How much to mine 1 bitcoin?

How much to mine 1 bitcoin?

Author: Robert Strickland

How much to mine 1 bitcoin?

How much to mine 1 bitcoin? How correct this wording of the question is and how long it will take to mine one coin, we will consider in this article.

So, theoretically, there are new bitcoin blocks every 10 minutes, so, having enough power you can mine 12.5 bitcoins in that time interval. For you to have a good chance of getting the reward for a solo block, you will need to develop the power of your equipment to about 2.5 TH/s, which is equal to today's bitcoin network complexity.

In addition, you can't forget about pools, which have more powerful hash rate and accordingly will find blocks faster. For example, a hash rate of 935 PH/s. This very figure will be a reference point that you should strive for in order to mine blocks on your own with the periodicity of about 10 minutes.

It is impossible to develop such a hash rate without a pool. Calculations show that you will need about 70,000 Antminer S9 ASICs to provide such hash rate.

It turns out that the answer to the question of how much to mine 1 bitcoin can be given in several interpretations:

1) every 10 minutes you can get 12.5 bitcoins, respectively, when recalculating - you can get 1 bitcoin in less than 1 minute, but that is assuming that you have 70 thousand Antminer S9 ASICs.

2) When using standard mining equipment, the power of which is in average several tens of TH/s, the process of mining can last not only for months but even for years.

Using the profit calculator for mining cryptocurrencies, we calculated what kind of equipment power you need to get 1 bitcoin per day. We will be mining on ASICs, which are customized for SHA-256 algorithm. So, the first calculation will be done without electricity costs. The result shows that mining approximately 1 bitcoin per day requires 9300 TH/s power. This corresponds to a hash rate of almost 690 Antminer S9.

Now, let's also enter the electricity into the calculation. Again, by tinkering and guessing we may calculate that 690 Antminer S9 will consume about 970 kilowatts per day, which equals 2 thousand dollars for 1 kilowatts at the moment of writing this article. All in all, we needed a few more iterations of this kind, with the addition of equipment and new calculations on energy costs. In the end, we got that to mine 1 bitcoin per day we will need about 11500 TH/s of hashrate, which corresponds to the power of 851 Antminer S9 with 1190 kW per day power consumption.

We hope that the question of how much to mine 1 bitcoin and how much is possible today will no longer torment your mind.


Other instructions

Cold and hot cryptocurrency wallets. What is the difference and how to create them?
Securing Information: Shamir's Secret Sharing Scheme and Bitcoin
"Reputation Institute. What will happen to blockchain in 30 years
What is Worldcoin? Why the creator of ChatGPT needs a catalog of all the inhabitants of the planet
Measure blockchain. How important is the TVL indicator
What is Lightning Network and how the project solves bitcoin's main problem