April 11, 2022: Updated to reflect the latest statistics on the Bitcoin mining process
With the deposit limit of 21 million BTC approaching, how long does it take to extract Bitcoin?
Bitcoin mining continues to be one of the most popular cryptocurrency companies for those looking for profits, along with Ethereum mining and Ethereum efforts. Miners continue to buy mining platforms and use electricity to extract Bitcoin, generating criticism for its environmental impact.
If you want to participate in mining games, or just have curiosity, here is a brief look at the mining of Bitcoin.
How long does it take to mine 1 Bitcoin?
Not only can you withdraw 1 Bitcoin, but cryptocurrencies will withdraw a block, with the reward set at 6.25 BTC per. block.
Each Bitcoin block takes an extra 10 minutes. This means that in theory it would only take 10 minutes to add 1 BTC (as part of the 6.25 BTC reward).
Without hesitation, before choosing your Lamborghini, it is important to know that for every block there are thousands of bitcoin miners competing for compensation.
When there are more minerals in the network, the difficulty of mining increases. As a result, each block requires more computing power to solve. It is likely that this will only increase, especially after the Bitcoin hash rate has reached its historic maximum.
Read more: How much Bitcoin will be back in 2021?
Due to the impossibility of extracting a single block on a platform, many bitcoin miners belong to a mining group. Mine pools combine the collective power of their members and share the profits as a function of the share of power that each miner supports.
The power value or hash speed depends on your ASIC mine configuration. To put this in context, one of the most powerful ASICs, the Antminer S19 Pro, has a hash rate of 110 TH / s. It represents only 0.0003% of the Foundry USA group.
How much Bitcoin can you withdraw in a day?
Since each bitcoin block lasts 10 minutes extra, 144 blocks are drawn each day. This means that at the current rate after the final reduction of the bitcoin limit, 900 BTC is available for compensation every day.
Currently, Foundry USA and AntPool are the two largest mining groups. They are responsible for 15.9% and 15.4% of the total hash rate, respectively.
With 144 blocks extracted per. day, this means that Foundry USA should see a return of approximately 168 BTC per. day.
Read more: Elon Musk shares his thoughts on Satoshi Nakomoto’s identity
[Featured Photo by Dmitry Demidko on Unsplash]
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