Back in Bitcoin’s early years, it was always referred to as a one unit or mining one Bitcoin. However, nowadays, mining Bitcoin is best talked about in blocks rather than single units. This is because a new block on the blockchain has to be validated before the new Bitcoins can be released.
To release the Bitcoin from the block, a complex mathematical equation has to be solved. There are millions of miners/mining groups working on solving these equations around the world every day. Whoever is the first to solve it, validates the block and releases the reward.
Currently, each block contains 6.25 BTC, down from 12.5 BTC, as it was halved back in May 2020
What Determines the Mining Speed?
There are several factors involved when it comes to determining the speed at which one Bitcoin is mined. Such factors include the hardware being used, computer power, and even the competition.
Nevertheless, there is one stable factor that truly controls the time it takes to mine one Bitcoin. Namely, the hashing difficulty algorithm. This algorithm is designed to ensure that it self-adjusts and yields a block verification time of 10 minutes.
As a result, the general rule for an ideal situation is that it takes ten minutes to mine one BTC. However, not every situation will be ideal and therefore, the exact time that many people experience will be far longer.
For example, if you’re mining alone, on a PC with limited hardware or improper equipment, you’ll never be able to solve the equations fast enough and could spend ten years mining rather than ten minutes.
Mining Hardware and Your Competition
Since mining alone is not only extremely time-consuming but also incredibly expensive, people are now frequently turning to mining pools for help. A mining pool will use the correct hardware, will give you a higher chance of solving the equation, and will be a fraction of the cost for you.
Added to this the fact that the rigs mining pools use have extremely high performing and computer abilities, and you’ll soon realise that mining alone is a futile pursuit. Some of the most significant mining rigs that have been used or are currently being used are:
CPUs were popular because they’re simple to install and configure. But, if you want enhanced performance, you need to get multi-core processors or CPUs with multiple motherboards.
Initially, CPUs were one of the most common set-ups used for Bitcoin mining, However, the emergence of GPU, FPGA, and ASIC relegated them to mining certain altcoins. This has meant that even the GPU and FPGA have become less frequently used in mining Bitcoin as better and faster technology continues to come along.
As it stands, miners are most commonly using ASIC hardware devices for mining Bitcoin. These chips are tailored specifically to mine BTC based on Bitcoin’s SHA-256 hashing algorithm.
Using a mining pool that uses ASIC hardware will give you the best shot possible at becoming as successful as possible. Users that don’t have ASIC hardware will always struggle to keep up with the competition.
It’s Time to Stop Mining Alone
As we mentioned earlier, in an ideal situation, one BTC can be mined every ten minutes. This equates to roughly 900 new BTC being mined daily all around the world. Although don’t forget that this number will become even lower sometime during 2024 when the next Bitcoin halving will occur and each block will only contain 3.125 BTC.
As time goes on, it will become harder for miners in terms of time, cost, and resources. Even now, solo miners are being pushed out of the market and will eventually struggle to validate any blocks by themselves.
So, if you’ve been trying to mine alone, it’s time to stop! Save yourself time, money, and stress by joining a mining pool. By joining a mining pool, you can partake in mining regardless of your budget. You can take advantage of the mining pool’s rig, be part of a team that has the same goals as you, and reap the rewards along with everyone in your pool.
Right now, 900 BTC are waiting to be mined every day - will you get your fair share?
Act Now with Mining Syndicate
If you would like any more information about starting or expanding your Bitcoin horizon; reach out to us at Mining Syndicate. We are a mining pool that can be used by everyone! You don’t have to be a millionaire or have years of crypto experience. Our mission is simple: Strengthen the Bitcoin network by enabling small-scale miners to affordably purchase and reliably host miners.
As a small miner, the owner, Chris, became frustrated by the lack of hosting options available for miners with under 100 units. As luck would have it, he found a 2.5MW mining facility for sale right down the road, and thus, Mining Syndicate was born. Facilities #2 and #3 are already in the works.
Why is Mining Syndicate so successful? Because we have a team of people who are just like you, eager to be a part of the future of mining. If you would like more information about how you can be a part of Mining Syndicate, how our facility works, or the products we sell, you can reach out to us:
We look forward to hearing from you and learning more about how you can be part of the team - Together we are stronger!