time required to mine 1 btc How long does it take to mine 1 BTC?

[Whited35 15285]

Some guys asked me this question. I think it can also be helpful stuff to those who have no idea about how mining works to mine at least 1 coin in the Bitcoin blockchain network. So let's get started😉.
If you guys are even new to Bitcoin mining, this Video can be helpful for the basic concept!

Bitcoin mining is not an easier task than you have believed so far. It is competitive to find the new blocks and there are mining difficulties to add the new block to the Bitcoin blockchain in order to mine Bitcoin. Currently, the mining difficulty mark has been seen more than 16.7 trillion marks. 
So 72 Terawatts of power usage is needed from ASIC miners to mine one Bitcoin it takes 10 minutes to mine. In a day, average 144 blocks are mined by the miners and per block reward is 6.25 bitcoins. In this way, around 900 Bitcoins are mined every day. 
 

More resources for you:-

• https://findanyanswer.com/goto/26133
• https://decrypt.co/35373/how-long-does-it-take-to-mine-a-bitcoin

Edited December 28, 2020 by Whited35
Minor error in texts.

[ShiNorton 906]

I never knew about this very important knowledge about Bitcoin mining. I didn't know that POW mining isn't easier. 900 Bitcoins are mined everyday by members ! I think more than 60% of Bitcoins of 900 are mined in Chinese mining firms.

[Whited35 15285]

14 hours ago, ShiNorton said:

I think more than 60% of Bitcoins of 900 are mined in Chinese mining firms.

The reality is, there are so many biggest mining farms in China as the reports have been suggesting, majority of hashrates in Bitcoin blockchain network are coming from China but as Bitcoin is following the decentralized system, there are miners from all around the world and cluster of nodes are their to help mining operations. 

7 hours ago, Salismouhammed said:

It actually not easy to mine, but i don't think mining 1btc will come so easy, you can mine for a complete year without getting 1btc through mining, and most of the mining site are not legit 

We are not talking about mining sites here. Check the original post once again. 

[ShiNorton 906]

On 1/11/2021 at 1:23 PM, Whited35 said:

The reality is, there are so many biggest mining farms in China as the reports have been suggesting, majority of hashrates in Bitcoin blockchain network are coming from China but as Bitcoin is following the decentralized system, there are miners from all around the world and cluster of nodes are their to help mining operations. 

I think it's also danger to Bitcoin blockchain network. Sir won't they do 51% attack because many miners are in China?  51% attack is very dangerous attack imho. Bitcoin should be safer speculative asset. 

[Whited35 15285]

On 1/13/2021 at 11:12 PM, ShiNorton said:

I think it's also danger to Bitcoin blockchain network. Sir won't they do 51% attack because many miners are in China?  51% attack is very dangerous attack imho. Bitcoin should be safer speculative asset. 

It may sound scary but as Bitcoin blockchain network is the biggest public blockchain in the world, it is not easier for the Chinese miners to commit 51% attacks on the network. There are some limitations, miners can only double spend their Bitcoins but still it will be impossible to steal the Bitcoins of other people. Additionally, Bitcoin mining is legal in China, most of the miners may not get interested to perform malicious activities.

[Janiso 1]

1 minute ago, ProHamza said:

To mine a bitcoin is not a easy processes . Electricity of a city is required to mine a bitcoin . A very high powerful and heavy computer or laptops as well as a mining system is necessary 

You are right

[Whited35 15285]

On 3/14/2021 at 2:46 PM, ProHamza said:

To mine a bitcoin is not a easy processes . Electricity of a city is required to mine a bitcoin . A very high powerful and heavy computer or laptops as well as a mining system is necessary 

You have utterly the misconceptions regarding the Bitcoin mining and how PoW mining works since an average cost to mine 1 BTC is around $4,161, is it the whole electricity cost in your city? Huge power consumptions is disputable but not like you have said. Powerful mining equipment are needed but perform some researches how mining rigs are adjusted. Check https://www.investopedia.com/tech/how-does-bitcoin-mining-work/

Edited March 16, 2021 by Whited35

[Brimstone 44]

4 hours ago, Whited35 said:

Powerful mining equipment are needed but perform some researches how mining rigs are adjusted.

If we want to go with mining, we need to invest some high specifications of equipment so that it can mined fast by increasing the threads, About to the Electricity, it needs a high consumption of electricity to perform well and we all know that but we didn't need to use the whole power of the city, that is so exaggerated.

[Whited35 15285]

50 minutes ago, Brimstone said:

If we want to go with mining, we need to invest some high specifications of equipment so that it can mined fast by increasing the threads, About to the Electricity, it needs a high consumption of electricity to perform well and we all know that but we didn't need to use the whole power of the city, that is so exaggerated.

High electricity consumption is required to run the Bitcoin mining equipment, I have not rejected that fact. That's the reason, PoW-based Ethereum is on the way to make the protocol change and other PoW consensus algorithm based are also following the similar track. I think PoS is the future trend to offer supper fast transactions