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At the time of writing on 26 November 2023, there were 19,553,212 Bitcoins, although this number is constantly increasing. New Bitcoins are created through a process called mining, which verifies Bitcoin transactions and adds them to the blocks of the Bitcoin blockchain. As a reward for doing this work, the miner who managed to add a block first receives a certain amount of Bitcoins. Currently, the block reward is 6.25 Bitcoins. Given that a new block is added to the Bitcoin blockchain approximately every 10 minutes, it turns out that the total number of Bitcoins in circulation increases by 6.25 every 10 minutes. This general-purpose solar farm has a maximum capacity of 10MW, and the bitcoin mine consumes in about 500 kilowatts KW – a tiny portion. The mine is a hedge for the farm which otherwise only has one option, to sell the energy to the grid, said Jon Arregi, founder of Meatze and Proof of Work Containers, two firms that are building modular container mines and deploying them at sites across Europe. Similarly, at night the mine draws its energy from the grid. |
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