Mining a cryptocurrency can be a profitable business if done properly, especially bitcoin. So How Long Does It Take To Mine A Bitcoin? in the starting days that is around 2011 the mining was an easy task and you could mine one bitcoin per day. But it is getting tougher day by day, you have to use specifically designed ASIC mining chips.
What Is Hash Rate?
Before you know about How Long Does It Takes To Mine A Bitcoin? you should know about the hash rate before you know about it. To start the mining you have to solve a cryptographic puzzle known as the hash.
Whereas the hash rate is the speed at which the machine solve these mathematical problems. This rate is increasing day by day because of the monopoly of the large mining farms.
Difficulty Level Of Mining
It was reported in June 2018 that the hashing rate of the bitcoin skyrocketed by five exahash over the course of a couple of weeks. This takes more than eight years to reach the similar millstone by the whole network.
This sudden spike in the mining doesn’t mean that the difficulty level of the mining is increasing. The thing that it indicates is that the ASIC chips that are used for the mining are getting more advanced and fast. Here are some of the popular producers of ASIC hardware:
Over the last year, the BTC mining has become difficult if you are not in the bitcoin mining then you should analyze the whole process. This is because if you don’t then you will be losing the money.
Speed Of Mining
You can mine a new BTC every 10 minutes. But for that, you have to earn or contribute the hashing power for solving a block. After you mine one BTC you will be getting the 12.5 BTC as a reward.
You have to understand that these 10 minutes are not fixed. The mining process can take longer or less time depending upon the pool and hash rate.
Fastest Type Of Mining
If you are not using the right instruments then it can take an eternity and you will be getting nothing. Even those who are using the GPU mining are not getting the profit unless they are running a huge farm with plenty of mining rigs.
The best and easy way to earn the bitcoin is by joining the mining pool. Even after this, it depends what kind of pool you are joining. If you join a group which is not fully equipped then you will not be able to get any profit from it. There are different rates for the different pools. Some of them are discussed below:
- Antpool charges 1%
- BTC – 3%
- Slush Pool – 2%
Now you have got the idea about How Long Does It Take To Mine A Bitcoin. So start mining and gain the profit by taking the help from the pools. But you should learn about the mining business and have the knowledge of the coding.