With the cryptocurrency industry booming and investor interest at an all-time high, many people are looking to understand more about cryptocurrency at the forefront of it all. Whether looking to buy or just curious as to how this nascent cryptocurrency works, there is a lot to learn about Bitcoin and how it functions. In this article, we’re taking a look at answering the question: how long does it take to mine 1 Bitcoin?
What Is Bitcoin Mining?
Bitcoin mining is the process of minting new Bitcoin. When Satoshi Nakamoto introduced the world to Bitcoin in 2008, he clearly outlined that there will only ever be a maximum supply of 21 million Bitcoin. He chose a limited number so as to create a deflationary currency, as opposed to the inflationary nature of fiat currencies. You can read about why he chose that exact amount here. There is currently over 18 million BTC in circulation, with new Bitcoin being minted every day. The process of minting Bitcoin is down through mining.
Bitcoin mining is done through miners on the network who verify and confirm transactions. Each transaction that someone executes is entered into a pool until it is scooped up by competing miners. The miner will then solve a complex cryptographic puzzle in order to confirm the transactions and then enter them into a block, which is then distributed to the network. In doing so, the miner will receive the network fee paid by each sender as well as the current block reward. Block rewards are currently 6.25 BTC, halving every 210,000 blocks or roughly 4 years. These block rewards are how the new Bitcoins enter circulation.
How Long Does It Take To Mine 1 Bitcoin
Based on the original design, Satoshi Nakamoto intended blocks to be mined every 10 minutes. Each cryptographic puzzle is designed to take 10 minutes to solve. The more miners that are trying to solve it, the more difficult it will get. And the more miners there are trying to find the solution, the more computational power it requires. So while it may require more power, it will always take 10 minutes to mine the block reward. How long does it take to mine 1 Bitcoin? During this current halving, it will take 96 seconds to mine 1 BTC, however, 1 BTC will never be mined on its own.
How Many Bitcoins Are Mined In A Day?
Working on the 10 minute timeframe it takes to mine one block, in 24 hours (24 hours = 1,440 minutes) an average of 144 blocks are mined. If each block is bringing 6.25 BTC into circulation, then a total of 900 BTC are mined in a day.
How Many Bitcoins Are In Circulation?
At the time of writing there are currently 18,632,831 BTC in circulation. This accounts for 89% of the total supply, however there are believed to be millions of BTC lost or out of circulation due to lost wallet keys or inability to access the BTC. Based on halving statistics, is it believed that the last Bitcoin will be mined in 2140.
To find out more about Bitcoin and topics like “how long does it take to mine 1 Bitcoin”, see our informative and insightful blog. Or if you’re looking to get your hands on some BTC, use our simple process that will have your new crypto in your Oobit wallet in minutes, offering a safe and simple way to manage your crypto assets.
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