Bitcoin mining is one of the most common ways to mine this cryptocurrency today. The race to digital mine money continues to be more intense, especially given the hash rate, which is growing steadily. Bitcoin miners use dedicated computers with high processing power, which form a single block by performing very complex mathematical algorithms.
Besides that, miners based on more computing power are competing with each other in mining speed. And this is the reason why mining bitcoin is so difficult. Regardless, the process is still quite in demand, and almost everyone wants to be a part of mining. But how long will it take to mine 1 bitcoin in 2022? Let’s find out now.
Bitcoin Mining: How Long Does it Take?
BTC uses the Proof-of-Work consensus algorithm as the basis for its security. It means that, like many other digital currencies, it has a network of cryptocurrency miners who find new blocks and add to them as yet unconfirmed transactions.
Because creating a bitcoin block depends on computer processing power and the complexity of mining, specially created devices have emerged for this purpose. Due to this and the growing demand for bitcoin mining, its complexity is systematically increasing. The average time it takes to mine 1 bitcoin is about 10 minutes.
But this time is calculated on the assumption that you have perfect hardware and software. Because it is not always affordable, only a few miners can boast of such results. That is why most users are mining 1 bitcoin for up to 30 days on average.
Also, it is worth buying cryptocurrency doublers to speed up the process. Doublers are services that offer 2-3 times the amount of money invested. Professionals advise using websites that offer a small percentage (about 2-3% per day). The earnings will take a little longer, but you can avoid the risks.
One more great way to speed up the digital money mining process is to use the experts’ services. Many professional companies offer turnkey bitcoin mining. With them, you can get the desired results.
What Makes Bitcoin Mining So Difficult?
Because of its increasing algorithmic complexity and current difficulty, it is almost impossible to mine 1 BTC with a single device. Therefore, miners worldwide combine their computing power into pools, which reduces the time it takes to mine one block to 10 minutes, performing millions of calculations per second.
But you need to understand that the entire bitcoin network is competing in this whole process of finding blocks. And from that, it is clear that only one miner can find that very block. If you are working solo, your chances are much lower. That is why miners join together to form mining pools. They combine their hash rates to increase finding the right block. And as a result, the time to mine 1 bitcoin is reduced, and the rewards are distributed later equally among all pool participants.
How to Start Mining Cryptocurrency?
Once you understand the basic essence and task of miners, you can move on to the process itself, which will require a choice of:
- purchase local storage for the accumulation of funds on the PC,
- open an online wallet in any system.
Successful miners choose the first option. It will require more powerful equipment or separate server storage, but it has a higher performance, and only the owner is responsible for personal funds.
And the first thing a beginner should do, after creating a place to store virtual money, is to visit the official Bitcoin website, from where the official cryptocurrency storage software is downloaded and installed.
The first time you run the software, it starts downloading Bitcoin blocks. After that, it takes a certain amount of time, but you cannot pause it. So instead, wait for full synchronization and move on.
Choosing a fork
A fork uses a software project’s codebase as a start for another. Each fork can evolve and exist independently of the other. The main criterion for choosing a fork is profitability. You can calculate this feature on any online mining calculator. This figure depends on your video card, the PC’s speed, and the rate on the exchange.
Choosing a pool
The mining pool is a server that distributes tasks for subscriptions to all connected participants. Select the pool by commission. This is a percentage of the amount of the block, which will be divided between the miners. Also, look at the features of the withdrawal of funds to your wallet. Some pools provide additional options to view the statistics workers and their monitoring.
Choosing a miner
This is a program for engaging in mining. It solves complex mathematical problems and counts rewards by charging several units of cryptocurrency to your account. Usually, the chosen pool specifies which miner is best suited to perform all the functions and detailed instructions on how to set it up.
Launching the mining
The instructions for starting up are also included in the pool’s documentation. The process is usually done through the command line. All options are specified in the pool documentation, including starting the process of earning without a video card.
Starting mining is a question of interest to many beginners who have just decided to mine cryptocurrency. And many people think that it is an impossible process, but we see that it is quite achievable. Of course, there are many requirements. The main ones are equipment, choice of pool, cryptocurrency, fork, stock exchange, wallet.
How much money will be spent on all this depends directly on the miner? But you have to be sure that you can achieve the desired result faster by working together with other miners. And if you have enough money to buy powerful equipment, you can enter this game yourself.