Among the laudable methods in the crypto universe, mining is one of the best-known. Separately, those new to its use, especially for Bitcoin, often wonder how long it takes for the miner to get 1 Bitcoin. So if you belong to the category, for which the mining time of 1 bitcoin remains a headache, this article is translated for you.
Bitcoin Block Mining Time
Bitcoin or its network indeed works on the basis of the Pow algorithm. With such a model, bitcoin miners receive rewards based on the new block they would have added to the network. The time to mine a Bitcoin block is then 10 minutes. Because of this, every 10 minutes, a new block is added to the network, regardless of the number of miners.
The number of miners being high, they compete for the addition of a new block by trying to guess the hexadecimal (64 digits) it takes. Mining a block successfully would take years if a miner worked solo. This is why multiple miners team up to do the work and share the resulting rewards.
The time needed to mine 1 bitcoin
Determining the time required to mine 1 bitcoin is almost impossible, as there is no way to mine 1 bitcoin yet. This impossibility is often called “the difficulty of mining”. This parameter allows you to control the computing power needed for mining a Bitcoin block. It changes, taking into account the current mining power of the Bitcoin network, every 2016 block.
The confirmation process is done per block since the Bitcoin network works per block with a reward of 6.25 BTC per block. But in an effort to decrease the number of bitcoins minted each time a new block is discovered, said the reward is halved. This happens every 4 years and after 210,000 blocks have been worked.
The mining pool
As said above, mining a Bitcoin block takes 10 minutes for a reward of 6.25 BTC per block. But due to the large number of miners in the network, mining Bitcoin becomes more complicated. Thus, mining a Bitcoin block requires even more computing power. The chances of a single miner discovering the correct hex are very low.
However, miners to overcome this problem form and join groups called mining pools. They, therefore, apply the famous principle of “together we are stronger” by combining the computing power that is often lacking in the network. The resulting collective power makes it possible to successfully mine a block and share the rewards between miners in proportion to the power contributed by the miner.
Therefore, the miner who contributes to the success of the mining pool with 1% as the hash rate will also receive 1% of the rewards of the newly discovered block. This allows each miner in the pool to receive a share of the loot.