How long does it take to mine 1 Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies?
Transactions on the Bitcoin network get confirmed by computers that rival to solve cryptographic puzzles. This process is called mining alike the expression of gold miners that digging the ground because whoever solves the problem gets a reward. To explain bitcoin mining think about it like playing in Minecraft: you have to get rid of blocks of data by solving math equations. The faster you do the better. The problem is that today mining became an extremely competitive industry, that individuals have very little chance of doing well in it. To acquire some of those sweat rewards people are willing to invest a lot to get machinery and expertise. If that’s you, here are some places to go for it. All the places you’d go to learn about Bitcoin also have areas where people talk specifically about mining, and a good place to find them all is on bitcoin.org. Just go to Resources, and click Community, then go to the Forums. For example, here’s the mining forum on bitcointalk.org. As usual, the knowledge and intelligence levels vary tremendously, so don’t take anything as absolute truth. There are also some good calculators for miners.
One important thing to note for each piece of hardware is the hash rate. It’s measured in gigahashes per second. A gigahash is a billion calculations that the computer runs through for every second, and in this case, it runs through about 336 million calculations per second. One thing that that makes absolutely clear, is that an ordinary computer, like the one on your desk, has virtually no chance of competing. If you just use the CPU or central processing unit you’d be lucky to get about one tenth of a gigahash per second. Some of the mining hardware available today gets thousands of gigahashes per second. Even specialized graphics processors, which are especially good at math can’t compete against mining chips. The help came from hardware developers, who created specialized products called Application Specific Integrated Circuits. What it basically does is utilizing much more hashing power from graphic cards per 1 hour. Modern ASIC miner is a computer, dedicated specifically for mining be there are three main hardware suppliers for Bitcoin mining on the market:
Bitmain (https://www.bitmain.com/) – Chinese manufacturer that produces the line of Antminer models of Bitcoin miners. Founded in 2013 in Beijing, today Bitmain is staying among the world’s most known Bitcoin brands.
Spondoolies Tech – The company produced user-friendly Bitcoin devices – “just plug in and mine”. Unfortunately, Spondoolies has ceased operations.
Canaan Creative (https://canaan.io) – another Chinese manufacturer from Beijing that produce the second most efficient Bitcoin miner on the market – Avalon6. In 2017 Canaan announced Series A investment round of a $43 million to become market leader and get involved in artificial intelligence technology. bitcoins, and consisting its own processors, memory and other blocks.
Yes, you can’t mine a bitcoin per day. The cryptocurrency market today is way more competitive that it was back in the days. But still even in 2018 mining can be profitable. Many small and big miners are contribute their power to a pool, which does the actual job, and then reward miners with a profit. How long does it take to mine 1 bitcoin will be depend on various factors. For example, Bitcoin difficulty rate, which is constantly increasing and requires more computing power, Power efficiency and Capacity of the ASIC miner. You can expect to mine around 0.1 – 0.4 BTC per 1 month with 1 ASIC miner, which is yet a great hassle free profit.
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.
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.
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 hash rate 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.
