Since Satoshi Nakamoto created Bitcoin, a cryptocurrency based on blockchain in 2009, the digital asset has witnessed many ups and downs, the latest being the infamous halving that occurred in May 2020 which saw the block reward drop from 12.5 BTC to 6.25 BTC.
Since then, Bitcoin has grown steadily and at fluctuating rates, as well as diverse exchange prices on different platforms. However, a common question which miners of Bitcoin or investors ask is, how to get one bitcoin in 2020?
How To Get One Bitcoin in 2020
To put it clearly enough from the start, it takes about 10 minutes to mine 1 Bitcoin in 2020. When you mine, all you do is input transaction records into the blockchain to confirm transactions and ensure that they are legitimate.
When and If you successfully mine 1 Bitcoin, you get a reward of 6.25 BTC. However, it is outright impossible for most miners. While mining 1 Bitcoin in 2020 typically takes 10 minutes, there are several other factors which could cause the process to lag for hours or even days! Such factors include the following:
Hardware Hash Rate
Considering the competitive nature of Bitcoin mining, you need to invest in hardware that offers optimal performance in terms of computation speed and power. This is where the hash rate of your hardware comes in.
Measured in megahashes per second (MH/sec), gigahashes per second (GH/sec) and terahashes per second (TH/sec), hardware with higher hashe rates give you a significant advantage in mining. The average hardware hash rate recommendable for Bitcoin mining is from 336 MH/sec to 14,000,000 MH/sec.
A lot of equipment, processors, and features go into mining. The processor of your computer plays a crucial role in Bitcoin mining. When mining was less competitive, you could make do with computers with low processing capabilities. But as interest in mining grew, miners have innovated new ways to give them a vantage position in mining. As the Central Processing Unit failed, Graphical Processing Units was soon developed, a graphics processor that gave miners as high as 800 MH/s.
Today, companies have invested millions of dollars into mining rigs using Application-Specific Integrated Circuit (ASIC), expensive processors that can offer about $14,000,000 depending on the chip in question. The high competition makes it extremely difficult for sole miners who use processors with low speed to mine successfully and get rewards. This is why most miners prefer to join a mining pool to increase their chances.
Mining a full Bitcoin takes typically 10 minutes, but it might be practically impossible, so miners are content with mining in bits. If you have powerful hardware with a fast processor, among other factors, you could mine in bits of 0.1 or lesser.
Since only a few people can afford million-dollars worth of mining companies, miners work in mining pools, which have now been made accessible by online pool services where you only have to create an account and mine with thousands of other unknown miners.
Disclaimer: This article is not a financial advice and it doesn’t seek to suggest mining bitcoin. Not only has bitcoin mining operations been shut down entirely in many countries, you could also put yourself at a legal and financial risk.
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