How long does it take to mine 1 Bitcoin - step-by-step instructions


Bitcoin is the digital coin that occupies an honorable first place in market capitalization. Therefore, it is not surprising that such a crypt is of interest to many. And if there is an opportunity to mine Bitcoin, I want to know everything about this method. In particular, how long will it take to mine one cue ball. Let's take a closer look at how you can mine BTC.

There are several options for mining cryptocurrency. With help:

  1. ISI devices
  2. Video cards
  3. Crane
  4. Clyde mining

ASIC equipment

How effective Bitcoin mining will be depends on the equipment. Therefore, the more powerful it is, the faster the mining of one coin will be completed. It is important to consider the format of cryptocurrency mining - alone or by a group of miners.

If your choice is solo Bitcoin mining, then you should pay attention to ASIC devices. This equipment is most suitable for such purposes. The most powerful for this year and 2022 is the Bitmain Antminer S19 PRO model. The cost of this device is impressive, and starts from 350 thousand rubles. What's special about it? The total computing power is 110 Th/s.

If such a device works continuously all day, then its production could be 0.0009 btc. How long does it take to earn 1 coin? Considering the mining capabilities of 0.0009 btc/day, it can be assumed that in 3 years the miner will accumulate the long-awaited amount.

It is important to understand that the data provided is approximate. It is impossible to say specifically how and how much a miner will earn in a year or a day, because the complexity of the network is constantly changing. One cannot ignore the volatility of the Bitcoin exchange rate. If we talk about payback, then we need to take into account the costs of electricity.

Of course, the cost of the equipment itself should be included in the payback. And, as you can see, it’s not cheap. You can, of course, choose other options, which will cost approximately from 100 thousand to 170 thousand rubles. These are mid-segment devices with a hashrate of 90 terahash/second. In how many days, months or years can you get 1 bitcoin coin in this case? In about 4 years, 1 btc will accumulate. And this is based on the complexity of the blockchain for 2022.

What is an ISIK?

These are special computers designed specifically for cryptocurrency mining. Before the advent of these devices, crypto mining was carried out using video cards and a computer processor. But there was no benefit to using these devices. The thing is that they consumed a lot of electricity. The problems were solved with the advent of ISPs.

What is their operating principle? The same as for video cards. Deciphering the blockchain, creating new blocks - they do it all. True, the power of the latter is much higher, which means you can get a coin much faster.

Calculation of the cost of mining 1 bitcoin

The cost of mining 1 Bitcoin varies significantly, especially depending on what kind of mining farm is used and electricity tariffs in a particular country or region.

Costs to consider when calculating the cost of mining 1 Bitcoin:

  • Hash speed
  • Pool commission (if any)
  • Electricity costs

Changing the cost of electricity can have a significant impact on the ultimate cost of creating Bitcoin.

For example, mining cryptocurrency in Venezuela will cost you only 2% of the cost of mining cryptocurrency in South Korea.

Mining in the US is still cheaper than in South Korea, although it will typically cost you about 10 times more than in Venezuela.

China has been home to large farms for some time due to very low and abundant energy, however due to government crackdowns these farms have moved elsewhere.

If you plan to mine Bitcoin for profit, you are essentially planning a business.

This means that when considering costs, you must consider depreciation, or more simply put, the lifespan of your equipment.

Chances are, your farms will be running at or near full capacity for extended periods of time. This leads to breakdowns due to wear and tear, which will impact your bottom line.

You should also consider at what point a particular piece of equipment may become obsolete.

When purchasing Bitcoin mining equipment, you will usually be provided with a warranty, but you should not expect claims to go smoothly.

It may make more financial sense to invest in cheaper equipment that you can easily replace instead of repairing, rather than having expensive equipment break down and need frequent repairs.

Mining pool as a way to mine crypto

What is a mining pool and why can you accumulate much faster and more coins in this way? One device will not work as efficiently and will be more costly in terms of energy consumption. But such associations, mining pools, are special servers that divide one large task into small ones. Therefore, in this format it is much more profitable to mine crypt by combining hashing power.

