Bitcoin has grown in price by hundreds and thousands of percent throughout its history every year. This has greatly changed the attitude of society towards digital currencies. Bitcoin has become an asset worthy of attention. Investors are constantly waiting for the coin price to rise and hope for good profits in the future. Many people just exchange BTT to LTC or Bitcoin via online services. Still, there are other ways to How Long Does It Take to Mine 1 Bitcoin.
How Long Does It Take to Mine 1 Bitcoin in 2022
Initially, you need to determine what equipment will be used for Bitcoin mining. It can be video cards, an ASIC device, or a laptop. Each option has its own characteristics, which are important to consider before making a final decision.
Effective mining of a digital coin directly depends on the equipment used. The more productive it is, the faster the mining of 1 Bitcoin (BTC) will be completed. You also need to consider how the money will be mined — independently or by a group of miners. If you choose the first option, an ASIC device is good.
ASICs are special computers developed specifically to extract cryptocurrency at high speed. This is a combination of microchips equipped with powerful fans, making it easy to mine digital money. The main advantages of these devices are low electricity consumption. Therefore, the income of the miner increases.
Before these devices appeared on the market, mining was carried out through video cards and a PC processor. But such equipment didn’t benefit because it requires a lot of electricity to operate. But the situation has changed radically after the advent of ASIC.
The situation is similar to mining on ASICs, but the procedure on video cards is much more complicated because it is impossible to mine Bitcoin only on video adapters. But don’t despair. There are special services where you can mine altcoins using the GPU.
In addition, the processing power of video cards is not competitive. For example, one of the most productive Nvidia RTX 2080 Ti models produces a hashrate of almost 60 Megahash (if we compare the power of the previously considered ASIC, it is 660,000,000 Mh/s). When calculating, it turns out that it will take 16-17 years to get 1 Bitcoin.
Some miners increase the performance of the video card by creating farms. In other words, they connect several devices to one computer. When using several video cards simultaneously, you need to multiply their number by the hashrate of one, then calculate the future income. So, when buying 6 modern devices, you can get 1 BTC in about 6 years. If you increase their number to 20, you will be able to get only one coin per year.
Even though BTC mining on “improvised means” has become unprofitable, users often still do it at home on laptops. As it turned out, to understand the essence of mining, you don’t need large investments and the development of a mining farm. You just need to learn how to work with special programs and use a laptop to mine digital currency.
Today it is quite difficult to mine using only a laptop, even with a powerful video card. Therefore, mining pools began to appear — an association of miners for the extraction of cryptocurrency. In this case, there is a distribution between the pool participants, and the amount of profit directly depends on the participant’s contribution.
So, how long would it take to mine 1 Bitcoin? Depending on the choice of mining means, the time of getting 1 coin changes. Each option has its own characteristics that need to be studied before the final decision.