Source: bitcoinist.com

How Long Does It Take to Mine 1 Bitcoin on a Phone

Investing in cryptocurrencies can be very lucrative. Of course, there is always the risk of losing, because they are subject to volatility, or frequent changes in value. What makes them particularly interesting for investment is that there is only a certain amount of cryptocurrencies and that there is no possibility of “producing” additional ones. This is exactly what further raises their value.

The originator of cryptocurrency is considered to be bitcoin, and we can say that it is still on the throne today, although thousands of others have appeared in the meantime. Well, let’s start from the beginning.

What are cryptocurrencies?

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Cryptocurrencies, digital money, or digital gold, are virtual money that exists only in the digital world. Although it does not have its physical form, it has value. Let’s just remember 2008, that is, the time when bitcoin was created and when its value was completely negligible ($ 0.03). In that period, it was considered that this currency had very little chance of being equal to the dollar, which would be considered a great success and its maximum. But no one expected bitcoin to exceed the value of the dollar as much as 60,000 times, as it was in March this year. What makes cryptocurrencies different from classic money is that neither the bank nor the government has power over them, so we should not be surprised that it is banned in many countries.

However, most people consider investing in cryptocurrencies to be a very lucrative business and safe, given that it is based on the principle of blockchain technology and that transactions take place peer-to-peer, ie without the mediation of a third party.

How can I get bitcoin?

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There are many ways you can access bitcoin or any other cryptocurrency, and some of the most popular are through exchange or crypto ATMs. If you opt for an exchange office, be prepared for certain checks and leaving your personal data, while a credit card is enough for an ATM, which you will pass through and make a purchase of this virtual money. After confirming the purchases, you will place the money in your wallet, digital, of course.

What can I do with virtual money?

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There are two forms of investment and opportunities to work with cryptocurrencies, and these are trading and mining. Trading is, we can freely say, an easier and faster way to make money, and it is especially suitable for beginners. Especially if we consider the many applications that facilitate just trading using artificial intelligence. On http://bitcoin-prime.app you can find out more about it. In short lines, if you are willing to invest and earn, but have no time to sit in front of the screen all day, following the situation on the market, don’t worry, such application will do the whole work and inform you about any change.

Still, there are many people who rather choose to mine. What is specific about mining is that it usually takes longer and that it requires certain computer equipment. Of course, this is accompanied by high electricity bills, but also good earnings if you are persistent and know what you are doing. Either way, the chance of making money increases if you join one of the mining pools. Lately, we can hear more and more about mining via mobile phone. Yes, it is possible, but the amount can never be close to that mined through computer equipment. In any case, you can also earn extra bitcoins by performing certain daily tasks such as watching promotional videos, sharing content, and so on. For each successfully completed task, you will be rewarded with one satoshi, and if you manage to collect 100,000,000 of them, you will become a proud owner of bitcoin.

What we can conclude from this is that mobile mining is profitable in the long run and that you need to be patient. What everyone wants to know is how long it takes to mine one bitcoin. The first thing you need to know is that there is currently no chance of mining just one bitcoin. In other words, crypto miners will mine one block whose value is 6.25 BTC. Of course, this does not mean that you will get everything, but that thousands of miners are competing for this award at any given time. In terms of time, it only takes 10 minutes to mine one block. it’s hard to say how long it will take until you earn bitcoin, but a maximum of 900 BTC is allowed as a reward each day.

Source: wonderfulengineering.com

As more and more people begin to encounter Bitcoin, many are beginning to recognize its potential as an investment. Since the Bitcoin algorithm is designed so that the reward for miners is halved every four years, ie reduced by half, Bitcoin becomes twice as expensive for mining every four years. With the same computing power, there are suddenly twice as many Bitcoins mined, so many believe that the price should rise accordingly.

Apart from the “Halving day” event, which is repeated every four years, the increase in the price of Bitcoin is also influenced by the fact that the Bitcoin supply is limited, ie only 21 million Bitcoins can be created and circulated. It is for this reason that one can often hear Bitcoin is said to be digital gold because it is limited and its mining requires more and more time and money. It is estimated that 80% of the total capacity of this currency has been mined so far.
From all this, we can conclude that if you are already thinking about investing in bitcoin, do it as soon as possible because as we have already said, there is a certain amount that cannot be changed. In addition, consider halving if you decide to mine. All in all, we can say that investing in bitcoins is our present and future, but despite everything, you never enter more than you are willing to lose. Only if you follow this logic will you emerge victoriously.

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