By the way, the largest mining pool can mine 1 bitcoin in just 10 minutes. In this case, the total computing power of the devices will be 935 Ph/s. Based on these data, we can confidently say that in order to receive 1 btc in 24 hours, you need a farm with an approximate capacity of 6.5 Ph/s.

Profit in terms of price-quality ratio

Value for money is one of the most popular values ​​used to determine which mining hardware is the best.

This ratio measures the performance of a device relative to its unit price. Often the price-quality ratio is given in gigashes per dollar or GH/$.

Naturally, you should try to invest in equipment with a high ratio, as this will increase the likelihood of making a profit.

However, the higher the price-performance ratio of a farm, the more expensive it is. It may happen that top-end ASICs will be less efficient or cost more than ASICs of the previous generation.

Video cards as a way to mine Bitcoin

Another question that worries miners is how long will mining on video cards take? The process of mining cryptocurrencies using video cards is a little more complicated than with ISPs:

  • There is no direct Bitcoin mining through a video card. In any case, you need an ICU device to mine cue ball. When using a video card, mining is carried out through special services that allow you to receive altcoins.
  • The processing power of video cards is not competitive. There is a direct calculation here: the most powerful video card has a capacity of 60 megahash. With such power, in one month of continuous operation you can get up to 0.0045 bitcoin. How much will this be in a year? 0.06 btc. But to get 1 coin you will have to wait 17 years. Of course, you can buy 20 similar video cards, and in a year you will receive 1.08 btc, but will it pay off? Here's an important question.

Bitcoin faucet: how to get 1 bitcoin

The simplest, but not the most profitable option for mining cryptocurrency is Bitcoin faucets. They are special services where for certain actions you can receive part of a coin - Satoshi. For example, you can get crypt for entering a captcha or viewing an advertisement. It would seem that everything is simple - sit and get it. But the rewards here are quite modest. One action can be valued at 1 or 30 kopecks. Although there are faucets that give you the opportunity to get $200 for one task, this is very rare.

Tasks are paid in Satoshi. In general, in an hour of work you can earn 400 of these coins. If converted to Bitcoin, this is 0.000004 btc. If you work 9 hours, then your income can be 9.6 thousand satoshi, which is 0.000096 btc or 400 rubles. Based on these data, you can get up to 0.035 btc for a year of work. But to earn a whole cue ball, we will need a good 29 years.

Therefore, we can say with confidence that a Bitcoin faucet will not allow you to quickly earn crypto, even if you connect several computers.

Supports CPU processors, GPU video cards

Hashflare.io is the most popular service that works with five types of coins. The site works with five different types of coins. The project is very popular among miners, so the number of power purchases on the site has to be limited to avoid overloading the site. There is Russian technical support.

Bitluck.com - on its platform you can use one of several methods to pay for contracts for any computing power, namely 10, 50 or 100 Th/s. And the validity period of the selected contract itself can be within 30, 150, 240 or 360 days. Only BTC is mined and with the SHA-256 format algorithm installed. The service has Data Centers in 12 locations in 6 countries.

Hashing24.com - mines only Bitcoin. It is possible to purchase a contract for a period of three years using USD, EUR, BTC. Pros: purchasing an arbitrary amount of power. There is an auction where you can sell unnecessary power to other miners, and you can also watch a demo version of the service.

The fact that interest in Bitcoin is only growing is evidenced by the rate charts for the entire history of the existence of the most popular cryptocurrency. Despite the instability and periodic drop in Bitcoin prices, since 2009, even with the volatility of the exchange rate, it has been growing exponentially. If

More and more countries are starting to accept Bitcoin for payment, and this means that the number of exchanges on which Bitcoin is traded is growing. On our UNI Stex exchange you can buy or sell Bitcoin and other cryptocurrencies at the most favorable rate, as well as get advice from our traders.

Cloud mining: how many coins can you mine in a year?

