How Long Does It Take To Mine A Bitcoin?

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How Long Does It Take To Mine A Bitcoin?

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After the Bitcoin craze, which took over the world in December 2017, many people got interested in crypto mining as a potential source of income. However, the harsh truth is that Bitcoin mining got extremely competitive these days, so the overwhelming majority of newbies feel like they’ve already missed the boat. In 2011, the extremely low difficulty rate would allow you to mine one BTC per day with your ordinary PC, but now you have to use specifically designed ASIC mining chips. The question is, how long does it take to mine a Bitcoin in 2018?     

What is hash rate? 

How long does it take to mine a Bitcoin block? Before we find out about this, it is important to understand what Bitcoin’s hash rate is. A hash is a cryptographic puzzle that miners have to solve. Consequently, the hash rate measures the speed at which a specific machine operates and solves mathematical problems. Bitcoin’s cumulative hashing rate increases almost every single day due to the monopoly of large mining farms. 

Mining difficulty 

In June 2018, it was reported that Bitcoin’s hashing rate skyrocketed by five exahash over the course of two weeks. Remarkably enough, it took the whole network over more than eight years to reach a similar milestone. The sudden spike in mining difficulty doesn’t necessarily mean that a lot of miners join the industry in droves and create a bigger competition– it rather indicates that ASIC chips become more advanced. The same happened during the transition from CPU mining to GPU mining. Thus, huge ASIC manufacturers (Bitmain, in particularly) effectively establish a monopoly. Here are the most popular producers of ASIC hardware:

  • Bitmain
  • Halong
  • Avalon
  • Pangolin.

Over the last 30 days, BTC’s mining difficulty has increased by 1.99 percent. This change seems insignificant, but the difficulty drastically growth when every 2016th block is mined (which happens every month or two). The data, which shows how long it takes to mine a Bitcoin in 2016 and how long it takes to mine a Bitcoin in 2017, is not really relevant anymore since now it is significantly more difficult to mine BTC.

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The speed of mining 

New BTC are mined almost every 10 minutes, but you have to actually earn a part of the block reward by contributing your hashing power to the network that a necessary for solving a block. As of now, the block reward is set at 12.5 BTC.

By the way, the actual block time is not determined– it often takes less than 10 minutes to mine a single block. This is only an average timeframe that is set as a target for miners.     

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