- October 27, 2022
What if you could become part of one of the most profitable movements in the world?
Bitcoin has become an increasingly popular way of earning money. Last year, Bitcoin mining revenue grew by $71 million compared to the year before!
The profitability of cryptocurrency leads many people to think about mining for Bitcoin. However, many who are interested hesitate because they need to know how long all of this can take.
For example, how long does it take to mine 1 Bitcoin? Keep reading to discover the answer and learn more about how you can begin mining for crypto!
How Long Does It Take To Mine 1 Bitcoin?
It is technically impossible to mine for a single Bitcoin. So Crypto miners have to mine for blocks instead. For this reason, answering “how long does it take to mine 1 Bitcoin” can be difficult. The amount of crypto contained in a single block has changed over time. For instance, miners in 2009 could earn 50 Bitcoin from a block, but modern miners only earn 6.25 per block.
This fact is actually by design, and the amount of Bitcoin per block (known as the block subsidy) cuts in half every four years. For many miners, this creates a sense of urgency: with blocks becoming less profitable over time, there is no better time than “now” to start mining!
How Long Does It take To Mine One Block?
It only takes 10 minutes to mine a single Bitcoin block. However, the nature of Bitcoin mining means it will likely take much longer before you mine a complete Bitcoin.
Many have noted that Bitcoin mining is closer to gambling than actual mining. While one block of new Bitcoin gets mined every 10 minutes, there is no guarantee that you will get it. Thus, miners keep on mining in hopes of winning this virtual lottery and getting rewarded with Bitcoin.
Therefore, how long it takes to mine, a single Bitcoin has more than one answer. The first would be about one minute and 36 seconds (a number we get by dividing the amount of Bitcoin in a block by how long it takes to mine that block).
If we’re being honest, the second answer is “it depends.” And our guide will take a closer look at the different factors affecting that answer.
The Need For Mining Pools
Remember when we compared mining a block to winning the lottery? In real life, people improve their odds of winning by joining lottery pools. And when it comes to crypto, you can improve your odds by joining a mining pool.
Mining pools are all about combining computing power and then distributing awards to the collective members. Generally, people who contribute more computing power receive more of the reward.
This approach has the same pros and cons as traditional lottery pools. For example, your rewards will be far less than you would get if you mined the Bitcoin block all on your own. At the same time, you are far likelier to win something via a pool, and many prefer this to taking the gamble all on their own.
Bitcoin Mining Complications
To the layperson, crypto mining often sounds confusing and mysterious. And even for veteran miners, it can take time to understand what affects their mining efforts.
For the most part, your mining efforts may be complicated by the hash rate, the difficulty adjustment, and the Bitcoin price. But how do these factors complicate Bitcoin mining? Let’s take a closer look at each to gain a better understanding.
Arguably, the most significant factor affecting mining Bitcoin is the hash rate. The Hash rate matters because you will gain more revenue in a shorter period if you have a greater hash rate dedicated to mining.
This truth leads people to join mining pools. When everybody “pools” their efforts, they have a higher hash rate and can get more done in a shorter amount of time.
Those who engage in solo Bitcoin mining often have special technical rigs dedicated to the operation. So, for example, someone with an ASICS computer (or, better yet, more than one) will have a better hash rate and a more effortless mining experience than somebody just using their desktop computer.
Remember when we said that one new block gets mined every 10 minutes? The reason for this is the Bitcoin difficulty adjustment.
The difficulty adjustment helps to keep miners or mining pools from gaming the system. In addition, thanks to the difficulty adjustment, your mining efforts are limited to how much of the network’s overall hash rate you use.
For example, let’s say you join a mining pool, and that pool has 10% of the network’s hash rate. That means the pool can earn 10% of the blocks in that network.
Over time, individual miners or mining pools can track how long it takes to mine a block. This data helps estimate how much revenue miners can earn in the coming months.
Current Bitcoin Price
By now, you probably understand that the significant downside of Bitcoin is its volatility. The value of Bitcoin can fluctuate significantly throughout the year. And these value fluctuations affect mining operations.
For example, if Bitcoin’s value goes down, many will stop mining because they think it is no longer profitable enough. So, if miners back out, it makes things easier for the remaining miners because, without the departing miner’s hash rate, mining becomes easier for everyone else.
However, that works in reverse as well. When Bitcoin shoots up in value and many more people begin mining, the difficulty for existing miners is much more incredible. Put it all together; it can take time to predict precisely how much you will earn in a given year, even with the help of a good Bitcoin mining calculator.
Get Your Bitcoin On The Go!
Now you have your answer to: “How long does it take to mine 1 Bitcoin?” But do you know where you should store your crypto once you begin mining, buying, and selling?
Here at ByteFederal, we created a unique wallet for your digital needs. So, to keep your crypto safe and secure, download ByteWallet today!