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How Long Does It Take To Mine 1 Bitcoin?

Mon Dec 28 2020 09:02
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Bitcoin mining is a long and complicated process. You may have heard such kinds of myths, right? If this myth is right anywhere, then how long is the process to mine 1 bitcoin? And how complicated is it? One who believes in myths related to cryptocurrency mining and trading, may not have answers. 

But the one who mines and trades cryptocurrencies practically will know everything. That is why we are here with complete information about bitcoin trading and mining. Today in this post we will talk about the factors that make it complicated and a long process to mine 1 bitcoin.  

First of all, you have to consider it seriously that bitcoin mining is a professional task. If you think that you can do it without resources, then it might be complicated. 

You will need specific computers, software, electricity, computer algorithms, and much more to mine 1 bitcoin timely. But what amount of energy and time you will need for your first mined or traded bitcoin?  

Know This Before You Mine 1 Bitcoin For First Time 

The Crypto market is based on blockchain technology. Blockchain and cryptography work upon computer algorithms. That is why it seems alien to many people related to traditional currency trading, stock trading, or forex trading. 

But cryptocurrency-market is a little bit different. Cryptocurrency wallets are different from online wallets like Paypal or your bank account.  

Digital money is not backed by any central-banks like a fiat currency. Digital currencies are anonymous and a central-bank never regulates them. It is based on fintech or financial technologies. 

So we will tell you everything from bitcoin foundation day mining to cloud mining. And we will try to find out the time required to mine 1 bitcoin. So the first thing that you need to know is how bitcoins are mined.  

How Bitcoins Are Mined? 

Every decentralized digital currency is mined in the form of digital coins or blocks. Then transactions of buying or selling go on a bitcoin exchange or other exchange platform. 

Other currencies like bitcoin are also mined and traded in the same way. Ethereum and other altcoins are also mined and then traded.  

Bitcoins are mined by solving cryptographic complex puzzles. To solve these puzzles bitcoin miners use particular software, computers, and a continuous supply of electricity. 

Satoshi Nakamoto who is claimed as the founder of this virtual currency with anonymity also mined it similarly. Bitcoin price is fixed by many factors from mining costs to environmental factors. 

Time Required To Mine 1 Bitcoin 

Knowing only the time required to mine 1 bitcoin is not enough. You have to know the bitcoin core factors. Many other factors are important than just time. 

But to give you an idea let's find out how much time you need to store a coin bitcoin wallet. An altcoin may take a different time than a bitcoin.  

Average Time Is 10 Minutes 

Bitcoin news will say that you need to spend 10 minutes to get a single coin in your bitcoin ATM. But actually, mining bitcoins is a long process. 10 minutes is just an average time to have an idea about bitcoin network mining.  

It can take a lot more time to mine a single bitcoin which depends upon computers, electricity supply, software, and competition. That is why the bitcoin exchange rate is so much higher when compared with the USD. 

The value of bitcoin is increasing because more bitcoins are mined and come into circulation every day. 

But Why Does Time Varies For Every Bitcoin Miner? 

Cryptocurrency trading is always more complex than any other centralized market with high market volatility. Sometimes it takes a day to mine 1 bitcoin. 

While some other bitcoin miners will take only a few minutes. So it depends upon blocks mined and other factors such as power consumption, computers, etc.  

How Many Bitcoins Can Be Mined In A Day? 

Virtual money mining is profitable for traders and miners. But how many bitcoins can one trade in a day? It depends upon all the factors. But if we consider the average time which is 10 minutes, then we can calculate it. If we mine a block in 10 minutes, then 144 blocks can be mined and added to a cryptocurrency wallet.  

Computing Power Also Define Things 

The whole bitcoin protocol is based upon computations. So computing power also defines how much time is required to mine 1 bitcoin. A big bitcoin mining farm can have more computing power than some startups. 

The computing power is based on hashes. Don't you know how these computations or hash function? Read them below. 

Understand The Hashes Or Sums 

Virtual currencies are mined simply by solving puzzles or sums. These sums are known as hashes. There are billions of hashes in the world to be solved to generate more bitcoins. 

If you ask how long does it take to mine 1 bitcoin? Then it depends upon the number of solved hashes per second by a miner. There are many open-source platforms to tell you more about hashes terminology.  

You don't have to know them when you buy bitcoins. But when you are mining any coin like bitcoin for the coin market. Then you need to know these hashes. Trillion hashes per second are known as Terahash. 

A Quadrillion hashes per second means Petahash. And a quintillion hashes per second is called Exahash.  

Bitcoin Mining Computers Also Make Difference 

A centralized exchange or trading platform never sees the difference between computers used. But decentralization related markets always see the difference. 

There are some Application-Specific Integrated Circuit (ASIC) computers used for mining. The more infrastructural powers these computers have, the more profitability will be.  

Electricity Required To Mine 1 Bitcoin 

Electricity supply also defines how much time is required to mine 1 bitcoin. There are different methods used to calculate electricity consumption. 

It requires too much electricity to mine this untraceable currency. To add more virtual cash to your bitcoin wallets you need to know how much electricity is consumed in mining. 

Global Energy Consumption 

It is said that bitcoin mining is responsible for almost 1% of global energy consumption. One percentile of all the global energy consumption is just used by the bitcoin miners. Energy and national resources had submitted a written report mentioning this fact in front of the US senate committee in 2018. 

Electricity Requirement For Hashes 

But the thing that we need to know is the electricity required to mine 1 bitcoin. What do you think? How much energy will you need? Let's understand it with the help of hashes. Because hashes are the building blocks of bitcoin mining. 

Solving one Gigahashes per second will require almost one watt. While one Terahash per second will require one-kilowatt energy. Similarly, one Petahash per second will require one megawatt and one Exahash will require one Gigawatt.  

Summary - Time required to mine 1 bitcoin 

Time is not the only important factor that you have to consider while you are mining bitcoins. You may need time, computation power, electricity when you mine 1 bitcoin. So knowing the volume of all the resources is important for all cryptocurrency miners. 

All of the information sources on the web will tell you the average time, energy, and other resources required to mine 1 bitcoin. But the actual requirements are also important to know.  
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