With the 21 million BTC supply cap drawing closer, how long does one bitcoin take to mine?
Bitcoin mining remains one of the most popular cryptocurrency ventures for those seeking profits. Thousands of miners continue to buy mining rigs and use hefty amounts of electricity to mine bitcoin, garnering criticism for their environmental impact.
If you're looking to join the mining game, or are just curious as to how it all works, here's a brief look at bitcoin mining.
How Long Does It Take To Mine 1 Bitcoin?
There is currently no way to mine just one bitcoin. Instead, crypto miners will mine one block, with the reward currently being set at 6.25 BTC per block.
Each block takes 10 minutes to mine. This means that in theory, it will take just 10 minutes to mine 1 BTC (as part of the 6.25 BTC reward).
However, before you go choosing your Lamborghini, it's 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 computational power to solve.
Due to the unlikelihood of mining a single block on one rig, many bitcoin miners join a mining pool. Mining pools combine the collective computing power of their members and split the profits based on the proportion of power each miner brings.
The proportion of power, or hash rate, depends on your ASIC mining setup. To put this into context, one of the most powerful ASIC rigs - the Antminer S19 Pro - has a hash rate of 110 TH/s. This makes up just 0.00086% of the F2Pool pool.
How Much Bitcoin Can You Mine in a Day?
With each bitcoin block taking 10 minutes to mine, 144 blocks are mined each day. This means that at the current rate following the latest bitcoin halving, 900 BTC is available in rewards every day.
Currently, F2Pool and Poolin are the two largest mining pools, responsible for 14.23% and 12.60% of the total hash rate, respectively.
With 144 blocks mined each day, this means F2Pool should see a reward of approximately 128 BTC each day - shared between its members.
READ MORE: Who owns the most bitcoin?