Wikicoin Katya Michaels

WikiCoin: Cryptocurrency Wallets

📚 Wikicoin
When it comes to cryptocurrency wallets, research your options and pick a strategy.
WikiCoin: Cryptocurrency Wallets

Signing up for a wallet to hold the Bitcoin you buy sounds simple enough, but there is a variety to choose from as well as some nuance to available features. To make sure that your cryptocurrency is safe and avoid unpleasant surprises, use our wallet guide as a starting point for your research.

Although you need a wallet to store your coin, what it’s actually holding is your private and public keys that give access to your Bitcoin address. Many investors have multiple keys and multiple wallets serving different purposes. Some choose to store most Bitcoin in a secure offline wallet, leaving a small amount online for transactions. Whatever approach you choose, always keep your keys safe, back up everything and review your strategy often.

Online (cloud-based) wallet

Online wallets are very convenient, easy to set up and usually free to use. The tradeoff is lower security; your keys are stored in the cloud, so you are reliant on the host’s security and integrity. Popular online wallets like Coinbase and Blockchain are integrated with exchanges.

Software wallet

If the wallet software is downloaded and installed on your own computer, it gives you the increased control of holding your own keys. On the other hand, you are responsible for your own security: if your computer is hacked, lost, broken or stolen you can lose your Bitcoin.

Mobile wallet

A mobile wallet is an app on your phone, very useful for paying in stores or managing your Bitcoin from anywhere. All online wallets and most software wallets have mobile versions, while some others were created specifically for mobile use.

Hardware wallet

Hardware wallets are actual devices that connect to the web to complete transactions. They are very secure but can be stolen or lost together with the Bitcoin belonging to the private keys. Because of this, some serious investors keep their hardware wallets in bank vaults.

Paper wallet

Just what it sounds like, a paper wallet is a piece of paper where the private and public keys of a Bitcoin address are printed. These wallets are best for things like gifting Bitcoin or storing it for long periods of time. They are entirely offline, which makes them very secure, but again easy to lose.

See our CryptoTips for more advice and specific wallet recommendations.

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Bitstamp vs. Kraken vs. Coinbase- Choose the Best Crypto Exchange

📚 Wikicoin
A focused on an in-depth comparison of three major exchanges: Bitstamp, Kraken and Coinbase
Bitstamp vs. Kraken vs. Coinbase- Choose the Best Crypto Exchange

When it comes to American exchanges, Kraken and Coinbase are the two obvious leaders on the market. They are currently situated neck-to-neck on the CoinMarketCap list (the 12th and the 13th places respectively).    

Another highly reputable European exchange is called Bitstamp. As of now, Bitstamp trails behind the aforementioned two exchanges sitting at the 19th position with an average trading volume that is about to cross a $99 mln mark.  

All three aforementioned exchanges were founded around the same time in 2011. They are highly reputable and well-known, and have managed to survive in a highly competitive market. Bitstamp vs. Kraken, Coinbase vs. Bitstamp, Bitstamp vs. Kraken vs. Coinbase- let’s find out which one of them is the best option for investors.

Bitstamp vs. Kraken vs. Coinbase: Availability

Bitstamp is one of the longest standing exchanges out there along with Kraken and Coinbase. Bitstamp was originally founded in Slovenia, then they moved servers to Luxembourg where Bitstamp was licensed by local authorities. Consequently, Bitstamp became the first fully regulated exchange in the entire cryptocurrency industry. As of now, it operates in 28 EU countries along with 50 other countries around the globe.

Kraken hardly has any competitors in this area, since the exchange is available all around the world. However, judging by the fact that their official website is available only in two languages (English and Japanese), one can make a conclusion that this exchange mainly focuses on American and Asian markets.  

Coinbase is supported in 32 countries (mainly Europe and the Anglosphere). As of July 2018, Singapore is the only Asian country where this exchange is available.  

Bitstamp vs. Kraken vs. Coinbase: Availability

The winner: Kraken  

Bitstamp vs. Kraken vs. Coinbase: Supported assets

The Gemini vs Coinbase vs Kraken debate is impossible without reviewing the variety of supported assets. The same is true if one replaces Gemini by the aforementioned Luxembourg-based exchange Bitstamp.      

Bitstamp allows its users to purchase five cryptocurrencies:

  • Bitcoin

  • Ethereum

  • Ripple

  • Litecoin

  • Bitcoin Cash

NB! The US dollar and the euro are both supported here (just like on the other two fiat-to-crypto exchanges).    

