Bitcoin has grown more than 2.2 million times in the 13 years of its existence (from $0.03 to $69,001 at the maximum in November 2021). Owning BTC has traditionally been associated with wealth. If the asset increases over time, even a small amount of coins, such as 0.01 coins, can become a valuable asset for the owner. The first cryptocurrency was almost useless in 2099. The coin can be extracted by any user from a home computer. The complexity of the network increased simultaneously with the expansion of the exchange rate. Powerful ASICs will be needed to receive coins starting in 2022. In this post we will explain how long it takes to get one bitcoin. There are several ways to speed up this procedure.
Factors determining how long it will take to mine 1 bitcoin.
ASICs, video cards, processors and hard drives will all be used in 2022 for mining various currencies. But many miners choose bitcoin. BTC coins were mined on a GPU in 2011. One bitcoin can be mined per week due to the complexity of the blockchain of 14,484 thousand nodes. But it was short-lived. The profitability of video cards used for bitcoin mining decreased significantly in 2014. Even taking into account the cost of electricity, the income was not profitable.
The following variables affect the rate of mining:
1) Network complexity. The parameter determines how many times the hash function value must be repeated to find the block. The rate of bitcoin mining will decrease with an increase in value. 2) The efficiency of the equipment. You can find a block faster using a high-speed hashing method. 3) Quotes for cryptocurrencies. As the price of the coin increases, more and more miners are tied to work, and vice versa.
The amount of labor required to search for a block is the main indicator of the effectiveness of the blockchain. Regardless of the total computer power of the miners, coins on the blockchain are mined at the same speed. Each coin has a certain blocking period built into its programming. Ten minutes for Bitcoin.
The integrity of the blockchain is controlled by the complexity of the mining process. Otherwise, the remaining money will be received relatively quickly if the hashrate increases. The complexity of bitcoin mining increases with the increase in the number of miners in the bitcoin network. In order for users to maintain the profitability of their business, the equipment needs to be updated frequently.
As of August 2022, 19.1 million Bitcoin coins (91%) have been created. The remaining 1.9 million bitcoins will be mined for another 120 years due to the growing complexity of the blockchain.
Despite the fact that the situation may change unexpectedly, the complexity of the top-level blockchain tends to increase. The hardware for decrypting a hash becomes more powerful as it becomes more complex. Since 2017, their number has increased dramatically by Blockchain.com . According to experts, this is due to the growing recognition of cryptocurrencies.
ASICs, specially designed chips, are considered the most advanced equipment for decrypting cryptographic purposes in 2022. The gadget that the miner uses will determine how quickly it will find a solution.
To find a legitimate hash, use the selection procedure. To do this, you will have to make a lot of calculations. The ASIC finds the hash function value and determines if it is the answer to the problem. How many of these processes the device can perform per second is indicated by its hashrate. The bandwidth of the Bitcoin network in 2022 will be 216,204 EH/s. This means that you will need to perform 216,204 quadrillion calculations every second to generate one block.
By the summer of 2022, approximately 9,000 assets will be available on the bitcoin market. Despite the development of more useful cryptocurrencies, many users still choose bitcoin because they consider it the most reliable and secure asset. The hashrate of the network is steadily growing. In 2022, this figure increased by 41%. (from 155 units per second to 216 units per second).
Every year it becomes more and more difficult to crack the bitcoin blockchain. To do this, attackers must capture more than 51% of the network hash. Hackers can create locks and influence transactions in this situation (delete or replace them). But in fact, this undertaking is practically unattainable.
How much to mine 1 bitcoin.
The complexity of the network dynamically changes in accordance with the total hashrate of miners in order to prevent technical instability of the exchange rate. The BTC code contains detailed information about this condition. The indicator is updated every 2016 blocks or every two weeks. This method makes it more difficult to obtain a hash when the total computing power of the miners increases; if it falls, the encryption level decreases. The task is to make sure that deleting one block takes exactly 10 minutes.
The fee for a verified bitcoin hash in 2022 will be 6.25 coins. A quick count shows that mining 1 BTC takes 1.6 minutes. You have to find the best solution to get the reward. A user who hashes frequently is more likely to discover a block.
The bitcoin blockchain is currently stacked at 28.13 tons. Nominet NM440, the most powerful asic, has a hashrate of 440 thousand./with. You can get 1 bitcoin using such a miner in 17 months. Every day Asic deposits 0.00199 coins.