Published: May 17, 2022
Bitcoin is one of the most popular cryptocurrencies in the world. And with more and more companies and countries accepting crypto as payment, it’s time that you learn more about it. To begin with, do you know how much time you will need to spend on mining?
We’ll give you the answer here and more, so keep reading!
How Long Does It Take To Mine 1 Bitcoin?
(Source: Investopedia, SMU Scholar.)
It takes 10 minutes to mine one block of Bitcoin. According to statistics, you can’t mine only one bitcoin since they’re sorted in blocks. One block currently has 6.25 bitcoin, which means that if we do the math, you need 1.6 minutes to mine one bitcoin.
However, keep in mind that this is not the exact duration of the mining process for one BTC since its speed depends on many factors, such as the device you’re using, computation power, and competition. While this is the case, don’t forget that the number of bitcoins is limited.
More Stats and Facts On Mining Bitcoin
If you are curious about mining bitcoin, keep reading because we will answer all of your burning questions, like how much it costs to mine one bitcoin and what setup you need to invest in before getting started!
How Much Does It Cost To Mine 1 Bitcoin?
(Source: Miner Daily)
A study shows that the average cost of mining 1 bitcoin is between $7,000–$11,000. While there has been a recent drop in BTC price, it’s still worth mining it even with this much cost.
What Do I Need To Mine 1 Bitcoin A Day?
(Source: SMU Scholar / Bit2me Academy)
First, you’ll need a mining pool, i.e., a group of miners, so mining isn’t as time-consuming as it would be if you were mining alone. Mining 1 bitcoin a month alone would be hard, let alone a day.
Next, you need a mining rig. A mining rig is an arrangement of hardware made to perform crypto mining. There are different types: CPU, GPU, ASIC, and FPGA. With new technologies, some of these arrangements have become less than effective.
To learn more about everything you’ll need for mining, read our guide on How to Mine Cryptocurrencies.
A proper mining setup can cost up to $15,000.
(Source: Dmer Haryana)
However, this is not all you’ll spend on if you plan to start mining! As previously mentioned, electricity bills will add up if your setup is turned on 24/7. On top of this, you’ll need to pay a fee to join a mining pool.
So, the current cost of mining 1 bitcoin may still add up!
You can’t do a lot of mining on your regular PC.
(Source: Brave New Coin)
In the past, mining from your at-home laptop or computer was possible. But, with the development of new setups specific for mining, such as the ASIC mining rigs, this has become difficult. ASIC is created explicitly for the sole purpose of bitcoin mining.
Of the many cryptocurrencies around the world, there are others, besides bitcoin, that you can mine from your laptop or PC.
Now that we let you in on the cost of mining 1 bitcoin and the setup you may need to invest in, you are almost ready to jump into the adventure that crypto mining is. After all, some people consider cryptocurrencies to be the future, so let’s start before it’s too late!