Bitcoin mining remains one of the most popular cryptocurrency ventures for profit-seekers, along with Ethereum mining. Thousands of miners continue to buy mining equipment and use large amounts of electricity to mine bitcoins, which has drawn criticism for its environmental impact. There is currently no way to mine a single bitcoin. Instead, cryptocurrency miners will mine a block, with a reward currently set at 6.25 BTC per block.
For example, with five or ten ASICs you can mine 0.01 BTC per day and in 100 days you would have mined a full Bitcoin. Of course, the time it takes to mine one Bitcoin will depend on several factors. How much energy does it take to mine one bitcoin? In this assessment we found that it takes an average of 143,000 kWh of energy to produce one bitcoin. Our method for discovering the amount of energy it takes to mine one bitcoin uses data from the relevant ASIC models, the size of the network and the current profitability of the miners.
Thus, it takes 86.509 kWh to produce one bitcoin with S19 Pros. This is the same as 86.5 megawatt-hours (MWh) or 0.0865 gigawatt-hours (GWh). Read more about electricity unit conversions here. However, note that the block reward decreases over time.
In 2024 the block reward will decrease from 6.25 to 3.125 bitcoins in what is known as a halving event. Halvings occur every four years, read more about miner trends here. Using the variables described above, we find that the bitcoin production rate is 37.5 BTC per hour over the next three years (until the 2024 halving). This means that about 900 bitcoins are produced per day, and 328,500 are created per year.
To put this in perspective, a typical nuclear power plant produces 1000 MW of electricity. This equates to 24,000 MWh per day, or 24 GWh. Whereas a large-scale power provider such as the Three Gorges Dam in China spits out a maximum capacity of 22.5 GWh. This equates to 540,000 MWh per day, or 540 GWh.
The world currently has some 62,500 power plants. When you consider that one large power plant could run four times the entire Bitcoin network, Bitcoin's energy consumption seems less threatening. Equipment capable of efficiently mining Bitcoin is not cheap and will represent a substantial financial investment by any miner. If traders are interested in how to mine Bitcoin but find themselves in a no-go zone, they should reconsider Bitcoin mining.
Also known as cloud hashing, cloud mining is another way of extracting bitcoins for miners who do not have their own mining infrastructure. If there are no changes to the protocol and no new bitcoins are minted, experts project that the last bitcoin will be mined in 2140, exactly 120 years from now. However, before you go picking out your Lamborghini, it is important to know that for every block there are thousands of bitcoin miners competing for the reward. Mining is the process of verifying Bitcoin transactions and adding them to the blocks of the Bitcoin blockchain.
Calculate Bitcoin mining profitability and estimated mining rewards by starting with the Bitcoin mining hashrate calculator entries above; mining hardware, mining costs and mining reward. You won't get a Bitcoin all at once, at least not without a large number of ASICs, but you can gradually accumulate a Bitcoin over time. There are over ~1 million ASIC miners (specialised devices built to mine BTC and other cryptocurrencies) securing the Bitcoin network, and only one ASIC at a time can earn the block reward. Most Bitcoin mining device manufacturers provide guidance on how to set up Bitcoin mining hardware.