Mining Bitcoin comes with a couple of questions that occupy the imagination of the highest number of people who haven’t started mining but are interested in actually doing it. The question of profitability is the most important one by far. This is a concept that provided a significant amount of money to miners from all around the world. After it, we have the question of how much time do we need to mine one coin.
These were the questions that were considered important since the Bitcoin was officially introduced back in 2009. If you are interested in learning more about the whole concept of Bitcoin and how it’s produced, be sure to check out cryptoverze.com. One more thing you need to be aware of is that the concept changed in the last couple of years and we would like to discuss it in greater detail.
Mining Bitcoin is a concept where miners are taking part in providing a new layer of security to the blockchain system. For them taking a part in securing the system, they are awarded with a fraction of coin or get a whole coin in some cases. Basically, every hardware that takes this kind of action is discovering blocks. When these are found, transactions are recorded and verified.
For this action, every miner gets a reward. Maybe you have heard that the total amount of Bitcoin is limited to 21 million. After this amount is reached, the production will completely stop. Some experts predict that this will be a perfect time since the value will be much more stable than it is now. After that, there is the question of adoption that is happening right before our eyes. All of these questions can be a bit complex for the majority of people. Therefore, we’ve decided to talk about the whole process by highlighting the question, how long does it take to get a Bitcoin from mining.
How Fast Can You Mine a Bitcoin?
You should know that one coin is produced every ten minutes. As we said, the whole process works when miners provide additional security to the Bitcoin security system. At the moment, the reward for every block is around 12.5 BTC. Many people have the question of mining BTC without a highly powerful ASIC chip. When you have the hardware that is not as effective, you can spend a pretty long amount of time breaking only one block. So, you can presume that this is not an option since it is not profitable.
At the same time, we can see that there are a plethora of companies that have Bitcoin mining as their primary activity and small miners don’t really stand a chance against this machinery. However, if you want to mine BTC in a more efficient way, there is the option of joining something that’s called the Bitcoin mining pool.
Alongside other members of this pool, you are going to be able to resolve mathematical problems by providing 4% of the cumulative processing power in order to mine just one block and earn one BITcoin. The necessary amount of time for mining one coin is not exact. It heavily depends on the hardware you are using and the pool you choose to join.
Elements That Influence the Time for Mining a Block
There are a couple of factors that influence the overall time needed for mining one coin. We’ve already mentioned them earlier, but now, we are going to present them to you in greater detail.
The most important element you need to consider when calculating the time, you need for mining one coin is hardware. The power of your hardware will play a massive role in mining. So, you have an idea of what kind of hardware you need and you can presume that this will not be cheap.
Also, it should be said that CPUs are not as able to handle all the mining. As of recently, we have a whole new type of devices that do a lot of their task instead of them. With this being an energy-intensive process, your equipment needs to be durable enough to respond to all of the tasks placed before it. If you have the proper equipment, you can be sure that all of these tasks can be performed.
BTC Mining Difficulty
The next segment that you need to pay attention to is BTC mining difficulty, some people call just difficulty. This is the rate that calculates how much you get paid for a certain amount of work. More precisely, you are going to be able to learn what is the rate of block drilled for ten minutes, which is the average amount of time for the production of one coin.
We can see that a lot of miners have entered the market in the last couple of years. Therefore, its safe to say that now it requires much less time than it required some time ago. When we use today’s number, it should be said that a small miner who doesn’t have the perfect conditions and equipment will mine just one coin in about five years.
How Many BTC Can be Mined in the Future?
The third and final element is the future of Bitcoin. As of June 2020, there are around 2.852 million coins to be produced by the system. On average, 1,800 coins are produced each day. We’ve already mentioned that the plan is for BTC to have 21 million coins and that’s when the production will stop.
Today, we can see that there are 18,148,000 BTC. For every block that has been mined, 12.5 BTC is produced. If the protocol stays the same in the future, we can expect that the last BTC will be mined far in the future, more precisely 2140. This fact provides us with information that the mining will be able for the next hundred and twenty years.
The whole concept of digital currencies exploded back in 2009 and the introduction of Bitcoin. At the same time, its popularity increased along with its worth. Without a doubt, this will lead to some changes in the future, and what are they going to exactly remain to be seen.