How is Bitcoin created

Bitcoin is produced through proof of work mining consensus. This process is called mining because, like gold mining, the cost of mining new bitcoin is roughly equal to the cost of a bitcoin. In other words, no one is able to print free money in bitcoin. Bitcoin mining is the process where new bitcoin are created and entered into circulation. Mining is one of the core components that secure the Bitcoin blockchain. It involves using specialized hardware, called ASICs, to perform millions of calculations per second to solve a computational puzzle. When a bitcoin is successfully mined, the miner receives a predetermined amount of bitcoin. Bitcoin mining is energy intensive and consumes alot of electricity and computing power. Bitcoin runs on a decentralized computer network or distributed ledger that tracks transactions in the cryptocurrency. When computers on the network verify and process transactions, new bitcoins are created, or mined. These networked computers, or miners, process the transaction in exchange for a payment in Bitcoin. It is easy to think that Bitcoin is created out of thin air, however a Bitcoin is created after heavy use of electricity and computing power.

What is Bitcoin Halving?

The halving is an event which reduces the issuance rate of bitcoin by half every four years. Bitcoin's issuance schedule is precisely defined by an algorithm in Bitcoin's code. This algorithm allows a certain amount of new bitcoin to be minted in each block, as compensation for the miner of the block. This new bitcoin is called the block subsidy, and at Bitcoin’s inception, it was 50 BTC per block. However, the subsidy is cut in half in an event called the halving, which takes place every 210,000 blocks—roughly every four years.

Can the Bitcoin network be shutdown or hacked?

Shutting down the Bitcoin network would require shutting down the entire global internet and cutting all electricity. While it's technically possible to hack or take over the entire Bitcoin network, doing so would cost billions of dollars and require a massive coordinated effort involving global chip manufacturers. This makes the probability of this happening unrealistic as there is no monetary gain from hacking the network.