Bitcoin is a blockchain network that uses a payment unit of the same name. The system is decentralized and has no administrator. Digital public ledger technology is applied instead of the usual hierarchy. This technology involves storing data on all transactions, not on one server but on different computers connected to the blockchain.
The world first learned about Bitcoins on October 31, 2008, when Satoshi Nakamoto published an official document describing the principle of cryptocurrency. The coin has become widespread due to its unique features. These include anonymity, independence, and a limited number.
Despite the attractiveness of many other cryptocurrencies, in particular ETH, ETN, DASH, etc., and the desire of traders to profitably exchange ETH to EOS, DASH to LTC, DOGE to TRX, etc. Bitcoin does not lose its leading position today; therefore, its mining remains relevant. Find out in this review how long it takes to mine 1 Bitcoin and how laborious it is.
What Is Mining?
Mining is usually considered the process of extracting new crypto units by choosing a certain value that satisfies pre-agreed conditions. It is important that mining creates new Bitcoin units and does not redistribute old ones. Thus, miners are constantly increasing the number of existing BTC coins. But this process cannot last forever since the network’s creators initially set a limit on the maximum number of coins – 21 million. To date, 19 million Bitcoins have already been mined. But according to forecasts, the mining process will be completed no earlier than 2040.
Unlike Bitcoin, there is no limit to how much ETH can be mined over time. However, the annual supply of Ethereum is limited to 18,000,000. This is important to consider if you invest in Ethereum or exchange ETH to ETN or any other cryptocurrency.
Is It Possible to Mine Bitcoin on Your Own?
1 block is mined every 10 minutes. Taking into account that there are a lot of miners in the world, the questions arise “How to define the author of a new block?” and “Who receives a reward?”. Everything is very simple. Lucky is the one who first finds the correct value by sorting through similar values. Thus, a user with faster hardware is more likely to find a block.
The speed of sorting out answer options in mining is usually called hash rate. It is measured in hashes per second. If you want to mine Bitcoin coins, you need to have a hash rate greater than 50% of the hash rate of the entire network. It is very difficult and often even unrealistic. But an effective solution is to combine devices into pools and sort through the answers consistently. When the pool first finds the block, the reward is distributed among all participants in accordance with the power they submitted.
How Much Time Is Spent Mining Bitcoins?
It is difficult to determine how long it takes to mine 1 BTC unambiguously. It depends on a number of factors. First of all, on the computing power of mining equipment. If you use standard mining equipment (processors or video cards), the mining process can take months and even years. This is due to the fact that the power of such equipment fluctuates on average within a few tens of TH/s.
For faster and more efficient mining, you need modern special equipment – ASIC integrated circuits. One of the most powerful and affordable is the Bitmain Antminer S19 Pro. It allows mining 0.0011 BTC per day. With four such ASICs, it is possible to make a profit of 1.159731 Bitcoin per year.
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