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.
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 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 miner 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.
Most notably, how difficult is mining at this moment? You can check Bitcoin’s hash rate to determine difficulty. The higher the hash rate, the more difficult it is to mine (more competition and less profit). However, the hash rate frequently changes as new miners join the network and old ones drop off.
Join the Crypto world today. XCELLABS has created XcelToken Plus — a crypto asset to fuel crypto adoption across multiple platforms & drive crypto usage into the mainstream ecosystem. XcelToken Plus is an ERC20 token on the Ethereum Blockchain, developed to engage and foster a larger crypto community within the hospitality, payment, retail, social networking, and gaming industries.
Many opportunities are open for users of XcelToken Plus — ERC20 token on the Ethereum Blockchain Platform that is fashioned to build, involve, and foster a large crypto-community within the hospitality, retail and gaming sectors.