How Long Does It Take to Mine 1 Bitcoin?
The shortest doable time to mine 1 Bitcoin is about 10 minutes. It is because a brand new block is added to the Bitcoin blockchain roughly each 10 minutes. When a miner provides a brand new block to the Bitcoin blockchain, they obtain a 6.25 BTC reward.
In follow, this reward is commonly break up amongst numerous miners, since most miners are a part of Bitcoin mining swimming pools. Becoming a member of a mining pool ensures far more constant payouts in comparison with being a solo miner.
How lengthy does it take to mine 1 Bitcoin?
The sensible period of time it takes to mine 1 Bitcoin relies upon virtually completely on how a lot computing energy you could have.
Let’s illustrate our level with an instance of how incomes Bitcoin mining rewards works. Nearly all of Bitcoin miners be part of mining swimming pools with the intention to obtain rewards constantly. There’s numerous energetic Bitcoin mining swimming pools, though Foundry USA, AntPool and F2Pool have a really massive market share.
The picture under exhibits the proportion of all Bitcoin blocks within the final day which have been mined by a selected pool. The info was collected on August 30, 2023, however that’s not too essential since we’re simply utilizing it to elucidate an instance.
Bitcoin mining pool distribution by blocks mined. Picture supply: BTC.com
The extra hashrate a mining pool has, the extra doubtless it’s to mine any given block.
As we will see, the Foundry USA mining pool mined 31.9% of Bitcoin blocks within the final 24 hours. On common, it contributed 117.6 EH/s (exahashes per second) value of hashrate in that point interval. In the meantime, the full hashrate of the Bitcoin community in that interval was 368.5 EH/s.
Within the 24-hour interval, Foundry USA mined 44 Bitcoin blocks, which interprets to 275 BTC in rewards. So, with the intention to mine 1 BTC in 1 day, you would want to contribute roughly 1/275, or 0.36% of Foundry USA’s hashrate. This interprets to 0.42 EH/s, or 420,000 TH/s (terahashes per second).
One Bitmain S19k Professional miner, which prices $2,520, has a hashrate of 120 TH/s. Which means that you would want 3,500 Bitmain S19k Professional miners, costing a complete of $8.82 million (ignoring electrical energy, storage and operational prices), to have sufficient hashrate to mine one Bitcoin per day.
The time it takes to mine 1 Bitcoin is determined by your computing energy
Clearly, not many individuals will be capable to afford the type of infrastructure that’s required to mine 1 BTC per day. Let’s check out how lengthy does it take to mine a Bitcoin assuming smaller investments into mining {hardware}.
The calculations are based mostly on Bitcoin mining issue on August 30, 2023 and assume that the person is shopping for Bitmain S19k Professional miners, which the producer is presently promoting for $2,520 and have a listed hashrate of 120 TH/s. Electrical energy and different prices should not included within the calculations.
As you’ll be able to see, the Bitcoin mining area is extraordinarily aggressive and enormous investments are wanted if you wish to mine 1 BTC in a comparatively quick time frame. Sooner or later, mining one Bitcoin will develop into much more troublesome. It is because the full hashrate of the Bitcoin community has been trending upwards for the final 5 years, and the subsequent Bitcoin halving in 2024 will scale back the block reward from 6.25 BTC to three.125 BTC.
You want professional-grade {hardware} to mine 1 Bitcoin
When you don’t have specialised Bitcoin mining {hardware}, you will be unable to mine 1 Bitcoin in an affordable period of time. For instance, mining 1 Bitcoin with a gaming GPU is subsequent to inconceivable given the acute quantities of competitors within the Bitcoin mining market.
Working a solo Bitcoin mining rig is extra akin to enjoying the lottery than a option to make an revenue, except you could have a really massive mining operation with hundreds of mining rigs. Your greatest wager to make an revenue with Bitcoin mining is to hitch a mining pool, though you’ll nonetheless must make a substantial funding into mining {hardware} to make it worthwhile.
The explanation why solo Bitcoin mining shouldn’t be viable for most individuals is that the Bitcoin protocol points every block reward to at least one miner solely. So, for instance, if you happen to had 0.0001% of the Bitcoin community’s hashrate, you’d solely have a 0.0001% probability to obtain something in any respect when a block is mined.
When you joined a mining pool, alternatively, you’d obtain a small quantity of Bitcoin (proportional to the hashrate you contribute) each time one of many miners in your pool mines a block.
The underside line — don’t anticipate to mine 1 Bitcoin except you make a major funding into mining {hardware}
Bitcoin mining is a extremely aggressive subject, and you will want to make a major funding if you wish to make it worthwhile. For instance, it takes round $25,200 value of mining {hardware} to mine 1 Bitcoin in a 12 months, and that’s with out taking different prices corresponding to electrical energy under consideration.
Except you might be planning to take it very severely, we don’t suggest participating in Bitcoin mining, as you’ll more than likely be doing it at a loss whereas solely having a negligible contribution to the community’s safety. If you wish to enhance the decentralization of the Bitcoin community, take into account operating a Bitcoin node with out mining.
When you’re bullish on Bitcoin, it’s most likely higher to only purchase it relatively than attempt to mine it. When you’re questioning if BTC is an effective purchase in the meanwhile, ensure that to take a look at our article exploring if Bitcoin is an effective funding.
FAQs
How lengthy does it take to mine 1 Bitcoin?
The smallest doable period of time to mine 1 Bitcoin is round 10 minutes, though this may take excessive quantities of luck. On this state of affairs, you’d really obtain 6.25 Bitcoin and never simply 1 Bitcoin. Realistically, the period of time it takes to mine 1 Bitcoin relies upon virtually completely on how a lot hashrate you could have.
What number of Bitcoins are left to mine?
There are simply over 1.5 million Bitcoin left to mine. The utmost provide of Bitcoin is about at 21 million, and there are 19.46 million BTC cash presently in circulation.
Are you able to randomly mine 1 Bitcoin?
Sure, it’s doable to randomly mine 1 Bitcoin even if you happen to don’t have a professional-grade ASIC miner rig. Nevertheless, your probabilities might be extraordinarily slim, in some instances even decrease than profitable the lottery. To be able to have an opportunity to mine 1 Bitcoin with a low-powered mining arrange, it’s good to mine solo as an alternative of becoming a member of a mining pool.
Are you able to mine 1 Bitcoin a day?
Sure, it’s doable to mine 1 Bitcoin a day, though this may require a really massive funding into mining {hardware}. In present Bitcoin community circumstances, you would want $8.8 million value of Bitmain S19k Professional miners to mine 1 Bitcoin a day.
