Bitcoin Mining. How Much Does It Take to Mine At Least One?

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1 bitcoinYou probably know that mining is the only way that Bitcoin comes into the world. You buy them, you exchange them for something else, and you earn them or even steal them. You send them per global network like mail. Thousands of coins trade hundreds of transactions per single second. However, someone created every single Bitcoin in the past. It may be a huge data center with hundreds of coolers and chips, it might be a self-miner, or it may be a mining pool with thousands of members around the world. Every solved block creates 25 Bitcoins at a time. How much time does it take to mine at least one of them? That is an important question.

Factors

To answer this question, we need to understand what factors affect the duration of mining Bitcoins and its success.

We won’t discuss solo mining because until you have a lot of the latest ASICs, it’s almost impossible to solve a block. Even if you have the newest ASICs, it’s still too difficult.

That’s why we’re going to talk about mining in a pool. What are the factors, which affect the duration of your mining. Firstly, the capacity of your equipment. That is obvious if you have a good and modern rig, you will spend less time on the process. On the other hand, if your equipment is not so fast or even if you just have a Graphic Processing Unit on your computer, your mining may take a very long time. Then, there is the difficulty of hashrate per second. This is a measure, which has been growing since 2009, and you can check on the Internet. Another factor is a pool or the indicators of the pool, which you’ve chosen. Perhaps you know its workings. People can’t perform it individually therefore they use particular pools where they collaborate and work together to solve the block and win the reward. As a result, they divide 25 Bitcoins of the reward for solving it, between themselves, according to the contribution to the pool. The more members in the pool you’ve chosen, the less share you will receive after the solving a new block. Three main factors that have an influence on the duration of mining Bitcoins.

Hashrate and Speed

Your equipment used for mining. As this may suggest, it must be as good as possible due to there being a strong correlation between the capacity of your mining equipment and your hashrate per second. Hashrate per second in a pool is your contribution that helps others to solve the block and get the reward of 25 Bitcoins. The more hashrate per second you have, the more your share is. This consequently means that your profit for one solved block also increases.

Related: PayPal Tests New Service To Accept Bitcoin

We recommend that you use a special calculator to make these measurements. Go to this link where you’ll find a simple and an easy to use a mining calculator. Here you need to type the information about your equipment, shipping costs, electricity bills, and the price of the hardware etc. In fact, this calculator is designed to compute the return on investment in mining hardware. However, you may still find out good information for you there. For example, there is revenue shown in its results, which enables you to understand the time you need for mining a Bitcoin. It is not accurate but still useful.

Now you can see how approximately fast you are able to mine a single Bitcoin working together with other people in a pool.

Every 2016 Blocks

Next is difficulty. The difficulty of mining is probably the most interesting thing about mining. The difficulty is all to do with math. It increases day by day. It changes every 2016 blocks so it rises at least month-by-month. The difficulty indicates the difficulty (surprise) of mining Bitcoins. It depends on a formula and changes as every 2016 blocks are solved. Moreover, this measure can rise infinitely or even go down in specific circumstances. However, you can check it simply by going here. It doesn’t change every day so you don’t need to check it all the time.

A Crowded Pool is not the Best One

The last one is pool. Though the profitability of a pool is very inaccurate and depends on the equipment you have and its hashrate per second, it’s still useful to check the profitability of the pool to understand how much time you will spend to earn one Bitcoin. You could estimate that it’s going to be a day or two days or even a week. However, don’t rely on these numbers of getting a Bitcoin too much. The difficulty is growing extremely fast therefore next month; the numbers can be completely different compared to the predicted time for getting a Bitcoin.

We have collected the main measures to compute a period to get a Bitcoin. You may imagine the results. It is almost impossible to predict an accurate amount of time needed to mine a single Bitcoin.

Using all information we have collected, you will find an approximate number of hours needed to put together all the tiny rewards from a pool until it turns into 1 Bitcoin. We can’t say this for certain, only that it will take a long time.

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