Is it possible to mine bitcoin by one person and how long does the process take? - FOGWHY


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Friday, October 23, 2020

Is it possible to mine bitcoin by one person and how long does the process take?

 Bitcoin mining is getting more and more difficult with time.

The Bitcoin network is designed to work with the "PoW" algorithm, or what is known as mining as the basis for network security.

This means that like many other cryptocurrencies, a network of miners is used to discover blocks and add pending transactions to them, to make them irreversible and to document and approve transactions.

The Bitcoin block discovery process, which takes about 10 minutes per block, results in a fixed number of new Bitcoins being minted per block.

Each block carrying 6.25 Bitcoin is offered as a reward to the miners, every four years this reward is split in half, which reduces the bitcoin extracted and thus reduces the supply periodically.

Is it possible to mine bitcoin by one person and how long does the process take?

Although it takes about 10 minutes to discover each block, and each block produces a reward of 6.25 Bitcoin for the mineral that successfully detects it, it is important to understand that the entire Bitcoin mining network is fundamentally competing in the process of discovering that block, and so the competition is intense.

This means that a single miner in the entire mining network will successfully discover this bonus block.

Since there are tens of thousands of Bitcoin minerals in operation, the odds that this mineral alone will discover the block are very low.

For this reason, the vast majority of Bitcoin miners work together in the form of “mining pools,” where these miners combine their hash rate for a better chance of discovering the block that carries the reward.

Regardless of which mineral in the pool actually discovers the block, the rewards are distributed evenly among all members of the pool.

As the mineral contributing 1% of the pool hash rate, it will receive 1% of the block bonus mined.

F2Pool is currently the largest pool in terms of hash rate, contributing 20.52 EH / s to the total Bitcoin hash rate of 123.39 EH / s.

Which means that F2Pool represents 16.6% of the total hash rate of Bitcoin, and what also means that this pool extracts the equivalent of 149.4 BTC per day.

The mineral that contributes 1% of the pool hash rate will earn around 1.494 Bitcoins per day.

This means that one mineral would need roughly 132 PH / s processing power to mine one Bitcoin per day at current levels of difficulty.

With this in mind (132 PH / s), this difficulty requires 1,200 Antminer S19 Pro miners, which are currently one of the fastest ASIC machines on the market.

The total cost of this setup will likely be somewhere around $ 2.4 million, assuming the price for a single device is $ 2,000.

For those who have a smaller budget, and use one of the Antminer S19 Pro devices, for them to mine one Bitcoin, it will take 1200 days, or about 3 years.

Meaning, the Antminer S19 Pro returns 0.0000833 BTC per day.

Can Bitcoin be mined individually?

Although most bitcoin miners tend to focus their efforts as part of the mining pool, this does not negate the possibility of individually mining bitcoins.

But the advantage offered by mining pools is that it mainly guarantees regular payments to the miners participating in them according to their contributions.

While individual mining is considered as gambling that may or may not yield a reward.

Statistically speaking, to be able to individually mine and create 1 Bitcoin per day, the contribution must not be less than 0.11% of the total bitcoin hash rate, and this equates to about 132PH / s or the combined output of 1200 Antminer S19 Pro miners.

Meaning, by using 1200 Antminer S19 Pro, a complete mass can be detected in a matter of 6.25 days.

Given that even with 1,200 powerful miners, the process of extracting an entire block may take about a week, it is possible that miners with few machines can take years without a single lump detected, making the process extremely risky in most cases.

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