Where does this "new" bitcoin come from?

We all understand that new paper money is "created" when our government decides to print more of it. Somewhat similarly, new gold supply is "created" when miners dig it out of the ground. But what about bitcoin? As an entirely digital currency, with no single governing body, who decides when to add new bitcoin into circulation, how it is added and to whom it is distributed?

By design, and as discussed elsewhere, there will never be more than 21,000,000 bitcoins in existence. Right now only a little over half of that amount has been distributed into circulation, meaning that there is still a lot of bitcoin not yet owned by anyone. Bitcoin facilitates the fair and gradual distribution of this previously uncirculated bitcoin, by granting it to miners as a reward for validating our transactions and supporting the bitcoin network. In fact, this is the only way that new bitcoins are added into circulation. Want to see this process in action? Just look at the perfectly predictable expansion in bitcoin monetary supply here. Every small increase in total bitcoin supply is a bitcoin miner somewhere being rewarded for their efforts.

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