One bitcoin mining time

How Long Does it Take to Mine 1 Bitcoin? (Updated 2021)

Although we tend to take it for granted, when Satoshi invented Proof of Work (POW) mining he truly created a revolutionary new technology. Thanks to his contribution we can now mine Bitcoin and hopefully earn a nice reward for securing the network.

One question people sometimes ask though is, how long does it take to mine 1 Bitcoin? It’s a good question but as we’ll see, there’s not necessarily a straightforward answer.

In this article

How Long Does it Take to Mine 1 Bitcoin? Understanding Bitcoin Block Rewards

How long does it take to mine a Bitcoin?

Well, it’s not really possible to mine just 1 Bitcoin because each block reward is 6.25 BTC. It used to be 12.5 BTC until May 2020 when there was the halving and the block reward was cut in half.

So there’s not a way to mine just 1 Bitcoin. You either win the block reward and receive 6.25 Bitcoin or you get nothing. In fact, getting nothing is what happens 99.99999% of the time when you’re a miner.

There are more than

1 million ASIC miners (specialized devices built for mining BTC and other cryptos) securing the Bitcoin network, and only one ASIC at a time can win the block reward. So the odds of any single machine winning are one in a million.

How much Bitcoin can you mine in a day?

That’s why large Bitcoin mining farms have so many ASICs, to improve those odds. Given that a new block is produced every 10 minutes (equal to 144 blocks per day) a mining farm with ten or twenty thousand miners stands a decent chance of winning a couple of blocks per 24 hour period.

Mining farms are truly impressive to see firsthand. In this picture, a power plant in New York, USA is using its own electricity to mine BTC on a massive scale. Image credit: Coindesk

However, most people don’t have $50 million worth of Bitcoin mining rigs lying around their backyard so winning block rewards are out of the question. That being the case, there is a way to win 1 Bitcoin over time.

How to Mine 1 Bitcoin Over Time

A Bitcoin mining pool is a collaborative effort whereby all of the miners in the pool combine their hash power and then split the reward. How this works is that no matter which ASIC miner in the pool actually wins the block reward, that reward is split up and distributed proportionally to all of the miners based on how much hash power (mining “power” from mining devices like ASICs) they’re contributing.

That’s why joining a mining pool is the best way to mine a Bitcoin. You won’t get a Bitcoin all at once, at least not without a huge number of ASICs, but you can gradually accumulate a Bitcoin over time.

For example, with five or ten ASICs you may be able to mine 0.01 BTC a day and then in 100 days you would have mined a full Bitcoin. Of course how much time it takes you to mine a Bitcoin will depend on a variety of factors.

Most notably, how difficult is mining at this moment? You can check Bitcoin’s hash rate to determine difficulty. The higher the hash rate, the more difficult it is to mine (more competition and less profit). However, the hash rate frequently changes as new miners join the network and old ones drop off.

Bitcoin’s hash rate does dip from time to time. But as you can see, the hash rate tends to increase over the long term. Image credit: Blockchain.com

How long it takes to mine one Bitcoin can also be affected by something as simple as maintenance. ASICs are typically run 24/7 with no downtime, meaning that they’re prone to failure. To maximize profits you’ll need to have a way to fix your machines and get them running again quickly.

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Bitcoin Hashrate Chart

The Bitcoin hashrate chart provides the current Bitcoin hashrate history in graph format with an option to expand the Bitcoin global hashrate chart time frame back to 2009.

Bitcoin Hashrate Now: 112.45 EH/s
Jun 11, 2021 05:25 PM UTC — 112,450,329,265,658,900,000 H/s

The Bitcoin network hashrate chart can be used to visualize Bitcoin mining hashrate increases and decreases viewable in segment options of daily, weekly, monthly, 3 months, 6 months, 1 year, 3 years, and all time.

What is Bitcoin Hashrate?

Bitcoin hashrate is a calculated numerical value that specifies an estimate of how many hashes are being generated by Bitcoin miners trying to solve the current Bitcoin block or any given block.

Bitcoin hashrate is represented in Hashes per Second or H/s.

The global Bitcoin network hashrate is a calculated value and is measured in hashes per second (H/s). The calculation uses the current mining difficulty and the average Bitcoin block time between mined blocks versus the defined block time as variables to determine the global Bitcoin network hashrate.

As the Bitcoin network hashrate goes up — the BTC hashrate numbers get so large that abbreviations must be used.

The abbreviations are SI derived units representing the number of hashes performed in a one second time frame.

