How long does it actually take to get 1 bitcoin? This question occurs as a primary thought in anyone’s mind who decides to step forward and become a part of this world. This is why most people are left dumbfounded when they fail to answer this question. Simply put, it takes around 10 minutes for a typical bitcoin transaction to occur. Therefore, it is important for one to know that, while being the most lucrative financial opportunity in the world, even bitcoin needs some time. However, there are various factors that have a profound impact on the total time it takes for the transaction to occur. In this blog, we will explain how long it takes to get 1 bitcoin and what are the factors that have an impact on it:
Understanding The Basics
Ever since the inception of cryptocurrency back in 2008, its existence has left everyone baffled but at the same time, cryptocurrencies are building at the same pace. Simply put, all the cryptocurrencies are pretty much similar to blockchain technology when it comes to their structure. Because blockchain is chanted as the most secure form of making transactions on this planet, most people applaud it. However, when you decide to convert 1 bitcoin to Satoshi, you will be shocked to know that the value is at an all-time high. We also were invited by Bitpay for their exchange launch in India.
Simply put, it is the line of code that keeps the block stored and encrypted over time. As of now, there are over 21 million bitcoins that have already been created through the mining process. Therefore, there’s a huge difference between the processing time for each of the transactions, which varies from 10 minutes to days, depending on various factors. If you don’t know, Satoshi Nakamoto, along with his team of experts came up with bitcoin a few years back. Therefore, when creators of bitcoin decided to jump on the bandwagon, they had to come up with something lucrative for everyone to know.
Although bitcoin mining is much similar to the other elements, still there’s a lot of difference as to how everything is extracted. It is a simple process that improves the security mechanism. Therefore, once done, miners are provided with bitcoins as a part of their contribution, which is based on proof of work.
Simply put, bitcoin mining is not rocket science at all. However, it can be a little frustrating at times when the payoff is skeptical. Bear in mind, when you’re going through bitcoin mining, you’re going to take up complex challenges with mining hardware. This helps to store information in blocks. Therefore, once you come across the mining process, every new transaction is recorded and also verified at the same time. Once you discover the block, you will eventually be rewarded for your effort. This might take little time, especially if you don’t have hands-on experience of doing it before.
How Fast Can Bitcoin Mining Be?
Simply put, it is hard to come up with a defined time frame when mining bitcoin is concerned. After all, it takes a lot of time for things to happen the right way. However, even if we have to bring up the best-case scenario, it shouldn’t take more than 10 minutes to process 1 bitcoin. This doesn’t seem much but is typical for an ideal situation. This is impossible for a lot of miners, who are trying to learn the craft for the first time. For your information, it takes around 30 miners to mine 1 bitcoin. Furthermore, this setup isn’t as economical as you think. Once the electricity cost and the hardware have been deducted, you will be left with one-tenth of a single bitcoin.
With the conventional setups out there, it might cost around $73000 to look for one bitcoin. This means one needs to be patient enough when diving full throttle in this industry. Furthermore, the speed of mining isn’t in direct proportion with the cost. It depends on the hardware and software being used as well. The total speed is reliant on the type of device that you’re using. However, now it is fair enough to say that the speed of mining one bitcoin is much better than what it was initially.