Individuals who are planning to join the bitcoin community often ask, “How long does it take to get one bitcoin?”
The simple answer is that it will only take you ten minutes to get your first Bitcoin transaction. On the other hand, several aspects could extend this time.
In this post, we are going to discuss the things that contribute to the possible delay of a transaction that usually lasts for about a few hours or one day in most cases. So, if you want to know more about it, then keep reading and enjoy!
Understanding What Crypto Mining Is
The first form of cryptocurrency was established and launched to the public way back in 2008. Bitcoin and other similar cryptocurrencies are working under their respective blockchain. Blockchain refers to the safest method when performing a crypto transaction. In other words, it works as a group of code lines that creates a secure block where anyone can store their data. Don’t worry since it is highly encrypted.
When it comes to the Bitcoin blockchain, there is a total of 21 million bitcoins, which is sometimes represented as BTC, that will be created through mining. As mentioned, processing every bitcoin transaction can last for approximately ten minutes to days, depending on the different factors included.
The creator of Bitcoin is known in the name of Satoshi Nakamoto, which has an unknown identity. Satoshi Nakamoto worked with highly-trained developers to create Bitcoin, which is one of the initial currencies circulating in the world of cryptocurrencies. Even though this concept is outdated, a lot of laymen are interested in it. The highest peak of Bitcoin was reached way back in 2017. During that time, a single bitcoin costs around 20,000 US Dollars. This is the result of constant mining and trading of the Bitcoin followers.
Bitcoin Mining: How Long Does it Take to Mine One ‘bitcoin’
As mentioned earlier, several factors are affecting the time it will take to mine one bitcoin successfully. These include competition, equipment, and computing power. On the other hand, in most cases, a Bitcoin follower who is using the optimum equipment and computational power can mine one bitcoin in just ten minutes or less. This might not be considered the fastest time, but it is an ideal situation for every miner.
Mining one bitcoin requires a huge setup that can usually last for one month. Take note that the setup is not economical. After reducing the software and hardware cost as well as the electricity cost from the total cost of bitcoin you mined, you will be left with approximately 0.1 bitcoin of profit monthly. Considering its large setup, some manpower, and the overall electricity cost, you will spend about 73,000 US Dollars each month before you achieve one bitcoin.
The time that the mining process will take is not dependent on its cost but rather on the software and hardware factors. The type of device you are using, including CPUs, GPU, or ASIC, the mining pool, and the number of the device you are using, are the biggest factor that affects the overall cost and speed of bitcoin mining. For more information you can visit here Bitcoin Up Website – The Official BitcoinUp Site 2020
Mining bitcoin can be your mode of profit. But sometimes it can go sideways. If you are going to consider bitcoin mining, you need to consider your patience and hard work. Considering the popularity of Bitcoin in cryptocurrency is increasing continuously, a person can’t make a profit using a single mining pool and a rig. Even though the bitcoin mining speed is relatively slow, one can ensure to earn profits from it when mined properly.