Bitcoin has been around since 2009, but it wasn’t until 2017 that it started to take off. As the price of Bitcoin continues to fluctuate and more people become interested in mining it, the constant question often arises. How long does it take to mine one Bitcoin?
The answer, unfortunately, is not a simple one. BTC mining is no longer what it used to be early on when you could use your home computer to mine Bitcoin. Nowadays, BTC mining is a bit more complicated and requires specialized mining rigs that often come with a hefty price tag.
On top of the expensive mining rigs, you also need to factor in the cost of electricity to power your rig. Bitcoin mining is a very energy-intensive process and has been criticized for its large carbon footprint.
Regardless, Bitcoin mining is still a popular venture for profit seekers. While it isn’t as prominent as it was a few years ago, many people are still mining BTC.
An Overview Of Bitcoin Mining Software
Bitcoin mining software is how you mine Bitcoin. It does this by tracking and securing blockchain transactions, enabling users to earn bitcoins instead of paying them with fiat currency.
Bitcoin mining software can only be used by powerful and specialized hardware capable of running complex calculations necessary for securing and creating new blocks.
The software connects with your rig to start mining bitcoins directly or through a pool where multiple users work together to mine bitcoin.
How Long Does It Take To Mine One Bitcoin?
Nowadays, it takes about ten minutes to mine a block, which is worth 6.25 Bitcoins. The previous rate was 12.5 BTC per block before the halving event in May 2020. It is expected to halve again in 2024.
Since mining is about blocks, you can no longer mine one Bitcoin. So you either win the block reward and get a block’s worth of Bitcoin, or you get nothing. Unfortunately, the latter is what happens 99.9% of the time when you’re mining BTC.
How To Get The Most Chances Of Mining A Bitcoin
You can increase your chances of mining a Bitcoin by joining forces with others in a pool. This is where multiple miners work together to find a block and then split the rewards based on their contribution.
In a pool, your chances of finding a Bitcoin are directly proportional to the amount of hashing power you contribute. Solo mining can still be done; however, your chances are very low due to several factors such as hash rate, network difficulty, and competition.
Is Bitcoin Mining Free?
Bitcoin mining software is available for free. However, the hardware, electricity, and other associated costs can quickly add up. A specialized mining rig alone can set you back around $10,000.
The rig and other mining equipment also tend to be very power-hungry, especially since it will run 24/7. As a result, the electricity costs can often outweigh the rewards you earn from mining Bitcoin.
The State Of BTC Mining
If you’re planning to mine Bitcoins solo, you could potentially spend about $73,000 to process one monthly Bitcoin. It’s safe to say solo mining is currently extinct, and only those with very deep pockets can afford to do it.
Nowadays, miners are now joining a pool, where costs are spread out over a larger group. This is often seen as the more efficient and cost-effective option for those looking to mine Bitcoin.
The downside, however, is that each miner will only earn a fraction for every mined Bitcoin. It also depends on how much hashing power you contribute to the pool.
There are downsides to both options, with the latter having a slight edge; thus, it is the more prevalent option in today’s trend.
If you’re planning to enter BTC mining in 2022, your best bet would be to join a pool. Unfortunately, the cost of mining hardware and electricity will likely increase, while the rewards you earn for each mined block will decrease.