With the BTC supply cap fast approaching 21 million, most people wonder how long it takes to mine one bitcoin.
Bitcoin and Ethereum mining and staking are among the most popular cryptocurrency assets for individuals looking to earn. Despite the environmental concerns, miners continue to purchase mining equipment and utilise electricity to mine Bitcoin.
If you want to go into mining or are simply curious, here’s a primer on Bitcoin mining.
How Long Will It Take You to Mine One Bitcoin?
A cryptocurrency miner can’t mine one bitcoin. Instead, bitcoins are mined in blocks, with the reward capped at 6.25 BTC per block.
It takes ten minutes to mine a Bitcoin block. Theoretically, this implies that mining 1 BTC should take only ten minutes.
But, before deciding to go out and spend your coins on things like a Lamborghini, keep in mind that each block has a zillion bitcoin miners contending for the prize.
The hardship in mining increases as the number of miners in the system grows. As a result, solving each block demands more computing resources. This is only expected to rise, especially now that the Bitcoin hash rate has reached its highest.
Because mining a single block on a single rig is unlikely, many bitcoin miners join a mining pool. A mining pool combines its members’ computer power and shares the rewards depending on how much mining power each miner contributes.
Your ASIC mining system determines the amount of power or hash rate. To put this in perspective, the Ant-miner S19 Pro, a leading ASIC rig, has a hash rate of 110 TH/s. This accounts for only 0.0003% of the Foundry pool.
How Much Can Bitcoin Be Mined in one Day?
Every bitcoin block takes ten minutes to mine; therefore, 144 blocks are mined daily. This indicates that about 900 bitcoins are accessible in prizes every day at the present rate due to the recent bitcoin halving.
Today, AntPool and Foundry USA are the two leading cryptocurrency pools. They account for 15.9% and 15.4% of the entire hash rate.
With 144 blocks produced daily, Foundry USA receives a daily reward of around 138 BTC.
