According to the current speed, if the computer is turned on for 24 hours to mine bitcoin, it will take about three months to mine a bitcoin, and the computer needed to mine bitcoin now needs to be more professional. Bitcoin is a virtual encrypted digital currency in the form of P2P. Peer-to-peer transmission means a decentralized payment system.
Mining bitcoins are all done with computers. At the beginning of bitcoin’s birth, it was easier to mine. In 2014, 3,600 bitcoins could be mined every 24 hours. With the continuous “mining”, Bitcoin is becoming more and more difficult to mine, and the output of Bitcoin is also constantly decreasing. In 2016, the output of Bitcoin was halved twice, and it will be halved again in 2020. One halving. According to the current speed, if the computer is turned on for 24 hours to mine bitcoin, it will take about three months to mine a bitcoin, and the computer needed to mine bitcoin now needs to be more professional.
Bitcoin does not rely on a specific currency institution to issue it. It is generated through many calculations according to a specific algorithm. The Bitcoin economy uses a distributed database composed of many nodes in the entire P2P network to confirm and record all transaction behaviours and uses cryptographic design. To ensure the security of all aspects of currency circulation. The decentralized nature of P2P and the algorithm itself can ensure that the value of the currency cannot be artificially manipulated by mass-producing Bitcoin. The cryptography-based design allows Bitcoin to be transferred or paid only by the true owner. This also ensures the anonymity of currency ownership and circulation transactions. The biggest difference between Bitcoin and other virtual currencies is that its total amount is very limited, and it has a strong scarcity.
How much electricity does it take to mine one bitcoin?
As we all know, mining requires electricity. As long as the power consumption of the mining machine is higher than normal, Bitcoin can be mined only when it consumes a certain amount of electricity. According to the efficiency of mining 0.0018 bitcoins 24 hours a day, it takes at least 556 days for a home computer to mine one bitcoin. So, how much electricity does it take to mine one bitcoin? 1.37 kWh of electricity can mine 0.00000742 bitcoins. It takes 184,634 kWh of electricity to mine 1 bitcoin. Therefore, Bitcoin consumes the same amount of electricity that 159 countries consume in one year. Although Bitcoin consumes a lot of electricity and the price of Bitcoin plummets, there are still quite a few people who mine every day because there is still money to be made.
In the past, Bitcoin was very easy to mine, and even the CPU of an ordinary computer could complete it. As long as we downloaded the software, we could mine automatically. However, as the price of Bitcoin rises, more and more people want to mine, so the difficulty of mining is also increasing. Now, the amount of computing required to mine a Bitcoin is beyond the reach of ordinary people, and ordinary computer mining is even more of a problem. Therefore, we can see that no matter what you do, it is still very important to grasp the timing.
Post time: May-10-2022