With the supply limit of 21 million BTC approaching, how long does it take for a Bitcoin to mine?
Bitcoin mining remains one of the most popular cryptocurrency initiatives for those seeking profits, along with Ethereum mining and Ethereum staking. Miners continue to buy mining platforms and use electricity to mine Bitcoins, garnering criticism for their environmental impact.
If you’re looking to join the mining game, or you’re just curious, here’s a brief look at Bitcoin mining.
How long does it take to mine 1 Bitcoin?
You can’t mine just 1 Bitcoin, instead crypto miners will mine a block, with the reward set at 6.25 BTC per block.
Each Bitcoin block takes 10 minutes to mine. This means that, in theory, it will only take 10 minutes to extract 1 BTC (as part of the 6.25 BTC reward).
However, before you go and choose your Lamborghini, it is important to know that for every block, there are thousands of bitcoin miners each competing for the reward.
When there are more miners in the network, the difficulty of mining increases. As a result, each block requires more computing power to be solved. This is likely to only increase, especially after Bitcoin’s hashrate has just reached its all-time high.
Due to the improbability of mining a single block on a rig, many bitcoin miners join a mining pool. Mining pools combine the collective computing power of their members and divide profits according to the proportion of power brought by each miner.
The proportion of power, or hash rate, depends on the ASIC mining configuration. To put this in context, one of the most powerful ASIC tanks – the Antminer S19 Pro – has a hash rate of 110 TH/s. This makes up only 0.0002% of the Foundry USA pool.
One last word on this, free Bitcoin mining, or Bitcoin mining on a phone, won’t work, at least not in the traditional sense of Bitcoin mining.
How much Bitcoin can you mine in a day?
With each bitcoin block taking 10 minutes to mine, 144 blocks are mined every day. This means that at the current rate after bitcoin’s last halving, 900 BTC is available via rewards every day.
Currently, Foundry USA and Poolin are the two largest Bitcoin mining pools. They are responsible for 22.57% and 13.11% of the total hash rate, respectively.
With 144 blocks mined every day, this means that Foundry USA should see a reward of around 202 BTC each day.