The shortest doable time to mine 1 Bitcoin is about 10 minutes. It’s 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 apply, this reward is commonly cut up amongst a lot of miners, since most miners are a part of Bitcoin mining swimming pools. Becoming a member of a mining pool ensures rather more constant payouts in comparison with being a solo miner.
How lengthy does it take to mine 1 Bitcoin?
The lifelike period of time it takes to mine 1 Bitcoin relies upon nearly fully on how a lot computing energy you will 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 a view to obtain rewards constantly. There’s a lot of energetic Bitcoin mining swimming pools, though Foundry USA, AntPool and F2Pool have a really massive market share.
The picture under reveals the share of all Bitcoin blocks within the final day which have been mined by a specific pool. The info was collected on August 30, 2023, however that’s not too vital since we’re simply utilizing it to clarify an instance.
Bitcoin mining pool distribution by blocks mined. Picture supply: BTC.com
The extra hashrate a mining pool has, the extra possible 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) price of hashrate in that point interval. In the meantime, the overall 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 a view 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 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 will depend on your computing energy
Clearly, not many individuals will have the ability to afford the sort 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 primarily based on Bitcoin mining problem 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 aren’t included within the calculations.
As you possibly can see, the Bitcoin mining area is extraordinarily aggressive and enormous investments are wanted if you wish to mine 1 BTC in a comparatively brief time frame. Sooner or later, mining one Bitcoin will turn out to be much more troublesome. It’s because the overall hashrate of the Bitcoin community has been trending upwards for the final 5 years, and the following Bitcoin halving in 2024 will cut back the block reward from 6.25 BTC to three.125 BTC.
You want professional-grade {hardware} to mine 1 Bitcoin
In case you don’t have specialised Bitcoin mining {hardware}, you won’t be able to mine 1 Bitcoin in an inexpensive period of time. For instance, mining 1 Bitcoin with a gaming GPU is subsequent to unimaginable given the acute quantities of competitors within the Bitcoin mining market.
Working a solo Bitcoin mining rig is extra akin to taking part in the lottery than a strategy to make an earnings, until you will have a really massive mining operation with hundreds of mining rigs. Your finest wager to make an earnings with Bitcoin mining is to affix a mining pool, though you’ll nonetheless have to make a substantial funding into mining {hardware} to make it worthwhile.
The rationale why solo Bitcoin mining will not be viable for most individuals is that the Bitcoin protocol points every block reward to 1 miner solely. So, for instance, for those who had 0.0001% of the Bitcoin community’s hashrate, you’ll solely have a 0.0001% likelihood to obtain something in any respect when a block is mined.
In case you joined a mining pool, however, you’ll 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 until 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 price of mining {hardware} to mine 1 Bitcoin in a yr, and that’s with out taking different prices resembling 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 probably 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, think about operating a Bitcoin node with out mining.
In case you’re bullish on Bitcoin, it’s most likely higher to only purchase it quite than attempt to mine it. In case you’re questioning if BTC is an efficient purchase in the mean time, be sure to take a look at our article exploring if Bitcoin is an efficient 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 might take excessive quantities of luck. On this situation, you’ll truly obtain 6.25 Bitcoin and never simply 1 Bitcoin. Realistically, the period of time it takes to mine 1 Bitcoin relies upon nearly fully on how a lot hashrate you will 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 for those who don’t have a professional-grade ASIC miner rig. Nonetheless, your probabilities will probably be extraordinarily slim, in some circumstances even decrease than profitable the lottery. So as to have an opportunity to mine 1 Bitcoin with a low-powered mining arrange, it’s worthwhile to mine solo as a substitute 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 might require a really massive funding into mining {hardware}. In present Bitcoin community situations, you would want $8.8 million price of Bitmain S19k Professional miners to mine 1 Bitcoin a day.
