The bitcoin network aims to add a new block to the blockchain about every 10 minutes. It is generally difficult for an individual bitcoin miner to successfully create a new hash for a block. They combine the computational resources of many individual miners to increase the chance of successfully hashing a block.

From the genesis Bitcoin block mined in 2009 with 50 bitcoins, more bitcoins have since been mined and released into circulation. Bitcoin mining ensures that blocks of…