The shortest attainable 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 apply, this reward is usually 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 far more constant payouts in comparison with being a solo miner.
How lengthy does it take to mine 1 Bitcoin?
The reasonable period of time it takes to mine 1 Bitcoin relies upon nearly solely on how a lot computing energy you’ve.
Let’s illustrate our level with an instance of how incomes Bitcoin mining rewards works. The vast majority of Bitcoin miners be a part of mining swimming pools so as to obtain rewards persistently. There’s a lot of lively Bitcoin mining swimming pools, though Foundry USA, AntPool and F2Pool have a really giant market share.
The picture under exhibits the share of all Bitcoin blocks within the final day which have been mined by a selected pool. The information was collected on August 30, 2023, however that’s not too vital 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 seemingly 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 whole 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, so as 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 be capable 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 based mostly on Bitcoin mining problem on August 30, 2023 and assume that the consumer is shopping for Bitmain S19k Professional miners, which the producer is at the moment 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 may see, the Bitcoin mining house is extraordinarily aggressive and huge investments are wanted if you wish to mine 1 BTC in a comparatively quick time frame. Sooner or later, mining one Bitcoin will turn into much more tough. It is because the whole 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
Should you don’t have specialised Bitcoin mining {hardware}, you will be unable 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 intense quantities of competitors within the Bitcoin mining market.
Working a solo Bitcoin mining rig is extra akin to enjoying the lottery than a approach to make an earnings, except you’ve a really giant mining operation with 1000’s of mining rigs. Your greatest 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 explanation why solo Bitcoin mining just isn’t viable for most individuals is that the Bitcoin protocol points every block reward to at least one miner solely. So, for instance, in case you 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.
Should 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 except you make a big funding into mining {hardware}
Bitcoin mining is a extremely aggressive discipline, and you’ll need to make a big 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 akin to electrical energy under consideration.
Until you might be planning to take it very critically, we don’t advocate partaking in Bitcoin mining, as you’ll almost certainly 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, contemplate working a Bitcoin node with out mining.
Should you’re bullish on Bitcoin, it’s in all probability higher to simply purchase it quite than attempt to mine it. Should you’re questioning if BTC is an effective purchase in the intervening time, be sure 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 attainable period of time to mine 1 Bitcoin is round 10 minutes, though this might take excessive quantities of luck. On this state of affairs, 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 solely on how a lot hashrate you’ve.
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 ready at 21 million, and there are 19.46 million BTC cash at the moment in circulation.
Are you able to randomly mine 1 Bitcoin?
Sure, it’s attainable to randomly mine 1 Bitcoin even in case you don’t have a professional-grade ASIC miner rig. Nevertheless, your probabilities will probably be extraordinarily slim, in some instances even decrease than successful the lottery. With a view to have an opportunity to mine 1 Bitcoin with a low-powered mining arrange, it’s worthwhile 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 attainable to mine 1 Bitcoin a day, though this might require a really giant funding into mining {hardware}. In present Bitcoin community circumstances, you would want $8.8 million price of Bitmain S19k Professional miners to mine 1 Bitcoin a day.