Kraken offers a fairly big amount of altcoins for a fiat-to-crypto exchange. As of June 2018, the company features 16 currencies, but promises to add as many as 1,600 coins. However, investors should consider this tongue-in-cheek tweet with caution, since that tween was supposedly an attempt to poke fun at Coinbase.

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Speaking of Coinbase vs. Gemini vs. Kraken, Coinbase clearly pales in comparison to its competitors– it offers only four major coins:

  • Bitcoin

  • Bitcoin Cash

  • Ethereum

  • Litecoin

However, the exchange has recently appeared in the headlines after an announcement about adding five more currencies (which reportedly have already been vetted by regulators).  

The winner: Kraken

Bitstamp vs. Kraken vs. Coinbase: Trading platform

Bitstamp is popular with experienced users with traders who are looking for advanced trading tools. Bitstamp‘s Tradeview-powered candlestick chart reflects most recent price fluctuations and provide users with plenty of instruments for in-depth analysis. It features both market and stop orders, but, unfortunately, a Luxembourg-based exchange doesn’t support margin trading which may come as a big drawback for those who would like to trade with leverage.    

Coinbase’s trading platform is a perfect choice for beginners who are only making their first steps into the crypto world. The San Francisco-based has also recently launched its new project Coinbase Pro rebranding their GDAX that was founded in 2015 for professional investors.   

As for Kraken, it’s trading platform is not really suitable for inexperienced traders. It operates similarly to Forex exchange which many confusing for new users. However, is you are not afraid of sophisticated trading tools, all you have to do as a newbie is to create a new account, deposit a particular amount of money and place an order.

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The winner: Kraken

The winner: Kraken

Bitstamp vs. Kraken vs. Coinbase: Security issues

Undoubtedly, security is an issue of paramount importance for crypto traders who want to make sure that their assets won’t be compromised. There have been huge exchanges (for example MT.Gox) which couldn’t survive a major hacking attacks. In a major hacking attack. In 2018, all major exchanges make sure that they won’t suffer the same fate. Let’s find what exchange is the most secure.

Security was clearly one of Bitstamp weak points in the past. The exchange tarnished its reputation after an infamous hack that happened back in 2015. This major security breach resulted in more than 19,000 Bitcoins being stolen from the exchange. The company made a significant effort to repay the losses, but the damage had already been made. Right now, Bitstamp keeps as many as 98 percent of its funds in a cold storage and works hard in order to restore its strong reputation.  

Kraken has a perfect reputation because of a high emphasis on security since the very inception of this exchange. In fact, Kraken’s founder and current CEO Jesse Powell was inspired to create this exchange after visiting MT.Gox’s office and seeing many security flaws which would inevitably lead to a tragic outcome. After the fall of the Japanese-based MT.Gox, Kraken experienced a sudden surge in subscriptions, since many investors started turning to this highly secure platform.

Coinbase also enjoys a high standing when it comes to security. The exchange is fully compatible with AML laws and other types of regulations. Moreover, Coinbase is expected to become the first to become the first exchange registered as a broker-dealer and regulated by the US SEC. Apart from offering the the the TFA and keeping more than 90 percent of all funds in a separate cold storage, Coinbase also covers its users’ hot wallets with by FDIC insurance which provides a maximum level of protection. Even if a hacking attack does happen, there will be an immediate refund. On top of that, you can also use Coinbase Vault for your storing needs.    

The winner: Coinbase.

The winner: Coinbase.

Bitstamp vs. Kraken vs. Coinbase: Payment methods

Bitstamp supports SEPA transfers, international transfers along with credit card payments (Visa or MasterCard). Wire transfers take up to two to five days, but they also have a significant advantage such as lower fees. In the US, however, only US residents from Puerto Rico are able to make a credit card deposit on Bitstamp.

The winner: Coinbase

Kraken, similarly to all fiat-to-crypto exchanges, accepts traditional currencies. However, the San Francisco-based exchange only allows its users to deposit money via wire transfers which is not quite convenient for those who would like to use instantaneous methods of payment like PayPal or any credit card service.

Coinbase has a significant advantage over Kraken here because it allows its user to deposit money both via wire transfers and credit/debit cards. On top of that, you can also send money to your Coinbase wallet with the help of PayPal. Such a variety of payment methods stems from the fact that Coinbase tightly cooperates with major US banks and adheres to all regulatory norms.