At its core, this method is reminiscent of leasing device capacity. In this case, there is no need to buy expensive equipment. Production is based on rented equipment. The latter may even be located on another continent.

Answer the question “how long will it take to mine cryptocurrency using clyde mining?” possible only after the user selects a rental tariff. For example, you can rent equipment with a total power of 500 Th/s. Thus, you can earn 1 bitcoin in a little more than six months. The tight deadlines are impressive! Yes, but the miner will have to pay about 40 thousand dollars for this opportunity.

You can also purchase equipment with fewer petahash. For example, you purchased a contract for 50 petahash per second. In this case, it will be possible to mine one btc coin in 6 years. But who knows how the complexity of the network will increase tomorrow, because every year it is becoming more and more difficult to mine crypto.

Bitcoin mining difficulty

Today, due to the high price of virtual crypto assets and, as a result, increased demand for cryptocurrency mining technology, the complexity of Bitcoin mining has increased significantly; it uses an increasing amount of electricity, since more time has to be spent on calculations. Bitcoin creator Satoshi Nakamoto limited the supply of bitcoins to 21 million to avoid inflation, and most of the tokens have already been mined. In addition, every four years, due to a reduction in the number of bitcoins remaining unassigned as rewards, a process called “halving” occurs in the coin protocol—halving the reward in bitcoins to miners for each mined block.

If at the dawn of the mining era, mathematical calculations for finding a new block in the blockchain chain were quite simple and could be carried out using a video card on a home computer, then after a surge of interest in virtual cryptocurrency, heavy-duty computer equipment was needed due to competition among a large number of the same miners. In 2022, it will no longer be possible to mine Bitcoin using CPU or GPU processors, video cards or hard drives, since this method is unprofitable and ineffective with huge energy costs.

Or maybe a single Bitcoin miner will still be able to work under current conditions?

Bitcoin is also mined by individuals, however, there are fewer and fewer of them. It is worth saying that despite the fact that Bitcoin is mined for a long time by one miner, 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 hashrate. But for this, he needs to have the appropriate powerful equipment. Otherwise, in order to farm cryptocurrency, he would have to spend months finding one block.

How much money does a mining farm bring in per day/month?

Let's count. The article was written in January 2022, so the numbers and calculations may be out of date during this time. But the level of profitability of cards and their performance will remain relevant.

To demonstrate how profitable a particular model is, we will evaluate a set of eight video cards. Let's consider, using a model, how much the farm will bring in dollars per day, week and month. From the sample of tokens that the card can mine, the five most profitable ones were taken, and on their basis the arithmetic average of the card’s profitability was derived.

Profitability is given as the arithmetic average of the profitability of ETH, RVN, CORTEX, GRIN and AETHERNITY coins. By the time you read these lines, the course will have changed, but the table will remain a good indicator of video card performance.

The numbers are shown for 8 video cards
GTX 1050 TiGTX 1060 (6GB)GTX 1660GTX 1660TIGTX 1660SGTX 1070GTX 1070 TiGTX 1080GTX 1080 Ti
Profit per day2,47,57,810,110,71212,81522,2
Profit for the week16,852,554,670,774,98489,6105155,4
Profit for the month72225234303321360384450666
Profit for the year8762737,528473686,53905,54380467254758103
RTX 2060SRTX 2070RTX 2070SRTX 2080RTX 2080 TiRTX 3060TIRTX 3070RTX 3080RTX 3090
Profit per day11,117,720,221,428,919,724,237,944,5
Profit for the week77,7123,9141,4149,8202,3137,9169,4265,3311,5
Profit for the month33353160664286759172611371335
Profit for the year4051,56460,57373781110548,57190,5883313833,516242,5

How much do miners earn?

Since we already know how much energy it costs to mine one Bitcoin, let's think about how much miners actually earn. Let's ask the next question: is Bitcoin mining profitable at all? Miners mine Bitcoin, receiving a reward in the form of a portion of the mined BTC. In 2009, when Satoshi Nakamoto created the Genesis block (the first Bitcoin block), the block reward was as much as 50 BTC per block. So why is it only 12.5 BTC per block now? Another important concept will help us explain – halving.

