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Time needed to mine one Bitcoin

time to mine one bitcoin

February 25, 2021 | 

JOHN K MWANIKI |  0 Comments| 

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Bitcoin is the largest and most dominant cryptocurrency in the world. It serves as a store of value and a payment system. Users can easily send and receive funds worldwide in a cheap, fast, and secure way. But, bitcoins do not just magically appear. This article will discuss bitcoin mining and how much time it takes to mine one bitcoin.

So, what is bitcoin mining? Like gold and other precious metals, bitcoin tokens come from mining. Generally, bitcoin miners use specialized computers to confirm and secure the bitcoin network. In return, they receive bitcoin rewards as incentives. Bitcoin mining is an electricity-heavy process that involves solving complex mathematical algorithms. In turn, the bitcoin miner who solved the puzzle adds it to the blockchain to get the reward. But, the miner attains the reward only if he/she solves the puzzle and adds it to the block first.

How much time does it take to mine one bitcoin?

Bitcoin miners are responsible for securing and keeping the global bitcoin ledger system rigid and updated. They repeatedly add new transactions into a block. It then goes through a broadcasting and verification process on the network. As a result of providing their valuable hashing power to the network, the miners gain a reward.

The process of bitcoin mining is quite intense and uses vast amounts of electric power. According to a testimony presented to the U.S. Senate Committee on Energy and Natural Resources in 2018, bitcoin mining accounts account for up to 1% of the world's energy consumption. 

Many people mine the same bitcoin using specially-built computers. The first miner who solves the puzzle gets the bitcoin reward. Afterwards, the network generates a new puzzle, and the process begins again.

Despite the number of people actively mining bitcoin, the bitcoin software allocates only ten minutes to solve a puzzle. The software scales the difficulty of the puzzle and compares it to the number of people trying to solve it. Thus, as more people join the network trying to solve the puzzle, the harder the puzzle. Consequently, there is more electric consumption when trying to solve the puzzle. 

So, what can you use to mine bitcoin?

Long gone are the days when people used Desktop P.C.s and mobile phones to mine bitcoin. Now, bitcoin miners use exclusively tailored computers that effectively cut down the amount of electricity used. Often, you will find professional bitcoin miners using application-specific integrated circuits (ASIC) miners.

Among the most popular bitcoin mining machines is Bitmain's Antminer series. You can buy these miners from Walmart, eBay, and even Amazon. Also, companies like Canaan, Microbt, and Ebang offer extra hardware for their miners. It is also crucial to take note that while some miners are readily available for purchase, newer models have a waiting period before shipping. 

Before starting your bitcoin mining venture, you should consider the power consumption. Due to the operation of the computer systems itself, and its air-conditioning and ventilation systems, your electricity bill is likely to go through the roof. In turn, professional bitcoin miners travel worldwide to find locations with good weather and lower electricity prices

After setting up your ASIC miner, direct your mining machines to a mining pool, like the Slush pool. Such mining pools give you access to many mining resources. These resources include valuable information and even extra hardware. Furthermore, bitcoin mining pools increase your chances of mining bitcoin profitably. It also gives you the opportunity to compete with some of the world's largest bitcoin mining firms.

In a bitcoin mining pool, members combine their mining power by working together. Once they receive a bitcoin reward, they share it depending on individual contributions. Independent bitcoin miners may spend a lot of power mining and never earning any rewards.

How many bitcoins can you mine in one day?

Another popular question among bitcoin miners is 'how many bitcoins can they mine in one day.' With the total available Bitcoin supply being 21 million, about 18,631906.25 bitcoin tokens are currently in circulation. That leaves about 2,368,093.8 bitcoins left for mining. There are also lost bitcoins as a result of remaining in an address unmoved for a long time. Often, such losses are a result of owners losing their private keys, leading to unmoved bitcoins. Recent reports show that about 3-4 million bitcoins are permanently locked away. 

Generally, bitcoin miners mine 144 blocks every day. According to calculations, with 6.25 bitcoins available on every block, the average number of bitcoins available every day for mining is 900. However, miners add new hash power when mining bitcoin, causing the time taken to mine one bitcoin to reduce by half a minute. In turn, this means the creation of bitcoins within the network occurs faster, meaning you can mine more than 900 bitcoins in one day.

How much does it cost to mine one bitcoin?

Like any other business venture, bitcoin miners must prepare a business plan to estimate its operation's total cost. The cost of mining one bitcoin depends on various factors. Some of these factors include:

  • Mining pool fees

  • Electricity costs in the country of mining

  • Required labor

  • Cost of the software

  • Hash rate of the rig

  • Unforeseen hacks and crashes

  • Possible depreciation of bitcoin

By considering these factors, miners stand a better chance of mining bitcoin profitably. It is also essential to note that many Asian and South American countries have lower power consumption rates. For instance, it costs ten times more to mine one bitcoin in the USA than in Venezuela.

Conclusion

Due to its volatile nature, the bitcoin market can be extremely profitable or go sideways. Thus, new bitcoin miners should pay close attention to what it takes to mine one bitcoin and all the possible outcomes. Bitcoin has become very popular over the years, meaning it is almost impossible to earn profits using a mining pool and a simple rig. Bitcoin mining today requires strategy, patience, and planning, as well as the hash rate and other mining tools. Ensure you conduct adequate research before beginning this venture to learn all you need about bitcoin mining.

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