How long does it take to mine 1 bitcoin?
Considering that one bitcoin block in the blockchain of the first cryptocurrency is calculated in 10 minutes, and the reward for miners is 6.5 BTC per block, it can be calculated that one bitcoin as a result of the actions of all miners combined is mined in an average of 1.5 minutes.
The time required to mine bitcoins directly depends on the power of the mining rig used for this. The higher the hashrate of the equipment, the more bitcoins it will produce per unit of time. Also it depends on bitcoin network difficulty.
Bitcoin mining performance
Let’s take as an example one of the most productive video cards for mining NVIDIA GeForce RTX 3090 (hash rate: 121MH/s, power: 350W, cost: $1,799).
According to a bitcoin mining calculator that calculates bitcoin mining performance, the most productive video card with mining rig will not be able to mine even 1 satoshi per day. With an electricity rate of $0.06 per kilowatt hour and a current price of bitcoin of $29,600, running this video card would generate a loss of $0.50 per day.
The power of video cards or mining rig is no longer enough for bitcoin mining profitable. But they can be used in mining operation of other cryptocurrencies that are not as difficult as mining bitcoins. Also you need to join mining pool for effective work in bitcoin network.
For example, at the current cost of Ethereum of $1,764, the same video card can mine 0,00136289 ETH, which corresponds to a profit of $1,9 per day.
The most productibe bitcoin miners
The most productive mining bitcoin solutions today are ASIC devices. Let’s calculate the profitability of the most productive device – Bitmain Antminer S19 XP (140Th), which will go on sale in July this year at a price of $12,000. Its performance will be 140 Th/s, and it will consume no more than 3010W/hour of electricity.
With these parameters, the device is capable of bitcoin mining profitability 0.00058875 BTC daily or 0.21 BTC per year. Thus, it will take a little less than five years to mine one bitcoin block, excluding the cost of electricity, equipment and its maintenance, mining pool fees and bitcoin prices volatility.
If you want to try bitcoin mining operations for free, then register on ECOS platform by pushing the button below.