Halving is profit sharing. Since all Bitcoins in the pool are limited to only 21 million BTC, an event occurs every four years in which the prize for mining one block is split in half, automatically adding half of all unmined Bitcoins to the correct pool. The first halving occurred on November 29, 2012, dividing the mining premium from 50 BTC to 25 BTC per block. The second halving in 2016 from 25 BTC to 12.5 BTC and the third in May 2022 from 12.5 BTC to 6.25 BTC per block. For those curious, it's worth knowing that the halving will happen before zero, so the pool of 21 million BTC will never be reached.

To summarize the above with a decent dose of knowledge about Bitcoin mining , let's look at some questions. We know how to do it, but is it profitable? Will the investment be better? And how will the price change before and after the halving? Judge for yourself. More information about Bitcoin and investing will be coming soon in future articles.

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What determines the amount of earnings in mining?

From the capacities involved.

At the hardware level, profitability depends on the hash rate - the speed at which the device solves mathematical problems.

At the practical level, it depends on the number and coolness of video cards. New video cards that can consume less electricity are objectively more profitable than old ones. This is the golden rule.

The more video cards in the farm, the higher the profit in the moment.

This is an objective indicator that directly affects profitability. So after creating a farm, it makes sense to save up for new cards.

Who made money from cryptocurrency mining

It’s not just traders who make money from cryptocurrency. Here are five real people who made money from cryptocurrency mining.

Eric Finman

, one of the youngest dollar millionaires. I made my first big money when I invested in Bitcoin mining.

Jared Kenna

, former sailor. I bought bitcoins when they were 20 cents, earned $258, and invested in cryptocurrency mining. Later, during the growth of the exchange rate, he sold $30 million worth of cryptocurrencies.

Yifu Gou,

I started mining to pay rent and utilities. Having recognized the potential of the currency, he founded the startup Avalon. This is the first company in the world that is engaged in the creation of ASICs - integrated circuits that mine only cryptocurrency. Using his own product, Gou raised his personal income to $5 million from mining alone.

Fitz Hall

, is now a young businessman and entrepreneur, but before that he was an ordinary student. While still in college, Fitz invested his savings in cryptocurrency mining with his friends.

Eliza Dadiani

, began her career mining cryptocurrency. Later, she opened an art gallery that accepts bitcoins as payment for works of art.

But these are distant personalities; here an example would be closer to reality...

And he is, meet Sergey Solyony

. His farm produces the salary of the average Russian in one day.

Profitability of production - energy costs

Energy costs are one of the most important things a new miner faces. How much does it really cost to mine one BTC? For example, let's say we use AntMiner, which runs 24/7 all year round and will mine around 0.85 BTC. The associated electricity costs will be about 15,000 kWh. That's a lot, right? If we take the price of electricity from 3 to 6 cents per 1 kWh, then the total cost of energy will be from $600 to $1800 per 1 BTC mined.

Every time the total energy draw of the #bitcoin mining network surpasses another country we should be celebrating.

That's another nation state whose -combined energy resources- would not even be enough to mess with the chain!

Ztrong. Like bull.

— Christopher Bendiksen (@C_Bendiksen) March 3, 2020

The above example just illustrates how important it is to consider the cost of electricity when mining Bitcoin. It's also worth knowing how much it actually costs. Using real data from different countries, and also taking into account year-round mining, we present a short list of countries where mining is the cheapest, and we will also show the flip side, where mining 1 BTC is the most expensive.

Let's look at the list below showing the countries with the lowest energy costs :

  • Trinidad and Tobago ($1,190)
  • Ukraine ($1,852)
  • Kuwait ($1,983)
  • Myanmar ($1,983)
  • Belarus ($2,177)

Let's go to the other side and look at the list of countries with the highest average electricity costs :

  • Cambodia ($8,327)
  • Tahiti ($11,103)
  • Curacao ($11,896)
  • Turks and Caicos Islands ($14,033)
  • South Korea ($26,170)

What is more profitable: mining on video cards or on ASIC?

