Bitcoin has become a household name over the past few years, so it comes as no surprise that many people want to get their hands on BTCs. However, the process of mining BTCs requires powerful hardware and consumes a lot of electricity.
So, can you mine BTCs at home, and how long will it take you to mine one BTC? Let’s find out.
How Long Does It Take to Mine 1 Bitcoin?
Under ideal conditions, it would take 10 minutes to 30 days to mine one bitcoin. But in reality, most mining conditions are far from ideal.
To put it another way, you would need to use specialized hardware called ASICs (such as Antminer S19 Pro), with a hash power between 95 and 110.0 TH/s. These devices can cost up to $17k.
With 5–10 ASIC miners, you can mine 0.01 BTC per day. But to get one BTC, it would take about 100 days of mining. Therefore, mining bitcoins at home is not very profitable. You’d be better off investing in BTC.
9 Interesting Facts & Stats on BTC Mining
How much does it cost to mine 1 bitcoin, how many BTCs can you mine in one day, and what is bitcoin’s current price?
1. The production cost of mining one BTC has dropped from $24,000 to $13,000.
(The Coin Republic)
The production cost of mining one bitcoin now stands at $13,000, 46% less compared to its cost of $24,000 in early June. Bitcoin’s mining price depends primarily on miners’ electricity expenses.
However, whether the price of Bitcoin falls or not, as long as it is above its mining cost, a mining operation will be profitable. As of September 10, 2022, one bitcoin is worth $21,478, which is considerably lower compared to its June 29, 2021 price, when one BTC amounted to $35,548.
2. Venezuela is the most expensive country for BTC mining.
Mining one BTC in Venezuela costs a staggering $246,530. Solomon Islands ($142,581) is the second most expensive country for BTC mining, followed by Antigua and Barbuda ($89,412).
On the other hand, Kuwait is the cheapest country for BTC mining ($1,393), followed by Algeria ($4,181) and Sudan ($4,779).
3. Louisiana is the cheapest US state for BTC mining.
The cost to mine one bitcoin in Louisiana amounts to $14,955. This is almost $40,000 of what it costs to mine BTC in Hawaii, the most expensive state for mining ($54,862 per coin).
4. New York has the largest number of BTC miners.
New York has the highest rate of bitcoin hash rate (19.9%), followed by Kentucky (18.7%), Georgia (17.3%), and Texas (14%).
On that note, New York legislators passed a bill to prohibit certain bitcoin mining operations that use carbon-based power sources.
6. Ideally, you can mine an average of 144 BTC blocks every day, or six blocks per hour.
(Buy Bitcoin Worldwide)
You can’t mine one bitcoin a day because the mining process implies blocks. Each block contains 6.25 bitcoins.
BTC blocks are sets of transactions from a certain period. In perfect conditions, you can mine six blocks per hour or 144 blocks per day.
7. It is possible to mine BTCs using a gaming laptop.
If you wish to use your laptop for both gaming and mining, getting one with a 1060 6 GB or 1070 8 GB GPU would be your safest bet.
Regarding how much time it takes to mine 1 bitcoin on a laptop, as with any other mining device, it depends on your hash power. In reality, it could take you years to mine one block as you are up against much more powerful ASICs.
Moreover, laptops can quickly overheat during the mining process. How to get one bitcoin without damaging your laptop? If you decide to mine bitcoins on your laptop, monitor the temperature of your GPU, use additional coolers, and take breaks to prevent overheating.
8. It takes about 188 days to mine one bitcoin using an RTX 3070 graphic card.
The RTX 3070 graphics card can produce approximately 32 MH/s when mining BTC. So, let’s do the math — how long does it take to mine 1 bitcoin with RTX 3070? Around 188 days.
Yet, you wouldn’t want to use low-power graphic cards, such as a GTX 1080 graphic card, since it will take 2.4 million years to mine a single BTC.
9. Android phones can generate a tiny amount of bitcoin over the course of several months.
While mobile crypto mining is a thing (there are many downloadable mining apps for your phone), it will take several months until you generate one fraction of the coin.
Mining apps can also decrease your mobile’s performance and, in some cases, ruin the device entirely. So we wouldn’t recommend using your phone to mine BTCs.
In addition to that, Apple and Google have banned cryptocurrency-mining apps for their devices.
So, what’s the average time to mine one bitcoin? Under ideal conditions, anywhere from 10 minutes to 30 days. However, this scenario would require you to use an ASIC miner that can cost up to $17k.
Plus, you’d need to have five or ten ASICs to mine 0.01 BTC per day, and it would take 100 days to mine one BTC. In other words, it would cost you a fortune to mine one BTC at home.
Is it possible to mine 1 bitcoin a day?
Technically, no, since you’ll be mining blocks instead of bitcoins. However, you can receive rewards in bitcoins for completing blocks.
The current reward for completing a block is 6.25 BTC per block. And, under ideal conditions, you can mine 144 BTC blocks per day or six blocks per hour.
How much bitcoin can u mine in a day?
It will depend on your hardware, software, and hash rate (mining speed). For example, if your hash rate is 140 TH/s, you might be able to mine 0.0005 BTC per day, which translates to about $10.24.
How much does it cost to mine 1 bitcoin?
The production cost of one bitcoin amounts to $13,000. Venezuela is the most expensive, and Kuwait is the cheapest country for BTC mining ($246,530 vs. $1,393 for one BTC).
Regarding the US states, Hawaii holds the highest price for bitcoin mining ($54,861 per coin), while Louisiana is the cheapest state ($14,955 per coin).
How long does it take to mine 1 Ethereum?
With a hashing power of 500MH/S, about 7.5 days.
How long does it take to mine 1 bitcoin at home?
Under ideal conditions, it takes between 10 minutes and 30 days to mine one BTC. However, this implies you have a very powerful mining rig setup and an ASIC miner.
You would also need to have more than one ASIC miner (between 5 and 10) with 95–110.0 TH/s hash power. How long does it take to mine 1 bitcoin with an ASIC miner? About 100 days.