![]() How long it takes to mine 1 BTCĪlthough it takes 10 minutes to discover each block and each block yields a 6.25 BTC reward for the miner that successfully discovered it, it's important to understand that the entire Bitcoin mining network is essentially competing in this block discovery process. This BTC is provided as an incentive to the miner (or miners if using a mining pool) that discovered the block. ![]() ![]() This is currently set at 6.25 BTC per block, but halves approximately every four years (210,000 blocks), reducing the number of Bitcoin minted with each newly discovered block. The block discovery process, which takes approximately 10 minutes per block, also results in the minting of a fixed number of new Bitcoin per block. This means that like many other cryptocurrencies, a network of cryptocurrency miners is used to discover blocks and add pending transactions to them, to render them irreversible. Going solo can be slightly more efficient for miners, but is also riskier since the rewards come less frequently.īitcoin (BTC) uses the Proof of Work (PoW) consensus algorithm as the basis of its security. ![]() ![]()
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