How long does it take to mine 1 BTC?
Although each block takes 10 minutes to discover, and each block brings a reward of 6.25 BTC to the miner who successfully discovers it, it is important to understand that essentially the entire Bitcoin mining network competes in this block discovery process.
This means that only a single miner in the entire mining network will actually successfully discover a block – and since there are potentially tens of thousands of Bitcoin miners in operation, the probability of him discovering a block on his own is quite low.
For this reason, the vast majority of Bitcoin miners work together as part of a mining pool and combine their hash rate to have a better chance of discovering a block. After that, regardless of which miner in the pool actually discovers the block, the rewards are distributed equally across the pool.
As a result, a miner who contributes 1% of the hash rate pool will also receive 1% of the accumulated block rewards.
F2Pool is currently the largest pool by hash rate share, contributing around 26.73 EH/s of the total Bitcoin hash rate of 134.6 EH/s. This 19.9% hash rate share essentially means that approximately 19.9% of all newly mined BTC is mined by this pool – which equates to 179.1 BTC per day (out of a total of 900 BTC distributed to all miners per day).
An individual miner contributing 1% of the hash rate pool (~267 PH/s) would earn approximately 1.79 BTC per day. This means that a miner would need almost a 149.2 PH/s hash rate to mine an average of 1 BTC per day at current difficulty levels.
To put this into perspective, this is the equivalent of running 2,331 of the latest 64TH/s Antminer S17e ASIC miners released in November 2020. This setup would likely cost somewhere in the region of $1.86 million, assuming an average unit price of $799 /ea. This would also prove somewhat challenging as the Antminer S17e is currently sold out (as of December 2020) and is only available at a premium through resellers.
For those on a smaller budget, a single Antminer S19 Pro (an older generation but widely available unit) would take a total of 1,356 days to generate 1 BTC in rewards while working with a mining pool – the equivalent of generating 0.00073 BTC. /day in rewards, or around $13.28/day at current prices ($18,200/BTC).
To calculate how long it would take another mining rig to generate 1 BTC in rewards, you can simply plug its hash rate into the following equation: 1 / (hash rate (in PH/s)) * 0.0066. This result will generate the number of days it will take to generate 1 BTC in rewards at the current difficulty levels.
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