So, when people wonder how long it will take them to get one bitcoin, they, first of all, need to understand that there are a lot of nuances in the matter. Above all, we need to get to the bottom of these very details to find the real value or at least the average one. To do that we will have to make a superficial analysis of bitcoin mining, and also make a small comparison of the equipment and how much time we will need to use it. Yes, we can give an example and answer the question in three lines, but we are interested in averages and broader analysis.
Nuances of Bitcoin Mining
In the initial stages, anyone could mine bitcoins using only the processing power of a desktop PC. But the consensus of the network is that there is a mechanism to prevent the value of the coins from inflation, which involves increasing the difficulty of mining them in stages. In today’s reality, obtaining a desired bitcoin is not easy, but it is possible – just until the last coin is released. That is, as we can already see, it will take a very long time to mine bitcoin on weak hardware, but more on that later.
So, mining is essentially the process of keeping the network running by checking transactions and adding new blocks to the blockchain. And our job is as follows: by randomly trying combinations, find the right hash function solution, and sign the block, thereby ending all unconfirmed transactions. The miner who finds the hash first is rewarded with the coins just released.
The mathematical process itself is quite complex, as the chosen combination must be a hash of all previous blocks of transactions already encapsulated in the blockchain, but for miners, it comes down to selecting, connecting, and setting up the computing hardware that will pick the right combination to sign the block.
To summarize, to start mining bitcoins, a miner must acquire the computing power and connect to the process of generating new blocks on the network.
And so what we see is that this is the second time we are facing the issue of hardware and computing power. So, let’s start by considering how long it will take to mine bitcoin at home and whether it is profitable for us?
Bitcoin Mining at Home
For a miner at home, it is imperative to consider the expenditure side, namely the costs of electricity and equipment. Bitcoin is a category of cryptocurrency that requires quite a lot of power to mine. It operates on the PoW algorithm, which assumes that miners with the highest processing power have the best chance of finding a block signature. It is also possible that a miner with low processing power may find a clue to a block, but in today’s reality, it is more of a happy accident, similar to finding a treasure trove, rather than a pattern and an opportunity to earn a steady income.
Today, mining Bitcoin (BTC) specifically at home is unprofitable due to the dominance of huge mining farms (physically the size of a factory) in the market.
But we need more specifics, right? Then let’s take a couple of simple examples of bitcoin mining on video cards and specialized equipment. You do not even need to do any heavy mathematical calculations for that, everything can be calculated on different services. For example, for a farm of 6 Nvidia 2070 cards, it will take us 71 months or 6 years to mine 1 Bitcoin.
And now let’s consider what we can get with for example Antminer S17- 73 TH/s. We will get about 0.0005219 BTC in one day. As we can see the results are not very impressive. It is like a drop of water in the ocean.
So, mining bitcoin at home is probably not the best idea. If you invested millions of dollars in Bitcoin mining, then solo mining might make more sense, as you will be earning your precious Bitcoins as well as transaction fees from the blocks.
What About Crypto-Mining Hosts?
In this case, we have it as simple as possible. If you use a bitcoin mining hosting service, you will, of course, earn more. Here we have something that we cannot afford in most cases at home, namely the most powerful hardware. And then there are a lot of other advantages. These are:
- Full control of all processes within the system without exception and prediction of the impact of external factors.
- Tracking of ASIC market and reacting to the release of more powerful models by testing and subsequent update of the system configuration.
- The company takes care of an uninterruptible power supply for the farms and is ready to offer any capacity in the network within the electricity prices fixed in the contract.
- Professionally prepared space for ASICs eliminates overheating of the units and their failure before the deadline. Perfectly calibrated cooling and ventilation systems automatically maintain an optimum climate in the containers.
And, of course, much more, which also has a positive effect on Bitcoin mining. But the main question is not closed, how long will it take to mine one Bitcoin using crypto-mining hosting? This is all limited only by your capacity, in fact, you can make the mining of one bitcoin take you only a couple of weeks or even one week.
Let’s sum up. As we can see, there is no specific time to answer the question of how long you need to mine one Bitcoin, it all depends on the computing power you are going to use. So, you can mine one Bitcoin for a few years or just a few months, it all depends on the exact method.