With the 21 million BTC supply cap drawing closer, how long does one Bitcoin take to mine?
With the Mt Gox narrative gaining momentum in the latest bitcoin news scenario, have you ever wondered how long a process of mining one bitcoin truly is?
Bitcoin mining remains one of the most popular cryptocurrency ventures for those seeking profits, alongside Ethereum mining and Ethereum staking. Miners continue to buy mining rigs and use electricity to mine Bitcoin, garnering criticism for their environmental impact.
If you're looking to join the mining game, or are just curious, here's a brief look at Bitcoin mining.
How Long Does It Take To Mine 1 Bitcoin?
You cannot mine just 1 Bitcoin, instead crypto miners will mine one block, with the reward set at 6.25 BTC per block.
Each Bitcoin block takes 10 minutes to mine. This means that in theory, it will take just 10 minutes to mine 1 BTC (as part of the 6.25 BTC reward).
However, before you go choosing your Lamborghini, it's important to know that for every block, there are thousands of bitcoin miners each competing for the reward.
When there are more miners in the network, the difficulty of mining increases. As a result, each block requires more computational power to solve. This is likely to only increase, especially after the Bitcoin hashrate just hit its all-time high.
Due to the unlikelihood of mining a single block on one rig, many bitcoin miners join a mining pool. Mining pools combine the collective computing power of their members and split the profits based on the proportion of power each miner brings.
The proportion of power, or hash rate, depends on your ASIC mining setup. To put this into context, one of the most powerful ASIC rigs - the Antminer S19 Pro - has a hash rate of 110 TH/s. This makes up just 0.0002% of the Foundry USA pool.
A final word on this, free Bitcoin mining, or Bitcoin mining on a phone, won't work, at least not in the traditional Bitcoin mining sense.
- Read More: Why Is The Crypto Market Down Today?
How much does it cost to mine one Bitcoin
We've explored plenty of ways to mine Bitcoin for free alongside the mining time.
But several people have been wondering about the cost of mining one bitcoin.
According to Decrypt, investment bank JP Morgan, estimates that the production cost of 1 bitcoin has dropped from $24,000 to $13,000 as of late.
How Much Bitcoin Can You Mine in a Day?
With each bitcoin block taking 10 minutes to mine, 144 blocks are mined each day. This means that at the current rate following the latest bitcoin halving, 900 BTC is available via rewards every day.
Currently, Foundry USA and F2pool are the two largest Bitcoin mining pools. They are responsible for 21.30 % and 16.62.% of the total hash rate, respectively.
With 144 blocks mined each day, this means Foundry USA should see a reward of approximately 202 BTC each day.