HOW LONG DOES IT TAKE TO MINE ONE BITCOIN IN 2020?

How Long Will It Take me to be Mining one Bitcoin?

Most miners want to know, is Mining one Bitcoin taking too much time? Since the emergence of cryptocurrency in 2018, its technology has been rapidly growing and breaking through various market spaces. Bitcoin cryptocurrency is built on the concept of blockchain, and this blockchain is considered the most secure system when carrying out transactions. Lines of code make up a secure block that keeps data which is securely encrypted.

21 billion bitcoin is on the bitcoin blockchain network, which is created through the mining process. The time it takes to for these transactions ranges from 10 minutes or hours or days. This is dependent on various factors. 

Creator of Bitcoin

Bitcoin is the first-ever cryptocurrency created by a man named Satoshi Nakamoto, of which his identity has remained hidden from the world. He works alongside a team of highly skilled developers. This network captured the masses’ attention, although it is not a new thing to happen in the tech world. As a result of constant mining and trading activity on this platform, bitcoin leapfrogged to its peak in 2017, making bitcoin $20000, which shook the world’s cryptocurrency space economy. 

The creators of bitcoin adopted different techniques. Although it was bizarre at first, it became a worthwhile entity. One of the most efficient and profitable ways of earning bitcoin was through mining. The mining process of bitcoin is similar to other elements involved in mining. It is a good way to add to bitcoin’s blockchain technology’s security mechanism by confirming transactions carried out to verify data to the collective ledger. The verification process entails computing complex mathematical problems. This is where miners who successfully crack the code are rewarded bitcoin to contribute to the ledger based on their proof of work (PoW).

The activity involved in mining bitcoin is not a simple process as it becomes tedious, and sometimes its earnings are questionable. With the help of mining hardware, you must solve complex cryptographic problems in mining bitcoin. The mining hardware provides aids to help you search for blocks to store data in it. Whenever you contact a block during the mining process,  new transactions are verified and documented within the same block. Whoever discovers the block is rewarded with bitcoins for the effort put in and contribution to the bitcoin network. 

COMPARISON BETWEEN ASIC AND GPU

GPUs and ASICs are essential for mining hardware. Using a GPU graphics card, it has the ability to solve complex algorithms. Still, on the other hand, an ASIC is a designed chip that solves the algorithm’s complexity simultaneously to collect rewards. One notable difference between the two hardware is that GPUs are fast while ASICs constrain a narrow set of functions.

The coin mining algorithm is the major determinant of what can be mined using ASIC and GPU. The major thing to be considered in determining the best mining hardware to use is the Return on investment it gives and electricity efficiency. 

ASIC mining is a microchip that is designed to operate a hashing algorithm with high speed. To give an estimate on the speed,  bitcoin ASIC has the ability to calculate hashes 100000 times faster than the best of CPUs.

ASIC Miners Features

The ASIC microchip is extremely advanced and powerful than the CPU and GPU mining hardware, and this is already a significant edge when it comes to mining. It can outperform other equipment in terms of finding blocks efficiently and speedily. Miners that utilize the ASIC microchip earn higher profits when compared to other miners using GPU and CPU. ASIC mining uses superior computational power. Despite the benefits accrued to using ASIC hardware, it has its own disadvantages.

ASIC Miners are built for a single hash algorithm. This in mind, requires the miner to purchase different ASIC miners for the various coins they wish to mine. Several companies, like Bitmain and Canaan, design ASIC. Based on their nature and concentrated application, powerful ASICs are usually expensive and not easily obtainable. A single ASIC costs more than $3000. Because of its hashing power, it gives extreme heat and requires proper cooling continually. ASICs have a limited lifespan and cost a huge amount of money as electricity bills.

Using ASIC, any changes in the hash algorithm for a particular coin can render the chip obsolete overnight. 

GPU Miners Features

GPUs are equally powerful; although not as ASICs, there are more flexible in their application.  The GPU mining rigs consist of a group of GPUs working in a computer setup. The hash power depends on the number of GPUs used.

An important benefit of using GPU is it is more flexible in the coin it mines and can mine multiple cryptocurrencies, unlike ASICs, which only mine one coin per ASIC. They are easier to purchase and are always available. 

GPUs come with a strong warranty and is a multipurpose machine. It is perfect for video editing, gaming, and other large processing purposes. It uses less electricity and runs on a low noise level, eliminating the need for much cooling equipment compared to ASIC.

One disadvantage of GPUs is the configuration process. It cannot perform independently, so it requires a fully functional computer to start the mining process. These components include CPU case, wiring, RAM, Motherboard, and SSD, which adds to the mining operation’s overall cost. 

How Mining Equipment Rewards Miners

After the news of the rewarding system of bitcoin, bitcoin mining was now a feasible project. Before now, the idea behind mining was that nobody who has possession of a laptop could mine bitcoin. Still, in recent times,  only companies that have access to the facility to mine can successfully do so. When bitcoin mining began, computers ran on CPUs, and they had the ability to mine a large number of Bitcoin and earn a few dollars. The blockchain geeks and enthusiasts were the only people that mined bitcoin. 

HOW LONG DOES IT TAKE TO MINING ONE BITCOIN? 

The cost of mining one bitcoin is based on several elements. Depending on the type of rig you wish to use, the cost of software, and the country involved in the mining process, this will determine the mining duration.  Countries like South America and Asian countries have an advantage in power consumption rates. The South American and Asian countries are now hot spots for mining bitcoin.

To determine the duration of the period, it takes to mine one and bitcoin successfully is dependent on the type of equipment they use to mine. Consider the computing power and the competition involved in the mining process. Using the ideal equipment and computational power, the duration it will take to mine one bitcoin would be 10 minutes. It may sound easy, but a lot of miners find this time frame impossible. The bitcoin network takes a tremendous set up which sometimes takes 30 days to mine 1 bitcoin successfully. 

Software and Hardware of the Miner

The cost of mining bitcoin and cumulative speed depends on the quality of the device used in the mining process like ASICs,  GPUs, or CPUs,  the total of devices you use while operating the network,  the mining pool involved, and the hash rate power of the equipment used.

The cost of mining 1 bitcoin in the USA is ten times higher than mining bitcoin in Venezuela. Mining bitcoin is not what you delve into as leisure.  There’s a need to make adequate plans and cost what it will take to acquire the equipment required,  calculate how to improve your mining venture’s bottom line and make investments in good hardware. Most importantly, consider other incentives and warranties for the mining rigs. It is wise to invest in cheaper mining equipment that can be easily replaced. 

In Summary Mining one Bitcoin

There has been huge progress regarding the development of the mining hardware and software for bitcoin. 

ASIC devices only compute calculations to create a bitcoin block using their optimized hardware.  The use of electricity is one of the consuming agents of the cost incurred by miners.

Using the ASIC mining microchip, more costs are incurred yet considered as the best for bitcoin mining.