The craze for cryptocurrencies like bitcoins is rising each day. Many people are inclined towards mining bitcoins to get themselves rewarded with bitcoins. With few mining rigs and doing solo mining, it can take years to discover a block of bitcoin.
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How long does it take for one computer to mine a bitcoin?
Mining bitcoins can be a bit challenging, and nowadays, mining bitcoins on a single computer is not even possible. Before you even mine a single bitcoin, your CPU will get heated to another extent, and there is no way one computer can fairly compete with AISC mining rigs.
AISC mining rigs are specially used to mine bitcoins and other cryptocurrencies. These are highly powerful high-end devices installed with super-fast microprocessors. AISC mining rigs are very expensive and consume a lot of energy. These devices are also called Bitcoin generators because the chances of mining bitcoins are more with an AISC device.
Moreover, you cannot just mine a single bitcoin. Bitcoin miners usually mine a complete block, and the reward for mining per block is 6.25BTC, which means if you are the first to mine a block of bitcoin competing with several other miners, you can reward yourself with 6.25BTC each block.
To mine, a block of bitcoin takes nearly 10 minutes. Some might think they can earn 6.25 BTC in 10 minutes and become a millionaire. Several miners are competing for the rewards, maybe with better-advanced hardware, and as the number of miners increases in the network, the more challenging it becomes to get the reward.
To increase your chances of getting a reward, you can join a mining pool where different miners combine their computing power to increase the chance of getting the reward. The reward is shared with all the miners based on the computational power of your device. The computational power of your device depends on the AISC mining rig.
How many Bitcoins is it possible to mine daily?
You can mine a single block of bitcoins within 10 minutes, and each block rewards you with 6.25BTC. So in a day, you can mine 144 blocks of bitcoins. Hence at the current rate, you can reward yourself with 900BTC in a day. But for this to happen, there must be no other bitcoin miner in the network competing with you.
A bitcoin mining pool is always beneficial if you want to increase your chances of receiving bitcoins as rewards instead of going solo and lesser chances of receiving any reward. At present, F2Pool and Poolin is the world’s largest bitcoin mining pool that has 18.60% and 16.30% chances respectively of solving the hash rate function.
Going solo to mine bitcoins will require bundles of AISC mining rigs and an abundant source of energy. Even with a huge mining setup with over 2000 mining rigs, it can take around a week to discover a block of Bitcoin.
If you have a high-tech gaming PC, then you should probably opt for joining mining pools instead of waiting for years to discover a single block of bitcoin. And in the coming years, mining cryptocurrencies can be more difficult with increasing miners in the blockchain network.
What are the factors that determine the time to mine one Bitcoin?
1. Mining rigs and hardware
The most important factor that determines the time required to mine a single block of bitcoin is the mining rig and hardware used for mining operations. You need mining hardware that can solve cryptographic algorithms. CPU mining doesn’t even exist anymore, but you can join a mining pool with GPU mining.
To effectively mine bitcoins, you will need powerful AISC devices that have a high computational power to solve these cryptographic algorithms and increase your chances of getting a reward. You will need durable mining rigs and an abundant supply of electricity with a cooling system.
2. Mining solo or join a mining pool
To reward yourself with bitcoins, you have two options ahead of you. Either choose to go solo mining or join a bitcoin mining pool.
If you decide to do solo mining, then you must have enough mining rigs that will create enough computing power to compete with other miners. You must also have enough money to buy such expensive mining rigs and pay the electricity bills you will receive each month.
Joining a mining pool is a lot simpler, just pay their membership fees, and you are in. The chances of getting a reward are much higher than mining solo, but the rewards will be shared with other members in the mining pool based on the computational power.
Ensure that the mining pool you join is trusted, well-established, and is not part of online fraud or scams.
3. Difficulty in mining Bitcoins
The last important factor that determines the time to mine one bitcoin is the difficulty involved with mining them. Bitcoin mining is really difficult, challenging, and a lot expensive, especially if you are mining solo.
The chances of discovering a block of bitcoin are very less, and with increasing miners in the network, it can even take years for a solo miner to discover a single block. With mining pools, the difficulty is reduced but don’t expect much from them either because their sign-up cost is high. Also, the rewards you get are very few as it is shared with all other miners.
Mining bitcoins using a computer is quite impossible now. With the everyday increase in miners in the network, everyone is aiming to get rewarded with bitcoins. Using mining rigs with high computational power can take nearly 10 minutes to discover a block of bitcoin.