Navigating the Competitive Terrain: The Real Time and Investments Needed to Mine One Bitcoin

5 December 2023

As Bitcoin approaches its next halving in 2024, discover the evolving dynamics of mining, the required investments, and the diminishing daily yields.

The duration to mine one Bitcoin is intricately tied to your computational prowess in the competitive crypto landscape. To elucidate, let's delve into the mechanics of Bitcoin mining rewards. A substantial number of miners partake in mining pools for consistent rewards, with Foundry USA, AntPool, and F2Pool dominating the market.

Examining the data from December 5, 2023, Foundry USA mined 27.6% of Bitcoin blocks in the last three days, boasting an average hashrate of 138 EH/s. Translating this into daily rewards, Foundry USA mined 44 Bitcoin blocks, equivalent to 268.7 BTC. To mine one BTC in a day, you'd need approximately 0.37% of Foundry USA's hashrate, equivalent to 0.51 EH/s or 510,600 TH/s. This implies requiring 4,255 Bitmain S19k Pro miners, totaling $10.7 million.

For those with smaller investments in mining hardware, the time to mine one Bitcoin escalates:

  • 5 rigs (600 TH/s): $12,600, 851 days
  • 10 rigs (1,200 TH/s): $25,200, 425 days
  • 20 rigs (2,400 TH/s): $50,400, 212 days
  • 50 rigs (6,000 TH/s): $126,000, 85 days
  • 100 rigs (12,000 TH/s): $252,000, 42 days
  • 500 rigs (60,000 TH/s): $1,260,000, 8 days
  • 1,000 rigs (120,000 TH/s): $2,520,000, 4 days

These calculations are based on the Bitcoin mining difficulty as of December 5, 2023, assuming Bitmain S19k Pro miners at $2,520 each, excluding electricity costs. The competitive nature of Bitcoin mining necessitates substantial investments, especially considering the upcoming halving in 2024, reducing block rewards from 6.25 BTC to 3.125 BTC.

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Ryan Foster
News analyst
San Francisco native Ryan James Foster, holding a PhD in Economics from Stanford University, is a prominent figure in economic policy analysis. Ryan's career includes roles as the Chief Economist at Economic Insights Group and a Financial Analyst at Bay Area Finance. His diverse interests range from economic policy to photography, basketball, and volunteer work.