How Long to Mine a Bitcoin? Factors & Future Trends

Many who are new to Bitcoin find it difficult to grasp the mechanics of Bitcoin mining. Once they do, the first question many seem to ask is "How long does it take to mine 1 bitcoin?"

This is a common inquiry among those new to Bitcoin mining. However, the answer is not straightforward, as it depends on a variety of factors including the type of mining hardware used, the amount of computational power available, and the current state of the Bitcoin network.

Bitcoin Mining Growth

To understand how long it takes to “mine” 1 bitcoin, it's important to understand what Bitcoin mining involves. In the Bitcoin ecosystem, miners compete to add a new block to the blockchain, with the first to achieve the difficulty target earning a reward—currently 3.125 BTC per block. This reward is set to reduce to 1.5625 BTC after the next halving in 2028.

Bitcoin mining has undergone significant changes since its inception in 2009. In the early days, mining could be done using a standard personal computer with minimal hardware. The difficulty of solving blocks was relatively simple, and competition among miners was low, making it possible for an individual to mine Bitcoin with just a CPU (Central Processing Unit).

As Bitcoin gained popularity and more miners joined the network, the difficulty increased, leading to a need for more powerful hardware. Miners began using GPUs (Graphics Processing Units), which offered higher computational power than CPUs. However, as the network continued to grow, even GPUs became insufficient.

Today, Bitcoin mining is dominated by specialized hardware called Application-Specific Integrated Circuits (ASICs). These devices are designed specifically for mining Bitcoin and offer unparalleled computational power, capable of performing trillions of hashes per second. However, ASICs are expensive, and their high power consumption means mining is no longer a hobbyist activity but a large-scale industrial operation.

The Evolution of Bitcoin Mining

Source: Medium

How Much Time and Power is Required to Mine A Bitcoin?

The time required to mine a single bitcoin is closely linked to the amount of computational power, or hash rate, available to the miner. The higher the hash rate, the more likely a miner is to solve a block and earn the bitcoin reward.

However, it's important to note that the Bitcoin network is designed to adjust the difficulty of mining every 2016 blocks, or approximately every two weeks, to maintain a consistent rate of one block every 10 minutes.

This adjustment means that as more miners join the network and the total hash rate increases, the difficulty also increases, making it harder to mine a single block. Conversely, if miners leave the network and the hash rate decreases, the difficulty will decrease, making it easier to mine Bitcoin.

Bitcoin’s Network Difficulty

‍

Source: Blockchain.com

Mining pools remain a fundamental aspect of the Bitcoin network, where miners combine their computational resources to increase the likelihood of successfully mining a block. These pools offer more predictable and consistent payouts, distributed based on each miner’s contribution to the pool's overall hash rate.

So, how long does it take to mine 1 bitcoin?

To provide an example, let’s assume you have an AntMiner S9, which is a popular but older model of ASIC miners. At the current difficulty adjustment, mining 1 full bitcoin with an AntMiner S9, which has a hashrate of 13.5 TH/s, would take approximately 119 years, at around 69,880 satoshis per month.

The Antminer S9 is a relatively old miner though, so if you want to speed up the process one can purchase newer models with more efficient power output.

If you know your miner’s hash rate and electricity consumption, you can calculate how much revenue it will generate for you based on current network and market conditions.

There are calculators online that will help you with this. Simply insert the values and it will tell you how long it will take you to mine a full bitcoin.

Bitcoin Mining Profitability Calculator

Source: Cryptocompare.com

‍

Factors Affecting Cost Basis of Mining Bitcoin

With the current Bitcoin network difficulty and U.S. electricity costs ranging between 10 and 25 cents per kWh, an AntMiner S9 operating at approximately 14 TH/s would incur a daily loss of around $2.81, equivalent to -1,151 satoshis per day at a rate of 10 cents per kWh.

In contrast, Bitmain's latest miner, the Antminer S21 Hyd (335 TH/s), would generate approximately $1.90 in daily profit, translating to about $692.37 annually (at the current Bitcoin price), or 1.2 million satoshis per year. 

‍

Cost of Electricity by State (USA)

Source: Howmuch.net

In regions where electricity is expensive, the cost of mining a bitcoin can exceed the value of the bitcoin —in dollar terms— itself, making it an unprofitable venture.

In contrast, regions with access to cheap electricity, such as certain parts of China, Iceland, or Canada, have become hotspots for Bitcoin mining operations.

In these areas, the cost of electricity is low enough to make mining profitable, even with the increasing difficulty and the need for expensive hardware.

‍

Global Bitcoin Mining Sites as of 2019

Source: Investopedia

‍

The Future of Bitcoin Mining

In recent years, Bitcoin mining has seen innovative applications that go beyond traditional setups. For instance, some mining operations have started using gas flares—byproducts of oil extraction that would otherwise be wasted—to power Bitcoin mining rigs.

This approach reduces environmental waste and turns an otherwise unused energy source into a productive asset by contributing to the Bitcoin network.

Additionally, the future of Bitcoin mining is likely to involve even more integration with everyday appliances. Devices like Bitcoin heaters are already being used to capture the heat generated by mining and repurpose it for home heating.

This concept could expand to include other household appliances, such as water heaters, where the energy produced by mining is utilized for daily tasks, enhancing energy efficiency.

While large mining pools are expected to continue dominating the landscape, these innovative methods, such as using gas flares and integrating mining into household devices, could lead to an even more distributed approach to mining. 

‍

‍