The winner: Coinbase  

Bitstamp vs. Kraken vs. Coinbase: Fees

Take a look at the following table in order to find out what exchange has the most reasonable deposit fees . Let’s compare Bitstamp fees. Let’s compare Bitstamp fees Coinbase fees vs Kraken.   
 

Payment method

Bitstamp

Kraken   

Coinbase

SEPA

free

free

free

Credit card

5%

not available

3.99%

Wire transfer   

0.05%

$5

1.49%

PayPal

   

3.99%


As you can see, the amount of fee greatly depends on the payment method of your choice. A SEPA transfer would obviously be the best solution for European residents, regardless of the exchange.   

The bottom line

When it's all said and done, it becomes clear that Kraken takes the cake as the best exchange among these three. Kraken offers a high level of security, a large number of currencies, has relatively low fees and is available everywhere around the globe. Go to Bitstamp vs Coinbase Reddit page in order to find out which of the two frontrunners is better.

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The bottom line

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5 Reasons Why You Should Invest in Cryptocurrency

📚 Wikicoin
5 reasons for jumping on the bandwagon
5 Reasons Why You Should Invest in Cryptocurrency

Cryptocurrency continues conquering the world of finances, and the number of cryptocurrency enthusiasts is growing. Should you join them? Consider these 5 reasons for becoming the next cryptocurrency investor.

In 2017, Bitcoin propelled into the spotlight and started growing in price at a remarkable rate. Trading cryptocurrency has become a widespread trend, and the number of people who invest in crypto has exceeded 500 mln. Crypto enthusiasts claim that Blockchain and altcoins are here to shake the modern economy to its core. Are we witnessing a major shift in the global economic system? Definitely. But should you invest in cryptocurrency? Here are at least five reasons for considering it.

1. Your money always stays yours

The lynchpin of Bitcoin success is the technological supremacy of this Blockchain. Thanks to such innovation, electronic transactions can be made much faster and safer. Blockchain encrypts data preventing access to it from all internal sources at every stage of transaction processing. The blocks containing data are stored in a decentralized manner which means the information cannot be deleted or forged.

While banks where we store our funds can be robbed or simply closed after claiming bankruptcy, when you invest in cryptocurrency, your money stays yours forever. Make sure that you work with reliable exchange platforms only and use official crypto wallets with multi-layer protection. Ideally, you should use a hardware wallet to ensure 100% protection of your assets.

Crypto vs fiat: what’s the difference?
The differences between cryptocurrency and fiat currencies

 

2. No government involved

Bitcoin Blockchain offers a revolutionary approach to asset handling: from now on, no middlemen such as banks or governments are required for transactions and exchange. They simply have no control over the circulation of digital assets and cannot access the data related to financial operations done with Bitcoin. Therefore, it disrupts the system that's been around for centuries and brings the power back into the hands of ordinary people.

If you care about liberty, the nonaggression principle, or economic freedom in general, you should do everything you can to use Bitcoin as often as possible in your daily life.” – Roger Ver aka “Bitcoin Jesus”

Integrity and safety of virtual money are one of the main reasons to invest in cryptocurrency. No matter what’s the official fiat currency in your country, and which fluctuations it is experiencing – cryptocurrency does not depend on it. While some countries practice fine withdrawal from citizen’s bank accounts, it cannot happen in the virtual environment – no third party can access your crypto wallet.

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3. Blockchain plays a crucial role

Although it allows for anonymous transactions, Bitcoin is built on the principle of transparency. That means that the details of financial operations are stored in the Blockchain and can be viewed when necessary. This feature might be highly valuable for public transactions. The whole community can reap benefits from a crystal clear system of asset allocation. Here we tackle not the financial issue only — Blockchain allows us to handle all the other information as well.

Altcoins being widely adopted in a wide range of spheres: ICOs in different niches are being introduced every day, and usual businesses start implementing Bitcoin payments as well. This is a versatile currency that erases international borders. Thousands of Bitcoin ATMs are already installed in large cities around the world, and it's only the tip of the iceberg. BTC and altcoins provide us with umpteen possibilities replacing all existing fiat currencies both theoretically and practically. It becomes a more convenient, safer and faster way of payment and transfer.