The current Bitcoin hashrate is 112.45 EH/s, representing the global Bitcoin network hashrate with a mining difficulty of 21.05 T at block height 687,187.

Hashrate Unit/s	Hash	Hashes Per Second
H/s (Hash)	1	One
kH/s (KiloHash)	1,000	One Thousand
MH/s (MegaHash)	1,000,000	One Million
GH/s (GigaHash)	1,000,000,000	One Billion
TH/s (TeraHash)	1,000,000,000,000	One Trillion
PH/s (PetaHash)	1,000,000,000,000,000	One Quadrillion
EH/s (ExaHash)	1,000,000,000,000,000,000	One Quintillion
ZH/s (ZettaHash)	1,000,000,000,000,000,000,000	One Sextillion
YH/s (YottaHash)	1,000,000,000,000,000,000,000,000	One Septillion

It is important to point out the Bitcoin hashrate does not determine how quickly or slowly each block is solved.

This timing, called the block time is enforced by the Bitcoin mining difficulty value, which is adjusted upwards or downwards during each block difficulty retarget to keep blocks being solved at a constant time frame.

For more information about the Bitcoin difficulty re-target visit the Bitcoin mining page.

You can calculate Bitcoin mining profits using the current BTC hashrate difficulty and our Bitcoin mining calculator.

What is the Current Bitcoin Hashrate?

The current Bitcoin hashrate (BTC hashrate) is 112.45 EH/s at block height 687,187 with a difficulty of 21,047,730,572,451.55.

Bitcoin Hashrate Stats

Current Bitcoin Hashrate

Bitcoin Global Hashrate
112.45 EH/s

Bitcoin Hashrate All Time High

Bitcoin Hashrate on May 09, 2021 at block 682,804
224.02 EH/s

How to Calculate Bitcoin Hashrate

The Bitcoin hashrate is calculated using the current Bitcoin difficulty, the defined Bitcoin block time, and the average block time of the last (X) number of blocks.

Most full Bitcoin nodes will have an option to see the current Bitcoin global hashrate using the «getnetworkhashps» command in the console window.

Given the fact that the Bitcoin difficulty value determines statically how many hashes are needed to solve the next block, it is recommended to use the current mining difficulty to determine the statistically accurate number of Bitcoin that can be mined in a given time frame.

Once again we recommend using our Bitcoin mining calculator as the current Bitcoin difficulty is preloaded, along with the latest Bitcoin price.

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Bitcoin Mining Guide — Getting started with Bitcoin mining

Bitcoin mining is difficult to do profitably but if you try then this Bitcoin miner is probably a good shot.

How Bitcoin Mining Works

Before you start mining Bitcoin, it’s useful to understand what Bitcoin mining really means. Bitcoin mining is legal and is accomplished by running SHA256 double round hash verification processes in order to validate Bitcoin transactions and provide the requisite security for the public ledger of the Bitcoin network. The speed at which you mine Bitcoins is measured in hashes per second.

The Bitcoin network compensates Bitcoin miners for their effort by releasing bitcoin to those who contribute the needed computational power. This comes in the form of both newly issued bitcoins and from the transaction fees included in the transactions validated when mining bitcoins. The more computing power you contribute then the greater your share of the reward.

Sometimes you may want to mine a more volatile altcoin like MWC which is superior for scalability, privacy, anonymity and fungibility by utilizing MimbleWimble in the base layer.

With mainnet launching in November 2019 it has risen from $0.22 to over $8.00 in its first two months.

Step 1 — Get The Best Bitcoin Mining Hardware

Purchasing Bitcoins — In some cases, you may need to purchase mining hardware with bitcoins. Today, you can purchase most hardware on Amazon. You also may want to check the bitcoin charts.

How To Start Bitcoin Mining

To begin mining bitcoins, you’ll need to acquire bitcoin mining hardware. In the early days of bitcoin, it was possible to mine with your computer CPU or high speed video processor card. Today that’s no longer possible. Custom Bitcoin ASIC chips offer performance up to 100x the capability of older systems have come to dominate the Bitcoin mining industry.

Bitcoin mining with anything less will consume more in electricity than you are likely to earn. It’s essential to mine bitcoins with the best bitcoin mining hardware built specifically for that purpose. Several companies such as Avalon offer excellent systems built specifically for bitcoin mining.

Best Bitcoin Cloud Mining Services

Another option is to purchase in Bitcoin cloud mining contracts. This greatly simplifies the process but increases risk because you do not control the actual physical hardware.

