaction if it wants. Again your money in the bank can be hacked. On the other hand there is a possibility of bank craft. And when you transact through Bitcoin, your transaction is done by a miner and all computers worldwide verify this transaction. And your transaction is uploaded to the Bitcoin Ledger. This method is completely safe. That's because any miner who tries to mess up will be automatically kicked out of the network.

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Bitcoin is basically an open source software. A person named Satoshi Nakamoto created it in such a way that people can exchange money through it without any banks or institutes. But around 2007 and 2008 such ideas were very unique. Then Satoshi Nakamoto had some questions. For example, who will complete the Bitcoin transactions and how will the supply of Bitcoin be given to the market. Satoshi Nakamoto basically selects miners to complete Bitcoin transactions. Miners will actually use their computer power to verify transactions in Bitcoin. And who will secure Bitcoin? Miners will receive a transaction fee for this work. Satoshi Nakamoto selects miners for Bitcoin supply. Algorithmically, in addition to the transaction fee, a certain amount of Bitcoin is released for each block and distributed among the miners as a reward. Initially miners received 50 bitcoins per block. But through Halving, this reward is halved every four years. As a result, the supply of bitcoins decreases and the price of bitcoins increases. So far twenty million bitcoins have been supplied and no more bitcoins can be mined after 21 million bitcoins. According to the algorithm, it may take until 2140 for the last Bitcoin to be created.

Today's discussion concludes here. I hope you've found it interesting. Please share your thoughts on today's topic. Prayers for everyone. May everyone be well. Amen.