With the continuous rise in the price of Bitcoin, the process of producing it—known as mining—has attracted increasing attention.
Back when Bitcoin was first created between 2009 and 2011, the requirements for mining equipment were minimal. You could even mine Bitcoin using a smartphone and still earn a decent profit. It was possible for an engineer to run the mining software overnight and wake up having mined hundreds of thousands of Bitcoins. However, as Bitcoin has evolved and its value increased, more people have become interested in mining. This growing interest has led to higher demands for mining equipment and increased the overall difficulty of mining Bitcoin.
Today, China accounts for more than 75% of the global mining hashrate, meaning that the majority of Bitcoin is mined there. So, exactly how long does it take to mine one Bitcoin?
A Brief History of Bitcoin Mining
Bitcoin mining has evolved significantly over the years, moving through five distinct eras:
- CPU Mining
- GPU Mining
- FPGA Mining
- ASIC Mining
- Large-Scale Cluster Mining
With each advancement in mining technology, the mining speed—or hashrate—has increased dramatically:
- CPU: 20 MHash/s
- GPU: 400 MHash/s
- FPGA: 25 GHash/s
- ASIC: 3.5 THash/s
- Large-Scale Cluster Mining: 3.5 THash/s × number of units
What Is Mining Hashrate?
Mining hashrate refers to the speed at which a computer can perform hash collisions per second. In simple terms, it measures how many guesses your mining hardware can make each second. The higher the hashrate, the more likely you are to successfully mine Bitcoin and earn rewards.
In the Bitcoin network, a new block of transactions is recorded approximately every 10 minutes. All mining computers compete to package this block of data, and the one that succeeds receives a Bitcoin reward.
Initially, the reward for mining a block was 50 Bitcoin. However, this reward is programmed to halve approximately every four years. Currently, the reward is 6.25 Bitcoin per block.
The Process of Mining Bitcoin
To successfully generate a block, miners must find a valid hash value. There is no shortcut to discovering this value—it's essentially a process of random guessing. The more guesses your hardware can make per second, the higher your chance of earning Bitcoin.
Without powerful ASIC chips, mining a full Bitcoin individually could take forever. It's possible to run hardware for decades without successfully mining a single block. Those curious about mining with consumer hardware, like a GTX 1080 GPU, may be disappointed. GPU mining has not been profitable for years unless you operate a large, low-cost mining farm with extensive equipment.
Mining Solo vs. Joining a Pool
If you want to mine Bitcoin effectively, joining a mining pool is highly recommended. In a pool, participants combine their computational power to increase the chance of mining a block. Rewards are distributed based on the amount of computing power each miner contributes.
How long it takes to mine one Bitcoin in a pool depends on the pool's size, the type of equipment you use, and the current network difficulty. There is no definite answer, as these factors fluctuate constantly.
While solo mining is still possible, it requires top-tier hardware. Even with one of the most advanced ASIC miners available today, mining a single Bitcoin could take many months. This estimate is highly uncertain due to the ever-increasing mining difficulty.
Bitcoin Halving and Its Impact
Bitcoin underwent its first halving event in 2012, followed by a second in July 2016, and a third in 2020. The current block reward is 6.25 Bitcoin. By the year 2040, the total supply of Bitcoin will reach its cap of 21 million coins, after which no new Bitcoin will be created.
As time passes, mining difficulty continues to rise, and the time required to mine Bitcoin increases accordingly.
👉 Explore advanced mining strategies
Frequently Asked Questions
How often does Bitcoin halving occur?
Bitcoin halving occurs approximately every four years. This event reduces the block reward miners receive by half, ultimately controlling the supply of new Bitcoin until the maximum of 21 million coins is reached.
Is it still profitable to mine Bitcoin at home?
For most individuals, mining Bitcoin at home is no longer profitable due to high electricity costs and the intense competition from large-scale mining operations. Specialized hardware and access to cheap power are essential for profitability.
What is the role of mining pools?
Mining pools allow individual miners to combine their computational resources, increasing their chances of successfully mining a block. Rewards are distributed among participants based on their contributed hashrate.
Can I mine Bitcoin with a regular computer?
While it is technically possible to mine Bitcoin with a regular computer, it is not practical. The hashrate of consumer CPUs or GPUs is too low to compete with professional ASIC miners, making solo mining unviable.
What happens when all 21 million Bitcoin are mined?
Once all 21 million Bitcoin are mined, miners will no longer receive block rewards. Instead, they will earn transaction fees for processing and validating transactions on the network.
How does mining difficulty affect the time to mine Bitcoin?
Mining difficulty adjusts approximately every two weeks to ensure that blocks are mined every 10 minutes on average. As more miners join the network, the difficulty increases, extending the time required to mine Bitcoin.