For example, if you have a Bitmain Antminer S19 Pro, it'll take you 1,133.5 days to get 1 Bitcoin under current Bitcoin mining . More commonly and . Nonetheless, the consistent factor that determines how long it takes to mine 1 BTC is the hashing difficulty algorithm. To achieve this you need: To be the only miner in the entire network. This means that with some setup, electricity, and manpower, processing a single bitcoin could take $73,000 . In order to ensure the smooth functioning of the blockchain and its ability to process and verify transactions, the Bitcoin network aims to have one block produced every 10 minutes or so. 1. A large setup of approximately 30-days is required to mine a single bitcoin. Despite the number of people actively mining bitcoin, the bitcoin software allocates only ten minutes to solve a puzzle. One also needs to consider hardware, software and electricity costs - if one works hard to mine 1 bitcoin every month, he or she will only be left with around 0.1 BTC of profit. For many individuals, the costs will greatly exceed $50,000, making it unprofitable to mine. So there's not a way to mine just 1 Bitcoin. Understanding Bitcoin Mining. Answer (1 of 14): You can't really mine with a typical home PC. I'm saying that because you can't even connect to most pools a. To add on, it takes a large setup nearly 30 days to mine a bitcoin or 1 BTC. However, much of it will be useful no matter what ASIC miner you decide to use. How long to mine 1 Bitcoin - Conclusion. This setup is not economical. To achieve a whole block (12,5 BTC) with solo mining in a month you're going to need about 3000 TH/s. Bitcoin (BTC) uses the Proof of Work (PoW) consensus algorithm as the basis of its security. Regardless of the number of miners, it still takes 10 minutes to mine one Bitcoin. It takes approximately 10 minutes to mine one new Bitcoin block. Answer (1 of 13): It takes around 10 minutes to mine one Bitcoin with optimum hardware and software, which isn't always inexpensive and only a few individuals can afford. Gather a huge amount of power - equal to the currency complexity of the Bitcoin network. This means that like many other cryptocurrencies, a network of cryptocurrency miners is used to discover blocks and add pending transactions to them, to render them irreversible.. More commonly and reasonably, most users can mine a Bitcoin in 30 days. 1 Bitmain AntMiner S9 model costs around $300 so the total investment would be around $6600. Mining Bitcoins is an "all or nothing" affair miners receive either 6.25 BTC in 10 minutes or 0. It takes around 10 minutes to mine just one Bitcoin, though this is with ideal hardware and software, which isn't always affordable and only a few users can boast the luxury of. Find the power draw of your ASIC. Total hashrate: 14Million TH/s divided by 6*24*365/12 = 4380 blocks a . The software scales the difficulty of the puzzle and compares it to the number of . These components include hardware efficiency, the way and the costs of mining, hash rate and mining difficulty. So the answer to the question "how long will it take you to mine 1 Bitcoin" depends on many variables, including your mining equipment's computing power. At 600 seconds (10 minutes), all else being equal it will take 72,000 GW . Indeed, the speed of mining depends on plenty of factors. In fact, getting nothing is what happens 99.99999% of the time when you're a miner. Afterwards, the network generates a new puzzle, and the process begins again. The price of Bitcoin is expected to rise in the future and so the demand. It is designed in a way that ensures it self-adjusts to yield a block verification time of 10 minutes. There are more than ~1 million . This means that, if the price of bitcoin is at $50,000, the price of mining one bitcoin will tend towards $50,000. Despite the huge number of miners, mining a Bitcoin requires only 10 minutes. It used to be 12.5 BTC until May 2020 when there was the halving and the block reward was cut in half. Therefore, in an ideal situation, it takes around 10 minutes to mine BTC. You either win the block reward and receive 6.25 Bitcoin or you get nothing. The following guide is specific on how to mine Bitcoin with the Antminer S9 unit on the Antpool. However, most mining conditions and environments . If all other variables are kept constant, it takes 10 minutes and the power of 72,000 GW (or 72 Terawatts) to mine a single Bitcoin. It takes around 10 minutes to mine just one Bitcoin, though this is with ideal hardware and software, which isn't always affordable and only a few users can boast the luxury of. The current and future size of transaction commissions. The first miner who solves the puzzle gets the bitcoin reward. On the other hand, you would need about 130 Bitmain AntMiner S9 (14TH) models to mine 1 BTC in 60 days. Theoretically, new blocks of Bitcoin can be mined every 10 minutes, therefore, having sufficient power, you can mine 6.25 Bitcoins during this period of time. A consistent factor that affects how long it takes to mine one Bitcoin is what is referred to as the network's hashing difficulty algorithm, which is designed to self-adjust in order to maintain a consistent 10-minute block verification time. Due to Bitcoin's difficulty adjustment, the marginal cost of mining one bitcoin will forever approach the value of one bitcoin. The block discovery process, which takes approximately 10 minutes per block, also results in the minting of a fixed number . If buying 130 AntMiner S9 models is not an option, it takes 22 Bitmain AntMiner S9 models 360 days to mine 1 Bitcoin. I'm not just saying that because electricity costs way more than you can possibly mine, or because you make so little that it's years before you earn a few pennies worth. To mine Bitcoin you need Application Specific Integrated Circuit (ASIC) equipment that has been made just for mining bitcoin. Mining is a complex process with various components that have to be evaluated. After getting rid of the costs, including costs of electricity, and hardware and software, 0.5 bitcoin of profit remains each month. Bitcoin is composed of an extensive network of multiple users who are trying to mine bitcoins at one time. The manufacturer should detail exactly how to do this in their user manual or on their website.