Ethereum: How long does it usually take to mine a bitcoin block?

The hash rate of the future: Understand Ethereum Mining

When it comes to mining cryptocurrencies like Bitcoin, understanding the underlying mechanics for those who are interested in is involved. In this article, we will immerse yourself with the world of Ethereum Mining and examine how long it takes to reduce a Bitcoin block with a single Nvidia Geforce GTX 680.

What is hash rate?

Before we deal with the details, let us cover the Hash rate. The Hash rate measures the rate with which a computer can process transactions and create new blocks in the Ethereum network. It is essentially a measure of computing power, with higher numbers indicating a higher processing capacity.

How does mining work?

In simple words, the mining includes the solution to complex mathematical problems to validate transactions on the blockchain and add them to the public main book (blockchain). The first miner to solve these problems can add a new block to the blockchain, which you then transferred to the network. This process is continuously repeated, with new blocks being added at a speed of approximately 10 to 15 blocks per second.

Ethereum’s consensus salgorithm

Like other large cryptocurrencies, Ethereum uses proof-of-work (POW) as consensus salgorithm. In the Pow, nodes in the Ethereum network compete with a complex mathematical problem that requires significant computing power. The first knot to solve this problem can add a new block and transfer the blockchain to the network.

hash rate of the GTX 680

The Nvidia GeForce GTX 680 is a powerful graphics card published in 2013. Although it is not designed for cryptocurrency reduction, the hash rate can continue to be used for other purposes such as video editing or 3D modeling.

According to various sources, you will find some estimates by the Hash rates that can be achieved for a single GTX 680:

• With Ethereum, the average block time is approximately 10 to 15 minutes.

• With a single GTX 680 it is estimated that you can dismantle about 1-2 Bitcoin blocks a day, provided you have an average block reward of 6.25 BTC.

• Please note, however, that these estimates are rough and can vary depending on several factors, including the efficiency of your mining tree, the network overload and the complexity of the dissolved mathematical problems.

Mining of a single block

Now let’s immerse yourself in certain numbers to give you an idea of ​​how long it takes to reduce a single Bitcoin block with a single GTX 680.

• With the assumption of an average block reward of 6.25 BTC (which is currently about 20 to 22 USD per block) and an estimated mining time of 10 minutes (center of the area), we can estimate the total number of blocks averted per day.

• With a simple math we get:

+ Total turnover of the entire daily turnover: approx. 750 USD

+ Number of miners who are required to dismantle a single Bitcoin block: around 3-4 miners

+ Average block reward: 6.25 BTC (assuming an average reward)

+ Estimated mining time per block: 10 minutes

• Therefore, it would take about 2,400 days (approximately 8 years) for a miner to break off 1,000 blocks with a rate of 3-4 miners.

Diploma

While we have estimated that you may be able to dismantle about 1-2 bitcoin blocks a day with a single GTX 680, please remember that these numbers are rough estimates and can vary depending on several factors. In addition, mining requires considerable computing power, which may not be possible with the current graphic card technology.

If you are interested in reducing cryptocurrency, I recommend exploring other options such as cloud mining or joining a pool to increase your chances of success.