Unlike traditional currencies that can increase circulation through printing, bitcoin is finite. There are 21 million in existence, of which 19,144,112 are in circulation, leaving just under 2 million to be mined.This limit is a core function of bitcoin's algorithm, and was designed to offset inflation by maintaining scarcity.A new bitcoin is created when a bitcoin miner uses highly specialized software to complete a block of transaction verifications on the bitcoin blockchain. Roughly 900 bitcoins are currently mined per day; however, after 210,000 blocks are completed, the bitcoin protocol automatically reduces the number of new coins issued by half.Halvings have occurred every four years since 2012, with the most recent happening in May 2020.Halving not only counteracts inflation, but also supports the cryptocurrency’s value by ensuring that its price will increase if demand remains the same.At the moment, miners are paid 6.25 bitcoin (US$119,141.87) for every block they complete.