Bitcoin’s price was at the peak back in December 2017 and since then it took the world over, making many investors suddenly interested in crypto mining. The majority of investors wanted to participate in crypto mining and wanted to adopt it as a potential source of earning income. In this article, we will let you know how long does it take to mine a Bitcoin.
As Bitcoin grew popular among the investors, its mining got extremely competitive. In case you are a newbie and want to invest in Bitcoins then you might have already missed the chance because mining a Bitcoin has become quite expensive now.
How Long Does It Take to Mine a Bitcoin?
Back in 2011, Bitcoin had an extremely low difficulty rate and could be easily mined using an ordinary PC but now you have to use specifically designed ASIC chips to mine a Bitcoin. Before we explain how long does it take to mine a Bitcoin, let us first explain what a hash rate is.
What is A Hash Rate?
Before getting on to know how long it takes to mine a Bitcoin block, we need to understand what Bitcoin’s hash rate is all about. Basically, a hash is a mathematical puzzle – a cryptographic puzzle that miners have to solve. The earlier a miner solves the puzzle, the better chance he/she will have to earn the reward.
Thus, the hash rate measures the speed at which a specific computing machine operates and solves the complex mathematical puzzles. Due to the monopoly of large mining farms, the cumulative hashing rate of Bitcoin keeps getting increased every single day.
Bitcoin’s Mining Difficulty
Reportedly, Bitcoin’s hash rate skyrocketed by over five exahash over the period of two weeks back in June 2018. On the other hand, it took the entire network more than eight tears to get a similar breakthrough. The abrupt increase in the mining difficulty doesn’t necessarily mean that a lot of miners have joined the mining industry in huge crowds and created a greater competition for others. In fact, it rather means that the ASIC chips used for Bitcoin mining have become more advanced.
The same phenomenon took place during the shift from CPU mining to GPU mining, allowing ASIC manufacturers to establish a monopoly. Some of the most popular ASIC hardware manufacturers are Bitmain, Avalon, Halong, and Pangolin.
Over the last few months, Bitcoin’s mining difficulty has increased and now it has become difficult to mine a BTC.
The Mining Speed
If we speak of the new BTC, then we come to find out that they can be mined almost every ten minutes. However, to mine a BTC, you have to actually earn a part of the block reward by contributing your hashing power to the network that is necessary for solving a block. Currently, the block reward is set at 12.5 BTC.
Let us add here that the actual block time cannot be determined. Sometimes it takes less than ten minutes to mine a single block of BTC. This can be termed as an average timeframe that has been set as a target for the miners.
The Fastest Type of Mining
Mining a block of Bitcoin alone without using any powerful ASIC chips would take an eternity. You may continue running your hardware for years and years without mining a single block of BTC. Moreover, if we talk in terms of power-cost, it will never be unprofitable. Those who want to mine BTC with GTX 1080 may be disappointed since GPU mining hasn’t come across as money-spinning for years unless you are operating a large farm with abundant mining rigs.
In order to mine effectively, you need to join any mining pool of your choice. The only downside of participating in a mining pool is that you would have to split your reward for solving the hash rate with other pool members. When you are in a mining pool, you are required to contribute about four percent of the cumulative processing power. This share is needed to mine a block in order to earn one BTC. Now, our question is, how long does it take to mine a BTC in a mining pool? Well, to be honest, there is no definite answer to this question because the exact duration of mining depends on what kind of mining pool you have chosen and what equipment you have set to use. Different mining pools have different fees.
You do have an option of engaging yourself in a solo mining pool but for that, you require top-notch mining hardware. When you are using an ASIC hardware to mine a Bitcoin, then you will be able to mine 0.02 BTC per month (167.28 USD), considered this miner has a hashing rate of about 13.OTH/s. Thus, it would take you around 50 months to mine a single BTC with the most advanced mining chips available in the market. Having said that, this is quite an unclear predictable if you take into consideration the constant increase in the Bitcoin mining difficulty.