Duration of mining 1 BTC: factors which effect and ways to speed up the process

Understanding of the mining process, its needs and costs, the reward for this work and the competition for it: let’s take a look at this from different angles.

Btc mining explained

Btc mining is a process of searching for a 64-digit hexadecimal code which matches the block’s difficulty. This code is named with the word «Hash». Here’s what hash looks like:After finding that specific hash, the block is confirmed and verified. This action leads the founded Btc to enter the flow of cryptocurrency in the network.

This process can take a huge amount of time. The block’s difficulty fluctuations happen every 2016 blocks. It can be increased or decreased. These changes depend on the number of participating miners. It’s simple: more miners - higher difficulty.

Btc can be mined up until 2140. Halving, which was invented by Btc creator himself, decreases the reward for solving the code by 50%. It occurs every 210000 mined blocks. When the amount of Btc reaches the 21 million cap - there will be no more new Btc coins in circulation. However, Miners will still get the block reward through the transaction fees.

The reasons for Btc mining

You should understand that crypto is a new currency in relation to the traditional ones. That’s why there is no pure and clarifying answer to this question. One of the basic reasons to mine it: Btc is decentralized. It’s necessary to create several regulations to adapt the flow of coins into the overall circulation.

Mining terms

There are certain terms you need to know before diving deeper into the details. Let’s review all of them:

1. Hash. We already defined that word, but there are other possible terms. It could mean hash value. Another definition: alphanumeric string produced by the SHA-256 algorithm. Pretty much, hashing informs about a computer's capability to «guess».
2. Version. This is quite simple - the btc-mining software’s version.
3. Block header. Approximate definition: metadata which holds all valuable information about the chosen btc block.
4. Previous block hash. This is a hash value of the previous block.
5. Merkle root. That’s a hash value for separate transactions which have been recorded in the observable block.
6. Time stamp. The date of block’s creation.
7. Target. This is a 256-bit number that must be executed by the hashing.
8. Nonce. A value which is changed by miners with every new hashing attempt.

Btc mining process

Let’s return to SHA-256 to clarify what it actually means. It is an encryption method. It increases the difficulty of reading data without specific instruments. This concept reminds the way password works but creates a much bigger code to protect the data. Only proper tools can provide you with access to such data. Let’s take a look on the picture which describes the calculation SHA-256 hash value:However, even if we’ve got the right instruments, the decryption process is long enough. Mining of a single block takes 10 minutes. After this, the miner gets the reward for the process and a transaction fee which depends on the block's size.

The duration of 1 Btc mining

Nowadays, every single btc block releases 3.125 BTC in the flow. So, basically, mining of 3 BTC takes roughly 10 minutes. But we should keep in mind one important fact: you need an incredible amount of computing power to mine even one block. To have such a high rate of earnings you need to have an enormous amount of hardware. It costs a lot of money and that equipment is not gonna work forever.There is a way to increase hashrate: joining a group of miners, the so-called «mining pool», which will help to operate faster. With that kind of cooperation, people can have the rewards which depend on the individual contribution in the process. However, an operator of such a group gives such payments and he usually obligates you to pay a fee for the transaction.

Factors which have an influence on duration

Let’s review a list of factors which defines the duration of Btc mining:

1. The hardware. It needs to be endurable because of the amount of energy you use to mine. The computing was executed by CPU, but today it can’t handle the process. New hardware took the CPU's place in the mining field nowadays. So, choose wisely. It is a very important aspect of the process.
2. Solo or a mining pool. Of course, if you have the ability to mine by yourself no one forbids it. But even if you get the whole reward by yourself - it will take more time to solve the puzzle. If you decide to join a mining pool, don’t forget to check it. Community’s trust and legitimacy can help you in learning about such pools. Pay attention: the speed of the process will drastically increase, but you will have to share the profit with other members of the whole group.

In addition to the given intel, take a look at current top-10 list of pools:Difficulty. Last but not the least. The adjustable rating shows you the amount of necessary work to gain the reward. It depends on the number of miners which are in the process.

Equipment which optimises mining

The process can be optimised which will improve the result. Let’s take a search for theatre’s best seats as an example to simplify the explanation. Here’s the list of equipment:

1. CPU. Central processing unit is a meticulous searcher. It will investigate every single row by order. Despite the fact that it's a slow process, the CPU is still efficient and can get the job done.
2. GPU. Graphics processing unit is definitely a leap forward. It can provide a faster way of searching by investigating several rows at the same time. It reduces the process time dramatically.
3. ASIC. Application-specific integrated circuit is at the top of the food chain. The amount of simultaneously conducted work is much higher than the previous tools. Basically, it is designed to find that specific spot you look for. Here’s the list of the most efficient ASIC nowadays:

Btc solo mining: difficulty

To understand the difficulty of solo mining you need to know about Btc’s proof-of-work consensus protocol which creates a competition between people. Let’s take a look at this concept in action:So, imagine that you are trying to execute all by yourself while others cooperate with each other in pools. Chances of getting the reward decrease, but if you can handle the pressure - you get the whole cake, while pool’s reward will be splitted in pieces between the members.

Cost of mining 1 Btc

It strongly depends on the country you are living in. Let’s forget for a moment about the prices of the equipment itself. The overall cost is high at the start, so we need to measure all spendings in connection with the executed operations: gather the intel about used electricity to comprehend hashing power. After that we can use a bitcoin mining calculator to measure the exact reward. Here is an example of such calculator:Keep in mind that 65 % of all mining activity occurs in China because of relatively low prices of the electricity in comparison to other countries.

Q&A

Necessary time for mining 1 Btc

Nowadays, the block reward is 3.125. The necessary time to mine a single block is approximately 10 minutes. Basically, it means 1 BTC per 3,33 minutes.

The amount of Btc which are still yet to be mined

Currently it is November 2024. 1,113,650.0 BTC are left to be mined.

Accidental mining of 1 Btc

There is an incredibly low chance of mining 1 BTC accidentally. If you have weak equipment, it will be almost impossible to have such luck, but it can still happen.

Probability of mining 1 Btc per day

Of course, it is possible. However, you need over $30 million worth of equipment to do so because of the quality and amount of tools to comprehend the process with such speed.

Possibility of mobile phone Btc mining

There is a small chance to mine Btc with your phone, but that chance is miserably low. Phone’s computing power is almost nothing in comparison to special equipment such as ASIC. Imagine a Volkswagen Beetle trying to overtake a Pagani Zonda - that’s the difference in calculating power between the phone and a special mining tool.

Possibility of Btc mining with GPU

Yes, the GPU can handle this task, but it will be difficult. Don’t forget about electricity costs on such equipment. The fight against ASICs will be lost because the GPU's initial purpose is not about mining. ASIC’s computing power is incredibly high and directed straight to mine.