If you’ve been around the crypto realm for a while, you’ve surely come across the term Bitcoin mining. While an appealing practice, there are some factors to consider before you go and buy your first mining rig, including how much Bitcoin you can mine in a day.
Bitcoin mining, for some, is a painfully expensive task, or an appealing way to make profits by creating new bitcoins. Either way, this article will explain common questions, such as how much Bitcoin one can expect to bing in per day while mining, how expensive is it, and how does BTC mining work in depth.
That being said, how much BTC can you mine in a day, and how difficult is it? We’ll explore these questions and more below.
How Much Bitcoin Can You Mine in a Day?
Technically, you could mine as much as 900 Bitcoins per day taking into account the cryptocurrency’s current inflation rate. Bitcoin’s inflation rates halves every four year in a process known as the halving. That is, however, a limit that isn’t available to any miner, as it’s the total amount entering circulation every 24 hours.
Firstly, mining Bitcoin solo is an extremely difficult and expensive task; the computational power you’d need to mine a block in 10 minutes (which is the average BTC transaction time) translates to around 3000 mining rigs. Let’s break it down:
Today, the average market price of an S19 miner, one of the most popular (and relatively accessible) mining machines, is around $3,000.
An S19 has a hashrate of 110 TH/s —with a power draw of 3250W.
The hashrate, the parameter that determines the computer power required to mine 1 BTC, is currently at 323.22 EH/s, and one exahash = 1 quintillion
TH/s is one trillion hashes per second, therefore to reach 323.22, you would need around 3000 mining rigs, which could cost around $10 million.
Note that difficulty rates are adjusted automatically every two weeks.
Moreover, not only is it extremely expensive to mine 1 BTC per day —you’re also competing against a network of miners. We’re talking about tens of thousands of computers discovering a block every ten minutes. This is where BTC mining pools come into play.