If you are a crypto enthusiast prepping to set out
If you are a crypto enthusiast prepping to set out on mining Bitcoin, you may be wondering about how many Bitcoins you can mine in a day. Knowing how many Bitcoins that you can possibly mine in a single day depends on several factors.
Let us find out what the basic factors are in determining the number of Bitcoins that may be mined on an average, over the course of a single day.
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Factors to Calculate Number Of Bitcoins That Can Be Mined In a Day
The following are the key indices we have to take into account as we try to figure out how many Bitcoins we can possibly mine over the course of a one day.
Block Confirmation Time
We know that Bitcoin frequently receives a great deal of flak from a lot of members of the crypto community because of how slow it is.
Its speed is directly related to its block confirmation time which in turn also determines how smoothly and efficiently the Bitcoin blockchain can function.
To confirm a single block worth of transactions, it takes a period of ten minutes. That period is a significant determinant as we try to understand how many Bitcoins we can possibly mine in a day.
Block Reward
Block Reward refers to how many Bitcoins are received by mining a single block of Bitcoin. Now, the number of Bitcoins to be produced every time a new block is created began at the number of 50 Bitcoins.
This number, in terms of block reward, is supposed to go down by half its value every single 2,10,000 blocks have been mined. That number of blocks need approximately four years to get mined.
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Considering that the last time the halving of the block reward happened was in the year 2016 (9th of July), the next time the halving of the block reward is supposed to happen is in the year 2020.
This means that till 2020 at least, we will be having the exact same block reward structure when we mine Bitcoins. Currently, that structure dictates that 12.5 Bitcoins are created every time a fresh block of Bitcoin is mined.
This block reward factor is an important component of calculating how many Bitcoins you can mine in a day.
Number of Bitcoins You Can Mine In A Day
Given that you can confirm a single block in ten minutes, it means you can confirm six blocks in an hour. This means that you can mine 12.5*6*24 Bitcoins in a single day, which comes to 1800 Bitcoins in a single day.
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