The world is all about cryptocurrency now. With various cryptocurrencies emerging daily, many people are catching interest in the crypto world and are investing time and money in it. One of the biggest questions that How Long Does it take to Mine 1 Ethereum?
Bitcoin is considered the most prominent cryptocurrency in the world as of now. Ethereum, on the other hand, is an emerging cryptocurrency that has been gaining popularity recently. Check out how Ethereum differs from Bitcoin.
As we know, the Bitcoin price fluctuates wildly. Let alone Bitcoin, almost all cryptocurrencies’ prices fluctuate. Thus, people tend to invest in multiple currencies simultaneously rather than risking all their capital in a single cryptocurrency.
With people walking on this thought, Ethereum is a significant cryptocurrency that people trust. But with Ethereum emerging, many people have a question: How long does it take to mine one Ethereum?
This article addresses the question and gives the advantages, disadvantages, and scope of investing in Ethereum.See how to mint an NFT on solana here.
How Long Does it Take to Mine One Ethereum?
Ethereum is a blockchain unit and, thus, is stored in blocks. It has a block time of roughly 20 seconds. Each block stores 2 Ethereum coins. Nevertheless, this does not imply that you will retrieve 2 Ethereum coins in 20 seconds.
The time to mine one Ethereum varies significantly from person to person. It mainly depends on the Graphics Processing Unit (GPU) you use. Depending on the GPU strength, it can be 3 minutes or 7 minutes, maybe a day or perhaps a whole month.
The term “Hash rate” determines how long it does take to mine one Ethereum. The Nvidia RTX 3090 provides its users with a hash rate of 120, whereas ASIC A10 Pro delivers a hash rate of 500. Therefore, ASIC processors are roughly four times faster than the latest Nvidia processors. Lesser GPU versions may take up to 6 months to mine 1 Ethereum coin.
Miners must solve hash functions and start with a list of desired hashes based on the difficulty. Moving forward with the analytics, the estimated time for obtaining one Ethereum with a Hash rate of 100 is around 400 days. Upgrading that to 2000 hash rate reduces the retrieval time to 20 days.
Although we can reduce the time for obtaining Ethereum by upgrading to GPUs with higher hash rates, we must consider the cost of doing so. According to the data, a GPU with a significant hash rate will cost you $20,000. It would be best if you combined several such GPUs for faster mining, and thus the price would increase manifold.
We cannot avoid the electricity costs associated with using GPUs. As per reports, the total electricity cost would sum up to the same amount as buying GPUs.
So, to give an example, if we were to combine 50 GPUs, the cost would go up to $100,000, and the power consumption would cost around the same. Therefore, to mine an Ethereum today, you would need $200,000 in all.
You must consider how people can afford to mine Ethereum if it costs this much. The answer to this question is quite impressive and alters the answer to our main question, how long does it take to mine one Ethereum.
Mining allows miners to combine their GPU powers and mine for Ethereum. This reduces the time to obtain Ethereum exceptionally. It also reduces the need for having an expensive, high-end GPU for mining. The rewards collected from this kind of mining are then distributed in the proportion of the power contributed by each miner.
E.g., If three miners having GPUs with hash rates of 100, 300, and 600 group up for mining and manage to get their hands on one Ethereum, the Ethereum would be distributed in the ratio of 1:3:6. That is, the miner with a GPU of hash rate 100 will receive 0.1 Ethereum; the miner with a GPU of hash rate 300 will receive 0.3 Ethereum, and the miner with a GPU of hash rate 600 will receive 0.6 Ethereum, summing up to the total of one Ethereum.
Does Ethereum Mining Have Future Scope?
The answer varies from person to person. While answering this question, one must consider all the factors mentioned above. Below is a summary of what factors should be considered before stepping into Ethereum Mining.
As illustrated above, setting up a mining rig would take $200,000. With such a significant investment, it will take a couple of years before you start making a profit. It would be best to consider the hash rate difficulty that would keep increasing with time, not to mention the equipment and electricity costs.
The risk that accompanies this is with time, and the difficulty of the hash rate would increase. Your rig will have to solve complex problems and thus, would require more time to mine the same amount of Ethereum that you would today. With increasing time to mine Ethereum, the power consumption would increase, thus the electricity cost.
There are profit calculators available on the internet. By specifying your equipment details and the electricity cost, you can calculate the profit you’d make and judge whether you should go for mining or not.
Also, Find out the best time to buy cryptocurrency here.
Another problem for Ethereum miners is the Ethereum 2.0 launch. This release will transition to evidence-of-stake consensus, wherein miners can earn returns for their stake in cash. Ethereum 2.0 may additionally launch at the quit of 2021 or early 2022. However, PoW mining might be powerful till 2023.
If the Proof-of-stake model is implemented, the miners’ equipment will become out of date, and they may need to switch to staking coins or begin mining any other altcoin. Miners may even need to promote their gadget and use it to accumulate ETH tokens and start staking. But Ethereum 2.0 may additionally nonetheless take greater time because of numerous insects and control issues.
Which cryptocurrency is accessible to mine?
Several cryptocurrencies are easy to mine. Some of the most accessible cryptocurrencies to mine are GRIN, Zcash, Vertcoin, Ravencoin, Feathercoin, etc. Although these currencies are not famous, that does not mean they don’t hold great value.
How many Ethereum coins can I mine per day?
Although it depends significantly on the GPU you use, analytics say that you can mine up to 0.0123 Ethereum coins per day with a GPU having hash power 750.
How long does it take to mine one Ethereum with RTX 3090?
RTX 3090 is said to provide a hash power of 150. Thus, it would take around 350 days to mine one Ethereum. In other words, you can mine 0.003 Ethereum coins per day.
As discussed, there is a variety of cryptocurrencies to invest in today. Bitcoin has become the most used cryptocurrency. Many apps were developed to help people trade bitcoin. One of the most used and trusted apps is ImmediateBitcoin. The user-friendly interface makes it the most compatible application to use while trading in Bitcoin.
While these applications are used for trading cryptocurrencies, you can mine cryptocurrencies yourself. Ethereum is now growing in popularity, but mining bitcoin is becoming difficult day by day. You will require more hash power than today to extract the same amount of Ethereum in the future.
Mining Ethereum may be costly, time-taking, and risky, but one can also make a fortune out of it. It may take days or even months to mine one Ethereum. To cope with this, miners combine their power and alter the results vastly.
We hope that we can answer your question about how long does it take to mine 1 Ethereum.
Also, This article will help you to understand mining of Litecoin on a PC.