If you have been in the middle between mining bitcoins, trading, or other ways to profit from Bitcoin, there must be a lot of questions you will want to ask.
For instance, when you are planning to mine Bitcoin on your PC, how long will it take to get 1 Bitcoin? Well, there is no definite answer to this. It will depend on tons of variables, including your graphic cards, ASIC devices, the hash rate, electricity consumption, and many more.
Without the help of the mining pools, it would take years. Not to mention that the 21 million BTC supply cap is drawing closer. According to Investopedia, the rewards will be halved every four years. That means it will take a longer time to mine even only 1 BTC. The experts also added that the supply will be depleted around the year 2140 unless the developers change the Bitcoin system or raise the supply cap.
So, if you think that it is too late to invest in Bitcoin, don’t worry. It will still be there for your children and grandchildren.
In the current timeline, it is not possible for a single individual or group to mine one bitcoin. However, the benchmarks of earnings are relevant to the blocks that each individual or group can make.
In nature, it only takes 10 minutes to mine 1 BTC. However, you must keep in mind that you are not the only one who mines Bitcoin. Just consider that we are mining gold. It is important to know that each gram of gold is also worked by the thousands of miners in the same location.
It will take a long time to mine all of the gold in one location by yourself. But it will be quick if you work together with the other miners. However, your earnings will be smaller since you need to share the gold with the other miners.
The analogy up there is pretty much the same as with Bitcoin. If you were to mine BTC all by yourself, it would take forever.
As there are more miners in the network, the challenges in mining will become more significant. Therefore, each block requires more computational resources to solve.
Nowadays, mining a single block on one rig or device is not possible. That’s why individual bitcoin miners join a mining pool.
The mining pools gather participants who contribute to the mining process by using their computing power. The mining pools consist of the members’ computing power collections to enhance the resources in creating the block. The members will then split the profits based on the power contribution that each member brings. So, if you contribute higher, you will also receive higher rewards.
The latest bitcoin halving has increased the challenges amongst miners so heavily. On a daily basis, there are around 900 BTC rewarded. There is no right or wrong with taking a decision to mine BTC to earn money. It is now down to your personal choice and your risk profile.