Being listed in this section is NOT an endorsement of these services. There have been a tremendous amount of Bitcoin cloud mining scams.

Hashflare Review: Hashflare offers SHA-256 mining contracts and more profitable SHA-256 coins can be mined while automatic payouts are still in BTC. Customers must purchase at least 10 GH/s.

Genesis Mining Review: Genesis Mining is the largest Bitcoin and scrypt cloud mining provider. Genesis Mining offers three Bitcoin cloud mining plans that are reasonably priced. Zcash mining contracts are also available.

Hashing 24 Review: Hashing24 has been involved with Bitcoin mining since 2012. They have facilities in Iceland and Georgia. They use modern ASIC chips from BitFury deliver the maximum performance and efficiency possible.

Minex Review: Minex is an innovative aggregator of blockchain projects presented in an economic simulation game format. Users purchase Cloudpacks which can then be used to build an index from pre-picked sets of cloud mining farms, lotteries, casinos, real-world markets and much more.

Minergate Review: Offers both pool and merged mining and cloud mining services for Bitcoin.

Hashnest Review: Hashnest is operated by Bitmain, the producer of the Antminer line of Bitcoin miners. HashNest currently has over 600 Antminer S7s for rent. You can view the most up-to-date pricing and availability on Hashnest’s website. At the time of writing one Antminer S7’s hash rate can be rented for $1,200.

Bitcoin Cloud Mining Review: Currently all Bitcoin Cloud Mining contracts are sold out.

NiceHash Review: NiceHash is unique in that it uses an orderbook to match mining contract buyers and sellers. Check its website for up-to-date prices.

Eobot Review: Start cloud mining Bitcoin with as little as $10. Eobot claims customers can break even in 14 months.

MineOnCloud Review: MineOnCloud currently has about 35 TH/s of mining equipment for rent in the cloud. Some miners available for rent include AntMiner S4s and S5s.

Bitcoin Mining Hardware Comparison

Currently, based on (1) price per hash and (2) electrical efficiency the best Bitcoin miner options are:

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One bitcoin mining time

Bitcoin mining is the process of adding transaction records to Bitcoin’s public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.

Bitcoin nodes use the block chain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.

What is Bitcoin Mining?

What is the Blockchain?

Bitcoin mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses the hashcash proof-of-work function.

The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a «subsidy» of newly created coins.

This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system.

Bitcoin mining is so called because it resembles the mining of other commodities: it requires exertion and it slowly makes new currency available at a rate that resembles the rate at which commodities like gold are mined from the ground.

What is Proof of Work?

A proof of work is a piece of data which was difficult (costly, time-consuming) to produce so as to satisfy certain requirements. It must be trivial to check whether data satisfies said requirements.

Producing a proof of work can be a random process with low probability, so that a lot of trial and error is required on average before a valid proof of work is generated. Bitcoin uses the Hashcash proof of work.

What is Bitcoin Mining Difficulty?

The Computationally-Difficult Problem

Bitcoin mining a block is difficult because the SHA-256 hash of a block’s header must be lower than or equal to the target in order for the block to be accepted by the network.

This problem can be simplified for explanation purposes: The hash of a block must start with a certain number of zeros. The probability of calculating a hash that starts with many zeros is very low, therefore many attempts must be made. In order to generate a new hash each round, a nonce is incremented. See Proof of work for more information.

The Bitcoin Network Difficulty Metric

The Bitcoin mining network difficulty is the measure of how difficult it is to find a new block compared to the easiest it can ever be. It is recalculated every 2016 blocks to a value such that the previous 2016 blocks would have been generated in exactly two weeks had everyone been mining at this difficulty. This will yield, on average, one block every ten minutes.

As more miners join, the rate of block creation will go up. As the rate of block generation goes up, the difficulty rises to compensate which will push the rate of block creation back down. Any blocks released by malicious miners that do not meet the required difficulty target will simply be rejected by everyone on the network and thus will be worthless.

The Block Reward

When a block is discovered, the discoverer may award themselves a certain number of bitcoins, which is agreed-upon by everyone in the network. Currently this bounty is 25 bitcoins; this value will halve every 210,000 blocks. See Controlled Currency Supply.

Additionally, the miner is awarded the fees paid by users sending transactions. The fee is an incentive for the miner to include the transaction in their block. In the future, as the number of new bitcoins miners are allowed to create in each block dwindles, the fees will make up a much more important percentage of mining income.

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