If you measure it by electricity consumption, a farm on video cards is more profitable than ASICs.

Video cards and ASICs have different mobility

ASIC is made for one algorithm, so it is limited to 2 - 5 currencies, of which it is profitable to mine well... one or two.

Video cards can mine 20 algorithms. If one of the coins that the video card can mine takes off, then switching the farm to it is a matter of two minutes.

For ASICs, the situation is the opposite - the coin may be outside the range of available algorithms. Bang, the coin flew up, but Asik doesn’t know how to mine it.

Video cards can do more than ASICs

This is an axiom that explains Asics their place - on the racks of a farm barn. Asik has no other uses. Once the mined coins fall in price, the ASIC turns into an expensive heater.

The issue is resolved by the availability of money. If you have capital of 20 - 30 thousand dollars, Asika is a short-term way to increase capital, albeit with risk. Stacks of 20 units of advanced ASICs can bring in up to $100k per year or even month.

But no one can cancel the risk - the mined coin sags and you lose your investment.

If you don't earn 20k USD per month in 2022, get video cards

Buying video cards is a very real situation. With an income below 1k dollars, you will need to use savings or set aside funds. You will have to start with not the most powerful cards or use other capabilities.

Risks and profitability of cryptocurrency mining

A cryptocurrency mining farm is a project that you finance at your own risk and discretion. Any project, in order to bring in big money, requires an investment of time and effort. The attractiveness of mining must be balanced by an understanding of the risks that the miner is taking.

The value of cryptocurrency will change.

After building a farm, the cryptocurrency may change course. Exchange rate fluctuations are normal when they occur within six months. Analyzing the behavior of the main PoW coins, you can see that they are stabilizing over the year. Any coin has a risk of collapse. Remember the golden rule of investors - do not invest more than you are willing to lose.

Mining does not bring in millions out of thin air here and now.

This is not “easy online earnings” for freebie lovers, but a long-term investment project. It is impossible to earn $1000 in a month without investing in mining. In one and a half to two years - quite realistic.

The farm needs time to break even.

Typically, it takes from six months to two years to achieve payback. The period depends on the capacity of the equipment and investments in the project. After reaching breakeven point, the farm generates net profit, which goes into the miner’s pocket.

Without knowledge of the laws and your rights, money can go down the drain.

States do not like cryptocurrency, because it raises the question of the advisability of supporting parliamentarians on public taxes. Before you start mining, find out where mining is legal and where you can get a deadline.

There are many cryptocurrencies - some are profitable, others are unprofitable.

Be skeptical of new cryptocurrencies. Young, unestablished projects are dangerous for unprepared users. Tokens that have been on the market for more than two years are relatively safe.

This article is not an investment recommendation.

How to calculate the profitability of a crypto farm

It is necessary to calculate based on the equipment and the exchange rate. Some factors should be factored into the profitability of a crypto farm in advance.

During mining, the price of electricity is taken into account.

The farm, like other equipment, consumes electricity. In the CIS regions, the price per kilowatt is lower than in Europe and the USA. However, before calculating profitability, you should calculate how much your specific farm consumes.

The farm has added value.

It includes the price of related parts, such as housings for the farm, motherboard, processor, power supply and RAM. These parts do not generate income, but are necessary for the normal operation of the farm. For example, 8 video cards cost $1,500, and the body kit cost $550. This means that the farm has $550 in added value. This is necessary to accurately predict the payback period of the farm and is used in calculations.

Option two. Mine Bitcoin

This is truly the most “hardcore” option: do not buy coins, but mine Bitcoin yourself. For these purposes, it is not at all necessary to know what mining is, but knowledge is still welcome. You may even think that mining means creating money out of air and electricity, although in reality everything is a little more complicated.

