How long does it take to mine 1 bitcoin? - step by step guide
Bitcoin mining
The history of Bitcoin mining began 10 years ago with the creation of the first block of 50 coins. It was possible to mine cryptocurrency from ordinary processors and at the low hashrate (measure of the computational power per second used when mining)
Mining is the activity of creating new blocks in the blockchain for the functioning of the Bitcoin by using the power of computing machines that solve complex computational math problems. For building new blocks in the blockchain in a distributed database as a result of computing operations miners can receive digital coins. Crypto miners must calculate the hash (key) to the previous blocks with transactions, sifting out unnecessary information blocks and selecting those that can be embedded in the chain.
If miner manages to find the key to creating a new block, as a result of computational tasks, the rest must confirm its authenticity, and in this case the miner receives a reward in Bitcoin.
Approximately every four years after the extraction of the next 210000 blocks, the Bitcoin miners' emission reward goes through halving when the reward for mining Bitcoin transactions is cut in half
Bitcoin mining is carried out on the basis of the Proof-of-work principle, when miners compete with each other for successful transactions on the network and reward for them. None of the other miners can re-commit the same transaction twice.
Today mining is becoming more and more popular, although it is rather difficult to mine Bitcoins than alternative coins like Ethereum, due to the fact that the number of Bitcoin coins is limited.
How to mine bitcoins?
The answer to the question "how to mine Bitcoins" depends on the equipment used: using video cards, ASIC – mining using integrated circuits, FPGA – mining with field-programmable gate arrays .
The most effective way to mine Bitcoin is to mine cryptocurrencies using ASICs (application-specific integrated circuit).
An ASIC miner refers to a device that uses microprocessors for the sole purpose of "mining" digital currency using one or more encryption algorithms. Integrated circuits created for the most efficient calculation of the specified hashing functions are impeccable in terms of targeting Bitcoin mining.
The reality is that today, for successful Bitcoin mining, it is necessary to have at your disposal a professional mining farm of hundreds or even thousands of powerful computers (ASIC chips) working around the clock, which most people cannot afford. This is due to the need to look for a room with cooling, ventilation, and soundproofing systems, as well as the fact that the amount of energy consumed by the mining farm costs a lot.
A modern Bitcoin mining farm consists of at least several ASIC devices, different or identical capacities, assembled in one place to increase mining speed, simple maintenance, and cooling system. If all the requirements for the successful operation of the farm are met, the approximate mining time of 1 Bitcoin will be approximately 3 years.
ASICs have taken over the market. The best in this segment for 2021 is Innosilicon A10 Pro+ 7GB 750 Mh/s, and soon the same manufacturing company are going to release a new mining machine Innosilicon A11 Pro ETH with a fantastic hashrate of 2000 Mh/s with an energy consumption of 2500 watts. ASIC miners are much superior to GPU-rigs in terms of energy efficiency.
An alternative option for mining farms is the so-called "cloud" mining, which significantly reduces the costs for mining cryptocurrencies. Cloud mining involves using the capacity of leased equipment from anywhere in the world. The obvious advantages of "cloud" mining are savings on the purchase of ASICs and software, its debugging, a higher probability of earning Bitcoins. You need to find a suitable site for remote mining, register on it, deposit a certain amount for the purchase of capacities, and Bitcoins will begin to be mined. The mined amount of cryptocurrency is divided among the miners according to the invested funds.
It is also possible to mine Bitcoins successfully on faucet platforms. These are platforms for completing tasks resulting in receiving cryptocurrency or Bitcoins. Tasks can be the simplest, including viewing ads, online games, online quizzes and taking surveys, entering captcha, and etc.
Difficulty of mining Bitcoin
Nowdays, due to the high price of digital crypto assets and, as a result, the increased demand for cryptocurrency mining technology, the complexity of Bitcoin mining has increased significantly, because you have to spend more time on calculations and use an increasing amount of electricity. Bitcoin creator Satoshi Nakamoto has limited the number of Bitcoins to 21 million in order to avoid inflation, and most of the tokens have already been mined by miners. In addition, every four years, due to the reduction in the number of remaining Bitcoins not assigned as a reward, a process called "halving" takes place in the coin protocol when the reward for mining Bitcoin transactions is cut in half
If at the dawn of the mining era, mathematical calculations for finding a new block in the blockchain chain were quite simple and could be carried out using a video card on a PC, then after a heightened interest in digital cryptocurrency was shown, heavy-duty computer equipment was needed due to competition among a large number of existing miners. With the help of CPU or GPU processors, video cards or hard drives, it is no longer possible to mine Bitcoin in 2021, since this method is unprofitable and ineffective due to huge energy costs.
Bitcoin mining on a PC
In the conditions of increasing complexity of single Bitcoin mining, PC video cards for coin search are no longer relevant, but there are ways to mine Bitcoins on a PC. The option of mining Bitcoin on a PC is considered unprofitable, since the power of the video card is not enough for at least some profit in Bitcoins.
That is why groups of people with PC combine their power into one network in order to increase the possible profit several times.
Anyway, the algorithm for mining cryptographic cryptocurrencies on a computer is as follows: you need to open a Bitcoin wallet, choose a suitable pool for mining, download and configure a miner program and start the process.
There are cloud mining programs that provide you with equipment for payment. Such services benefit from relative mining on their own equipment
The miner program suitable for a beginner is Nicehash miner - a free program in Russian. The software distributes power as much as possible for efficient operation.
Supports CPU processors, GPU graphics cards
Hashflare.io — the most popular service that works with five types of coins. The site works with five different types of coins. The project is very popular with miners, so the number of power purchases on the site has to be limited in order to avoid overloading the site. There is Russian technical support.
On Bitluck.com platform, you can use one of several ways to pay for contracts for any computing power, namely 10, 50 or 100 Th/s. And the terms of validity of the selected contract can be within 30, 150, 240 or 360 days. Only BTC is mined and with the SHA-256 format algorithm installed. The service has data centers in 12 locations in 6 countries.
Hashing24.com is only for mining Bitcoin It is possible to purchase a contract for a period of three years using USD, EUR, BTC. Pros, buying an arbitrary amount of power. There is an auction where you can sell unnecessary power to other miners, and you can also try a demo version of the service.
The fact that interest in Bitcoin is only growing is evidenced by the course charts for the entire history of the most popular cryptocurrency. Despite the instability and periodic drop in Bitcoin quotes, since 2009, even with the volatility of the exchange rate, it has been growing exponentially.
More and more countries are starting to accept Bitcoin for payment, and this means that the number of exchanges where Bitcoin is traded is growing. On UNI Stex exchange, you are able to buy and sell Bitcoin, and other cryptocurrencies, at the most favorable rate, as well as get advice from our traders.
Автор: КОМАНДА UNI STEX
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