How long does it take to mine 1 bitcoin?

One of the most common questions asked in Bitcoin is how long does it take to mine 1 bitcoin. Bitcoin mining difficulty has increased substantially over the last few years, making it harder for miners to generate new blocks than in the past.

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This post will answer this question, as well as discussing some tips on why you should be aware of Bitcoin Mining Difficulty and what affect it has on your hashing power when mining. Then we'll get into how long it actually takes to mine 1 bitcoin (plus some bonus information).

BITCOIN PRICE:

The current price of bitcoin is $2,367.64 USD for a 1,000 BTC block reward (0.433617216 BTC, approx dollars per BTC at the time of writing). The price of your mining equipment is important to think about when calculating how long it will take to mine 1 Bitcoin, so we'll be using the current Block Reward of 0.433617216 BTC as an example for this calculation.

Lets work out just how many confirmations we need for a transaction if we are purchasing $2,367.64 in bitcoin from an exchange, to make sure that the transaction is confirmed and final:

$2,367.64 / 0.433617216 = 5.343596593 bitcoin confirmations.(5.343596593 BTC / 0.00000001 BTC = 2,367.64 confirmations)

So to make sure that our transaction is 100% final and complete we need to add in 2,367.64 confirmations before we can say that the transaction is completed. This means, for us to purchase $2,367.64 worth of bitcoin from an exchange and have it confirmed immediately we need 5.343596593 * 2,367.64 confirms (12,838.622922 confirms total).

BITCOIN MINING DIFFICULTY:

Bitcoin Mining Difficulty has increased over the last few years, and as of August 2016 it stands at 13.5 quintillion hashes per second (6,473.6 megatons per day). This means that in order to keep up with the rising difficulty of Bitcoin Mining, you will need more hash power.

As stated above, the current Block Reward is 0.433617216 BTC. The reward will decrease by 50% every 210,000 blocks (about 4 years). So if you have been mining Bitcoin for a few years, you will already have 0.1875 BTC of bitcoins in your wallet and that total number of Bitcoins that can be mined is set at 21 million.

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The difficulty of Bitcoin Mining is set to increase every 2,016 blocks. When the difficulty reaches 0.922334027 bitcoin it will start to decrease (to help stabilize the price). It is predicted that in around 5 years time that Bitcoin Mining Difficulty will reach 0.5 for us to be able to mine 1 BTC using the current Block Reward or 0.

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