Wondering how long to mine 1 bitcoin with Antminer S9? It’s a good question, but as we’ll see, the answer isn’t always clear-cut.
High-powered computers compete in the Bitcoin mining process to find a Bitcoin block and receive rewards for doing so.
Here is a detailed explanation of how long it took and how much it cost to mine 1 bitcoin.
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How Long to Mine 1 Bitcoin With Antminer S9
Crypto miners will mine one block instead of a single Bitcoin, with a reward set at 6.25 BTC per block.
It takes 10 minutes to mine one Bitcoin block with Bitmain Antminer S9. As a result, theoretically, mining 1 BTC (as part of the 6.25 BTC reward) will only take ten minutes.
However, it’s important to be aware that for every block, thousands of bitcoin miners are vying for the reward before choosing your Lamborghini.
The difficulty of mining rises as the number of miners in the network rises. Each block consequently requires more processing power to solve. This is probably only going to get worse, especially now that the Bitcoin hashrate has just surpassed its all-time high.
Many bitcoin miners join a mining pool because it is unlikely that one machine can mine a single block. The combined computing power of mining pools’ members is pooled, and the pooled profits are divided according to the share of power that each miner contributes.
Your ASIC mining set-up determines the amount of power, or hash rate. The Antminer S19 Pro, one of the most potent ASIC rigs, has a hash rate of 110 TH/s, which helps put things into perspective. This only accounts for 0.0002% of the Foundry USA pool.
One last thing: free Bitcoin mining or mining Bitcoin on a phone won’t work, at least not in the sense of traditional Bitcoin mining.
How Much Does It Cost to Mine One Bitcoin
Along with the mining time, we have looked into many different ways to mine Bitcoin for free.
However, a number of people have been curious about how much it costs to mine one bitcoin.
Decrypt reports that investment bank JP Morgan believes that the cost of producing 1 bitcoin has recently decreased from $24,000 to $13,000.
Is Bitcoin Mining Profitable?
How much electricity costs where you live has a big impact on whether mining bitcoins is profitable or not. As an illustration, mining Bitcoin is not a viable option in South Korea due to the prohibitively expensive electricity there. However, electricity costs are relatively low in Russia, making it profitable to mine bitcoins there.
Recognizing that large-scale operations dominate Bitcoin mining is crucial when assessing profitability. In addition to receiving a discount on ASICs due to their large orders, these mining farms, which have tens of thousands of miners, also receive a discount on electricity due to their constant demand.
Can Bitcoin Miners Go Solo?
Although the majority of Bitcoin miners tend to concentrate their efforts as a part of a mining pool, it is also possible to go it alone.
Solo mining is more of a gamble but has the potential to be more profitable than Bitcoin mining pools, which essentially guarantee smaller regular payouts and remove the majority of the risks. Solo mining can be slightly more profitable than using a pool overall because solo miners are not required to pay mining pool fees, especially for those operating a sizable mining operation.
