How can I mine 1 BTC daily at the cheapest?

Although we tend to take it for granted when Satoshi invented Proof of Work (POW) mining he truly created a revolutionary new technology. Thanks to his contribution we can now mine Bitcoin and hopefully earn a nice reward for securing the network.

One question people sometimes ask though is, how long does it take to mine 1 Bitcoin? It’s a good question but as we’ll see, there’s not necessarily a straightforward answer.

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How long does it take to mine a Bitcoin?

Well, it’s not really possible to mine just 1 Bitcoin because each block reward is 6.25 BTC. It used to be 12.5 BTC until May 2020 when there was the halving and the block reward was cut in half.

So there’s not a way to mine just 1 Bitcoin. You either win the block reward and receive 6.25 Bitcoin or you get nothing. In fact, getting nothing is what happens 99.99999% of the time when you’re a minor.

There are more than ~1 million ASIC miners (specialized devices built for mining BTC and other cryptos) securing the Bitcoin network, and only one ASIC at a time can win the block reward. So the odds of any single machine winning are one in a million.

How much Bitcoin can you mine in a day?

That’s why large Bitcoin mining farms have so many ASICs, to improve those odds. Given that a new block is produced every 10 minutes (equal to 144 blocks per day) a mining farm with ten or twenty thousand miners stands a decent chance of winning a couple of blocks per 24 hour period.

However, most people don’t have $50 million worth of Bitcoin mining rigs lying around their backyard so winning block rewards are out of the question. That being the case, there is a way to win 1 Bitcoin over time.

How to Mine 1 Bitcoin Over Time

A Bitcoin mining pool is a collaborative effort whereby all of the miners in the pool combine their hash power and then split the reward. How this works is that no matter which ASIC miners in the pool actually wins the block reward, that reward is split up and distributed proportionally to all of the miners based on how much hash power (mining “power” from mining devices like ASICs) they’re contributing.

That’s why joining a mining pool is the best way to mine a Bitcoin. You won’t get a Bitcoin all at once, at least not without a huge number of ASICs, but you can gradually accumulate a Bitcoin over time.