After reading this article, you will find out how long it will take to mine one BTC with other equipment.
After being fascinated by the bitcoins that swept the whole world in December 2017, many became interested in crypto mining as a potential source of income. However, the harsh truth is that Bitcoin mining has become extremely competitive these days, so the vast majority of newbies feel that they have already missed the boat. In 2011, an extremely low level of complexity would allow you to mine one BTC per day on your regular PC, but now you have to use specially designed mining chips ASIC. The question is, how long will it take to mine bitcoins in 2018?
What is hash rate?
How long does bitcoin block mining take? Before we know about this, it is important to understand what the bitcoin hashing rate is. A hash is a cryptographic puzzle that miners must solve. Consequently, the hash rate measures the speed at which a particular machine is running, and solves math problems. The total bitcoin hashing rate increases almost every day due to the monopoly of large mining farms.
Mining difficulty
In June 2018, it was reported that Bitcoin hashing rate soared up to five times in the last two weeks. It is noteworthy that it took more than eight years to achieve a similar milestone for the entire network. A sudden surge in mining complexity does not necessarily mean that many miners are joining the industry en masse and creating more competition - this rather indicates that ASIC chips are becoming more advanced. The same thing happened during the transition from mining to CPU mining GPU. Thus, large ASIC manufacturers (in particular, Bitmain) effectively establish a monopoly. Here are the most popular manufacturers of ASIC equipment:
After being fascinated by the bitcoins that swept the whole world in December 2017, many became interested in crypto mining as a potential source of income. However, the harsh truth is that Bitcoin mining has become extremely competitive these days, so the vast majority of newbies feel that they have already missed the boat. In 2011, an extremely low level of complexity would allow you to mine one BTC per day on your regular PC, but now you have to use specially designed mining chips ASIC. The question is, how long will it take to mine bitcoins in 2018?
What is hash rate?
How long does bitcoin block mining take? Before we know about this, it is important to understand what the bitcoin hashing rate is. A hash is a cryptographic puzzle that miners must solve. Consequently, the hash rate measures the speed at which a particular machine is running, and solves math problems. The total bitcoin hashing rate increases almost every day due to the monopoly of large mining farms.
Mining difficulty
In June 2018, it was reported that Bitcoin hashing rate soared up to five times in the last two weeks. It is noteworthy that it took more than eight years to achieve a similar milestone for the entire network. A sudden surge in mining complexity does not necessarily mean that many miners are joining the industry en masse and creating more competition - this rather indicates that ASIC chips are becoming more advanced. The same thing happened during the transition from mining to CPU mining GPU. Thus, large ASIC manufacturers (in particular, Bitmain) effectively establish a monopoly. Here are the most popular manufacturers of ASIC equipment:
- Bitmain
- Halong
- Avalon
- Pangolin.
Over the past 30 days, the complexity of mining BTC has increased by 1.99 percent. This change seems insignificant, but the complexity increases dramatically when every 2016 block is mined (which happens every month or two). Data that show how long it will take to mine bitcoins in 2016 and how long it will take to mine bitcoins in 2017 are no longer relevant, as it is now more difficult to mine BTC.
Mining speed
New BTCs are mined almost every 10 minutes, but you must actually earn a portion of the unit reward by adding your hashing power to the network needed to solve the unit. Currently, the block reward is set at 12.5 BTC.
By the way, the actual time of the block is not determined - it often takes less than 10 minutes to extract one block. This is only an average timeframe set as a goal for miners.
The fastest type of mining
How long does it take to mine one Bitcoin block without powerful AISC chips? More than eternity. You can use your equipment for decades without mining a single block. In addition, it will never be very disadvantageous in terms of the cost of electricity. Those who are interested in how much time it takes to mine Bitcoins with GTX 1080 may also be disappointed, since the GPU mining did not bring profit for many years if you do not manage a large farm with a lot of mining drilling rigs.
If you want to mine effectively, you must join any mining pool of your choice. An obvious disadvantage is that you have to share the reward for solving a complex mathematical problem with other members of the pool (the more computing power you bring, the more reward you receive). In the mining pool, you will need to contribute about four percent of the total computing power that is required to mine a block in order to earn one BTC. How long does bitcoin mining take in the pool? There is no clear answer to this question, because the exact duration depends on which pool you choose and what equipment you use. Here is a table that shows popular mining pools and their fees.
Of course, you can also do mining alone, but for this you need first-class mining equipment. For example, Antminer S9 will cost you $ 2,100. How long does bitcoin mining take with ASIC? Given that this miner has a hash rate of about 13.0TH / s, you will be able to mine 0.02 BTC per month (167.28 USD). Consequently, it will take about 50 months to mine one Bitcoin with one of the most advanced mining chips on the market, but these are very vague predictions, if we take into account the constantly growing complexity of mining.
The cost of mining one bitcoin
Once we figured out how much time it takes to actually mine one bitcoin, let's find out how much mining a BTC actually costs. In fact, the price of production is fundamentally different from country to country due to different tariffs for electricity. For example, mining one bitcoin in Venezuela will cost you $ 531 (The cheapest electricity in this country). At the same time, South Korea, a thriving crypto hub, is considered the most expensive country for mining bitcoins, where one BTC will cost more than $ 26,000.
In the US, the average price of mining varies from $ 4,000 to $ 6,000 (depending on the state), but the cost will obviously increase due to the ever-increasing complexity of mining.