For Bitcoin mining, ASICs are used - special devices that cannot do anything else except BTC mining. The most efficient ASIC currently available for sale is the Antminer S17 Pro. Bitmain recently introduced the S19 and S19 Pro, but they are not on sale yet. According to Avito, its price varies from 110 to 130 thousand rubles including the power supply. We found a ton of ads for sale: look at this and another ad for examples.


Selling ASIC on Avito

Such a miner produces 53 Th/s using the SHA-256 algorithm and consumes 1.5 kW. Let's use the WhatToMine calculator. Our favorite 2CryptoCalc currently only supports algorithms for mining on video cards, but in the next updates calculations will also be available for ASICs.


Bitcoin mining profitability calculation

According to the calculator, Antminer S17 should bring 0.297 BTC in a year. Don't forget that the Bitcoin network hashrate is always growing. Over the past year, it has grown as much as three times, that is, competition is increasing, and earning coins with the same equipment is becoming increasingly difficult. If we assume similar growth for the next year, then the real annual income of this ASIC is unlikely to exceed 0.2 BTC.


Bitcoin network hashrate over the past year

We reason further: if one device mines 0.2 BTC, then to receive 1 BTC in a year you need five such devices, and this is exactly 600 thousand rubles. Do not forget that we did not take into account the location of the ASICs [they are too loud for the home - editor's note], their electricity consumption, and so on.

If you want to get a whole BTC in a year, mining it with ASIC miners is definitely not your option.

Let's consider the case if you are willing to wait two years, while the difficulty of production again increases three times a year. We have 0.2 BTC for the first year and only 0.065 BTC for the second year. In this case, we need to buy only four Antminer S17 devices now to get a whole Bitcoin in two years. 120 thousand rubles x 4 = 480 thousand rubles, that is, already a large part of the initial 600 thousand rubles to buy a whole bitcoin. Will you be able to find a room for these four guys, install Internet there, and “feed” them with electricity for two years for the remaining 120 thousand rubles? We doubt it.


ASIC miner

Each consumes 1.5 kW, which is 26,280 kWh in two years. And we have four such ASICs, that is, in the end we get 105,120 kWh. It’s not difficult to calculate that at 3 rubles per kWh on average in Russia you will spend 300 thousand rubles on light alone, that is, you can’t count on the 120 thousand mentioned above in principle. The budget is already 780 thousand rubles.

We remind you that you can now buy 1 BTC for only 600 thousand rubles and without any hemorrhoids. So, mining Bitcoin is, again, not your option.

You may say, but the equipment can be sold after use? Yes, we don’t argue, it’s possible. However, after a year of use - and even more so two - its price on the secondary market will be miserable. It is difficult to expect even 10 percent of the original purchase price. We discussed this when we compared which is better for mining - ASIC or GPU, that is, video cards.

How long does it take to mine 1 Bitcoin in the world?

We have certain statistical data by which we will determine how long it takes to mine Bitcoin in general. So, on average, about 1 thousand coins are mined per day. One day = 24 hours = 1,440 minutes. Now we divide the number of BTC mined by all minutes, total: 0.69 btc per minute.

Roughly speaking, one bitcoin is mined in 1.5-2 minutes. But do not forget to take into account unforeseen situations... For example, if the Bitcoin exchange rate drops sharply, then miners turn off part of the equipment and Bitcoin can take up to 10 minutes or more to mine.

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Is it profitable to buy equipment and start mining now?

The answer is current as of January 2022. In short - yes. It takes a long time - depending on your level of income and opportunity.

The first farm will not catch stars from the sky

With an income below 1k dollars per month, the only working option is to assemble a farm from used video cards. It’s strange, but they continue to work; some miners retire and sell their farms or, for example, entire cells.

For example, an average farm with 200 milhash on Ether will cost $2,000. By receiving 682 USD (50 thousand rubles) per month and putting aside 382 dollars monthly, it is possible to save up for a farm with good productivity.

Or build a farm from scratch yourself. It will be even cheaper, about 700-800 dollars.

A serious entry into mining costs from 5 thousand dollars

Yes, the figure is unpleasant, but also real.

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