🪙 How You Can Mine 1 Bitcoin in 2024?
The term "mining" is used because, like natural resources, there is a finite amount of Bitcoins available. Only 21 million Bitcoins can ever be generated. Over 19 million have already been mined.
As more miners join the network, mining difficulty increases. In 2009, you could mine 200 Bitcoins with a personal computer. Today, with a regular 2024 computer, it would take 91,324 years to mine 1 Bitcoin 😱. This led to the creation of ASIC miners—super powerful computers for mining Bitcoins. Today, you need approx 9090 ASIC miners and about 10 minutes to mine one Bitcoin block, but it would take months to mine a full Bitcoin alone.
❓But can I mine 1 Bitcoin alone?
It is highly inefficient because the Bitcoin network's difficulty is so high that even powerful ASIC miners have a very small chance of mining a block on their own. In a mining pool, miners combine their computational power, increasing their chances of earning a portion of the block reward more regularly. This way, they receive smaller, more frequent payouts instead of waiting for a long time to potentially mine a whole block by themselves.
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