In this article, you will learn how long does the bitcoin mining process take?
We will look at exactly what equipment is needed, how long it will take to pass the break-even point, and everything else, so read the article to the end. This will be interesting.
If you are completely unfamiliar with bitcoin mining, then it is produced by ASICs. They are loud, hot, heavy, and expensive.
They are designed specifically for miners. No secondary use of these devices is possible.
How much and how long does it take to mine 1 Bitcoin on a video card or processor?
Just for fun, let’s see how much we are currently mining one bitcoin on video cards. Gone are the days when you could mine 50 bitcoins on a weak computer.
However, now you can use programs that actually mine other (GPU) coins, but with payments in BTC. For Example, NiceHash.
Let’s now look at the example of ASICs.
How many coins have already been mined out of a possible 21 million?
Everyone likes bitcoin and it is currently trading at the following rate:
Let’s first see how many bitcoins have been converted to date.
Just over 18 million coins have already been mined. By the way, many of these coins were irretrievably lost. For example, they were sent to the wrong address, and so on.
According to the data, since 2008, the total amount of bitcoin mined has reached the threshold of 87% of the total amount of 21 million. At the same time, 900 bitcoins are currently being mined per day.
So there are less than three million coins left to mine.
In fact, it is interesting that every day there are new 900 bitcoins, but to be specific, it means that new blocks are solved in the cryptocurrency network.
The network has the previous block to the right in the chain, and then it moves further down the chain, if you simplify it a lot, this is the blockchain technology. It means that each subsequent block moves the entire blockchain with all the data forward. However, the article is not written about the principle of the blockchain. This is just important to understand for future calculations.
Every time a block is mined, which is on average every 10 minutes, 6.25 hundredths of new coins are added to the network.
The network has a reward for the extracted block, and it is reduced every 4 years. This is called halving.
As a result, we get that the network is going to reduce this daily issue of coins from 900 (nine hundred) to 450 (four hundred and fifty) in may 2024.
What do I need to mine?
How long does it take to get one bitcoin? Take one Bitmain Antminer S19 Pro (110Th) – one of the standard bitcoin miners of the current generation. And now in the last 24 hours it is mining (0.0011 BTC) or $11.26. This is shown without electricity.
Mining on this ASIC costs two and a half thousand dollars.
You need to know that the complexity of the Network for bitcoin mining increases in any unclear situation. And this is historically true.
The complexity continues to grow and grow, it is constantly growing only with a couple of small failures, when the asiki in China flooded, and other force majeure circumstances.
But even with a small drop, we are very quickly returning to an all-time high.
The actual calculations.
Let’s move on to the actual calculation. Let answer, how long doest it take to make a bitcoin.
We will use any BTC calculator, you can use others, for example https://whattomine.com.
In the selection bar, we can always enter whatever we want, for example, we are going to use Bitmain Antminer S19 Pro (110Th). (It costs from $ 2493.00 to $2940.6).
Once you select your device you will be able to see the daily amount of satosh coins that will be mined.
0.000904 BTC-which in dollar terms means about four dollars and seventy-seven cents.
This is taking into account the five-cent outlet in the electric tariff.
So with a five-cent rate, this ASIC will earn about $ 4.29 a day.
If we had four ASICs, it would bring:
1.159731 BTC per year.
You can enter anything you want: the cost of electricity, the price of bitcoin (estimated), the block reward, which is currently 6.25 BTC, in General, this will help you find your break-even point.
How to mine 1 bitcoin per month?
We said about four ASICs, but how many of them do you need to mine one bitcoin per month?
We will need 39 ASICS.
Buying one “Bitmain Antminer S19 Pro (110Th)” will cost you about $ 2940. This adds up to a total of about $ 114,660 to mine 1 bitcoin per month.
But if you have invested 114 thousand in mining, then you need a room and cooling of ASICs. And this is an additional cost.
However, we cannot accurately predict the price and complexity of production. So this is actually this formula showing you how to mine one bitcoin in 2020 and it is calculated according to forecasts.
Now you know how much it costs to mine 1 Bitcoin at home in 2020.
If you want to learn more about cryptocurrencies, read our blog.
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