February 1, 2023
Bitcoin Mining

Over the 13 years of cryptocurrency history, Bitcoin Price  has grown by more than 2.2 million times (from $0.03 to $69 thousand at the peak in November 2021). Owning BTC has long been synonymous with wealth. Even 0.01 coins in the future can turn into big capital for the holder if the asset continues to grow. In 2099, the first cryptocurrency was worth almost nothing. Any user on a home computer could mine a coin. In parallel with the growth of the course, the complexity of the network increased. In 2022, powerful ASICs are needed to mine coins. In the article we will tell you how long it takes to mine 1 bitcoin. There are several ways to speed up the process

Factors affecting the mining time of 1 bitcoin

In 2022, asics, video cards, processors and hard drives are used to mine various coins. But many miners prefer bitcoin. In 2011, BTC coins were mined on the GPU. With a blockchain complexity of 14,484K, it was possible to mine 1 bitcoin in a week. But this could not continue for long.

In 2014, the profitability of video cards for Bitcoin mining decreased significantly. Earnings did not allow to recoup even electricity.

Bitcoin Mining speed depends on several factors:

  • Network complexity. The parameter determines how many times you need to iterate over the value of the hash function to find the block. The higher the value, the slower the bitcoin mining speed.
  • Equipment power. On a technique with a high hashrate, you can quickly find a block.
  • Cryptocurrency quotes. The higher the coin rate, the more miners are connected to work, and vice versa.

Network complexity

The main blockchain performance indicator determines the amount of work performed to find a block. Coins in the blockchain are mined at the same rate regardless of the total computing power of the miners. The code of each cryptocurrency has a specific block time. For bitcoin, this is 10 minutes.

Mining difficulty regulates the integrity of the blockchain. Otherwise, with the growth of the hashrate, the remaining coins will be received very quickly. The more miners in the Bitcoin network, the harder it is to mine the coin. Users are forced to constantly upgrade equipment in order to maintain profitability.

As of August 2022, 19.1 million Bitcoin coins (91%) have already been mined. Due to the growing complexity of the blockchain, the remaining 1.9 million BTC will be mined for about 120 more years.

Equipment power

The complexity of top blockchains, although changing unpredictably, tends to grow. The more complex the hash becomes, the more powerful hardware is required to decrypt it. Blockchain.com has recorded a sharp increase since 2017. Experts attribute this to the growing popularity of cryptocurrency.

In 2022, specially designed microcircuits – ASICs – are considered the most modern equipment for decrypting a cryptographic task. The more powerful the device the miner uses, the faster it will find a solution.

A valid hash is searched for by a selection method. This requires a lot of calculations. The ASIC finds the value of the hash function and checks if it is the solution to the problem. The hashrate shows how many such operations per second the device can perform. In 2022, the capacity of the Bitcoin network is 216,204 EH/s. This means that it takes 216.204 quadrillion computational operations per second to create a block.

According to Digitalcoinprice.com  in the summer of 2022, about 9 thousand assets are available on the cryptocurrency market. Despite the emergence of more functional altcoins, many users choose Bitcoin, considering the asset to be the most stable and secure. The network hashrate is constantly growing. In 2022, the rate increased by 41% (from 155 EH/s to 216 EH/s).

Every year, hacking the Bitcoin blockchain is more difficult. To do this, attackers need to gain control over 51% of the network hashrate. In this case, hackers will be able to generate blocks and influence transactions (delete or replace). However, in practice this task is almost impossible.

How long does it take to mine 1 bitcoin

To avoid the technical volatility of the exchange rate, the complexity of the network automatically adjusts to the total hashrate of the miners. This condition is fixed in the BTC code. The indicator changes every 2016 blocks, or about once every two weeks. If the total computing power of the miners grows, the algorithm makes it difficult to find the hash, if it falls, it reduces the level of encryption. The goal is to mine one block in exactly 10 minutes.

In 2022, the reward for a verified Bitcoin hash is 6.25 coins. A simple calculation shows that the mining time for 1 BTC is 1.6 minutes. To get a reward, you need to choose the right solution. More likely to find a block from a user with a high hash rate.

The current complexity of the Bitcoin blockchain is 28.13 T. The most powerful asic NuMiner NM440 has a hash rate of 440 TH / s. On such a miner, you can get 1 Bitcoin in 17 months. Asik brings 0.00199 coins per day.

To shorten the time, it is necessary to increase the capacity of the farm. Here is how to mine 1 Bitcoin faster:

  • Buy equipment. In the summer of 2022, the NuMiner NM440 costs $28,000. The less powerful Antminer S19 Pro can be purchased for $7,200.
  • Connect to the pool . The total capacity of the resource is enough to mine coins every day. In August 2022, the two largest pools (Foundry Digital and Antpool) own 37.69% of the Bitcoin blockchain hashrate .

How many video cards do you need to mine 1 BTC in 2022

ASIC performance (INNOSILICON A11 PRO) is 60 times faster than current energy efficient GPUs (GeForce GTX 1060). In 2022, bitcoin on video cards is not mined. Due to the high complexity of the blockchain, the power of the most modern models has become insufficient to pay for at least electricity. On GPUs, you can earn other coins and exchange them for BTC.

Profitability depends on the power of the video card and the complexity of the cryptocurrency network. The table shows the calculations for the profitability of GPU mining in August 2022.

On a farm of 24 Nvidia GTX 1070 Ti graphics cards, you can mine 1 Bitcoin in 3.7 years. A rig of 24 AMD Radeon VIIs will result in 12 months. The mined cryptocurrency can be converted into Bitcoin on exchanges or exchangers. Keep in mind that this is an estimate, as the complexity of the network is constantly changing. Before starting mining, you need to do your own research.

%d bloggers like this: