Now a huge number of users want to make money on Bitcoin. They closely follow the news, monitor the dynamics of the cryptocurrency rate. Cryptocurrency is obtained in different ways, including mining. Bitcoin mining is carried out both by individual users and by whole groups of miners that are united in mining pools
It is known that the core of Bitcoin security is the PoW consensus algorithm . This means that Bitcoin, like other cryptocurrencies, has a network of miners, they are engaged in finding new blocks, adding transactions to them that have not yet been confirmed.
It takes no more than 10 minutes to find one block, and it leads to the release of a certain number of new coins. Now after the halving of Bitcoin, this figure is 6.25 BTC. The coins issued are incentives for miners who are mining cryptocurrency.
It is clear that everyone who is mining Bitcoin wants to mine as many coins as possible. But there are certain limitations. To mine quickly, desire alone is not enough, you need to have the appropriate equipment and an understanding of how the Bitcoin network functions.
How long does it take to mine 1 Bitcoin in time?
As stated earlier, it takes at least 10 minutes to find one block. When a miner mines it, he is paid a reward, its size is 6.25 BTC. For the right to find the block, there is a tough struggle between all the miners who are currently on the network. What does this mean? In fact, only one miner can find a block, and the chances of the rest are not very high, especially if they are working alone. Therefore, now there are almost no singles left. The vast majority of miners have created so-called mining pools a long time ago.
They don’t need to spend so much time to mine one Bitcoin. They combine hash rates to mine digital money. It does not matter who from the pool was able to find a new block, the reward is distributed evenly among all members of the pool.
How many Bitcoins can you mine in one day?
The time to mine Bitcoin depends on the capacity of the pool or mining farm. For example, F2Pool is considered one of the largest pools at the moment. At least 19 percent of the total number of blocks produced is mined by this pool. This is equivalent to 179 Bitcoins per day. An individual miner who provides one percent of the pool hash rate can earn about 1.79 BTC per day. That is how much Bitcoins are made per day.
Of course, the more powerful the mining farm, the faster the process of discovering a new block goes. But the price is high, and only large companies can afford to buy it. For those miners who have very modest capacities, it takes much longer to mine Bitcoin.
Perhaps, in a few years , single miners will completely disappear from the market and large pools and farms will finally take their place.
Or maybe a single Bitcoin miner will still be able to work in existing conditions?
Bitcoin is also mined by individuals, however, they are becoming less and less. It is worth saying that despite the fact that one miner has been mining Bitcoin for a long time, he does not need to share the reward with others. In pools, the reward is distributed among all participants. The loner gets everything for himself.
According to statistics, if such a miner intends to generate one Bitcoin, he needs to provide approximately 0.11 percent of the total hash rate. But for this, he needs to have the appropriate powerful equipment. Otherwise, in order to farm cryptocurrency, he would have to spend months to find one block.
Is Bitcoin mining profitable now?
Cryptocurrency news constantly reports that the price of the leading currency may rise even more. The number of those who want to become their owner will only grow. Not everyone can trade on the stock exchange, study technical analysis, build strategies, and so on.
To get coins, users are increasingly joining pools located on the network, paying a certain tariff and waiting for a new block to be found. Cloud mining has become quite popular in the last 3 years. However, due to the growing popularity of this type of cryptocurrency mining, many fraudulent projects began to appear.
They promise fast mining, but users get nothing. Such projects are engaged in pseudo-mining. Unfortunately, many novice users fall prey to such projects. Therefore, you should be very careful about advertising cloud mining on the network.
Mining, if it is profitable, is only if it is carried out by a company with powerful equipment and financial ability to pay electricity bills.
After the next halving of the coin takes place in 2024, the reward will become even smaller, so we should expect the disappearance of single miners as a class. Large pools and farms will finally take over the cryptocurrency mining market.
As a result, we can say that while mining brings a certain income to those who are engaged in it. But the market is increasingly subject to large players who have the resources to mine coins. Lone miners will be forced to leave it, since they are unable to pay electricity bills and buy equipment that is more and more expensive.