How much does it cost to mine a Bitcoin now?

Nowadays, more and more people have greater expectations for mining Bitcoin as a potential income. How much does Bitcoin mining cost in 2019? How long does it take to mine one Bitcoin? Now the cost of Bitcoin mining is getting higher and higher. For miners, the amount of mining depends on the price of Bitcoin. If the Bitcoin market is not good, they will consider reducing mining.

What is a hash value?

How long does it take to mine a Bitcoin block? Miners use hash values ​​to solve cryptographic mathematical problems during the mining process, so it is necessary to understand hash values. Hash values ​​(HASH) are a set of binary values ​​obtained by encrypting the contents of a file. They are mainly used for file verification or signatures. They are calculated based on the size, time, type, machine, etc. of the file. They can easily change. No one can predict what the next number will be, and no one has changed his software. Therefore, we usually use it to check whether two files are the same. Due to the monopoly of large mining farms, the cumulative hash value of Bitcoin is increasing almost every day, which also greatly increases the difficulty of mining for miners.

How long does it take to mine one Bitcoin?

Based on the current data structure, one Bitcoin is divided into 8 decimal places, which is 0.00000001BTC. The smallest unit of Bitcoin mined by miners is 0.00000001BTC. As more and more people are mining, the difficulty of mining is getting higher and higher. Before 2014, one person could still mine with an ordinary computer, but now it is almost impossible for one person to mine. If the computing power of Bitcoin reaches 236 trillion hash collisions per second, it is equivalent to the number of water drops in more than 200,000 50-meter-long swimming pools. Even with such a large computing power, it takes about 10 minutes to collide with a hash value. At the current speed, if the computer is turned on 24 hours a day, it takes about 3 months to mine a Bitcoin.

How much does electricity cost to mine one Bitcoin?

Bitcoin mining is done through a specific encryption algorithm on a high-powered computer, so the speed of mining Bitcoin still depends on the computing power of your computer. For example: The cost of an Antminer S9 is $800. The computing power of this mining machine is 13TH/S. It takes one month of uninterrupted operation to mine 0.02 Bitcoin. According to the operation method of this mining machine, it will take longer to mine Bitcoin, and it will take 50 months to mine one Bitcoin.

Let's take a look at the cost of electricity. According to the power of the Bitcoin mining machine, which is 1350W, the mining machine consumes about one kilowatt-hour of electricity for every hour of operation, which is 24 kilowatt-hours a day. The electricity fee is 80 cents per kilowatt-hour, and the monthly electricity cost of the mining machine is 576 yuan. Therefore, the cost of mining one Bitcoin is approximately 28,800 yuan.

The computing power of the entire Bitcoin network has been increasing continuously. According to Tokenview data, as of September 2, 2019, the real-time computing power of the entire Bitcoin network reached 75.17EH/S, which means that it takes longer to mine a Bitcoin and the cost will increase a lot. In fact, the process of mining Bitcoin depends on many factors. The biggest cost is the electricity bill. The electricity bills in many countries are different, which also leads to different Bitcoin mining costs. (Bitcoin Home)