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Note: Bitcoin's proof-of-work mechanism is a key part of keeping transactions using the cryptocurrency secure.īitcoin mining can be profitable, but there are several variables to consider, and miners can certainly face challenges. But this cost is intentional, since the bitcoins created can be very lucrative. The race to solve these increasingly difficult cryptographic puzzles requires significant amounts of energy. Bitcoin has undergone these halving events in 2012, 2016, and 2020.
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This incentive, which was originally 50 bitcoins, is reduced by 50% every four years during events that are referred to as halvings.