Eric Schmidt’s quote about crypto
Eric Schmidt’s quote about the significance of Bitcoin and other cryptocurrencies

4. Investment is as simple as never before

Wonder “How do I invest in cryptocurrency?” Everything is easier than you think! Now, every person with access to the Internet and free funds can make an investment. Here’s a short scheme of how it works:

  1. You need to have a plastic card to purchase crypto online.

  2. Create a cryptocurrency wallet. It can be either the wallet for some certain coins or a multicurrency wallet.

  3. Find where to invest in cryptocurrency. As a rule, people make transactions in online exchange platforms.

  4. Create a purchase offer, or find ready requests to answer.

  5. As soon as you make a purchase and pay for the crypto, coins will be transferred to your wallet.

Now you only need to track cryptocurrency fluctuations and purchase and sell coins in a timely manner to make a profit. The golden rule of trading is NOT to invest what you can’t afford to lose. Invest the money that you can live without, and don’t panic after the first currency fall – it’s better to wait over.

“What cryptocurrency should I invest in?” Bitcoin is not the only option – if it was easy to mine a few years ago, now it’s impossible to obtain in any way except for buying. Don’t despair, there are hundreds of altcoins! They aren’t equally reliable, and you need to analyze them carefully. With boatloads of information online, you can make certain conclusions and make the right choice.

5. Forecasts are promising

As a potential or real investor, you focus on long-term viability and profitability. If you analyze every cryptocurrency shift, it can drive you crazy – you can be sure that you’ve made a wrong investment decision. Being in panic, you can sell the coin for a lower price than you purchased it for while holding would be a better idea.

Why invest in cryptocurrency for long terms? Cryptocurrency fluctuations are inevitable. They happen all the time, that’s why making short-term predictions is harder than long-term ones. Despite the major surge of cryptocurrencies which happened in January 2018, Bitcoin and other popular cryptocurrencies are likely to grow within 2-5 years. Most forecasts are optimistic. Therefore, if you’re looking for a serious investment with serious profit, opt for longer terms, at least 1-2 years.

What the major cryptocurrencies will be worth in 5 years? Let’s check the numbers at WalletInvestor:

Cryptocurrency

Current price

5-year Prediction

Bitcoin

$6,503

$24,183

Ethereum

$223

$3,480

Litecoin

$57

$481

Ripple (XRP)

$0.46

$2,57

Monero

$110

$179

EOS

$5,8

$35,7

Zcash

$123

$1925

Bottom line

Cryptocurrency creates a new era for the modern economy, a utopian system where everyone can stay confident in the privacy of their assets by transferring them around the globe without limitations. It provides us with new possibilities, and getting profit is one of them. Being among the first to buy crypto, you create history and help the world economy to make a serious switch.

“Should I invest in cryptocurrency?” The answer is resounding “Yes!” Choosing cryptocurrency as an investment is a wise solution if you place a bid for the right horse. Don’t hesitate to invest in technologically advanced Blockchains and popular coins – most of them will sooner or later gain momentum to grow in price, which can bring you considerable profits.

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Bytecoin Price Prediction- How Much Will Bytecoin Coon the Future?

📚 Wikicoin
Bytecoin is generally considered to be a good contender among next big cryptocurrencies that may rival Bitcoin
Bytecoin Price Prediction- How Much Will Bytecoin Coon the Future?

What is Bytecoin?

Some people mistakenly suggest that Bytecoin (BNC) is Bitcoin’s fork, but this cryptocurrency appeared on the market as early as in 2012. Bytecoin is particularly remarkable since this is the first coin to use the CryptoNight algorithm. As of now, many altcoins (including Electroneum (ETN) and Monero (XMR)) are based on this PoW algorithm.    

If Bytecoin used the same algorithm as Bitcoin, it would be ineffective to participate in mining process without special hardware. That helps to solve Bitcoin’s mining monopoly problem. Subsequently, the Bytecoin mining community is significantly more decentralized.

It is also important to mention that Bytecoin belongs to the so-called privacy coins which means that there is a big emphasis on keeping all transactions untraceable (in fact, this is the first truly anonymous coin out there). For comparison, all Bitcoin transaction data is recorded on a public Blockchain.

With a current market cap that is approaching $600 mln, there is no doubt that we are looking at a very serious project which attracts lots of investors around the globe.

Bytecoin price predictions in 2018

Bytecoin is the 24th biggest coin by market cap (according to the data provided by coinmarketcap.com). The currency was listed on a couple of new prominent exchanges including (Poloniex and HitBTC) in March which significantly increases its exposure and may cause a spike up in price. Bytecoin has also recently made an announcement about its partnership with OKEx.

Bytecoin price predictions

While analyzing the current performance of Bytecoin, one can come one with the following Bytecoin 2018 price prediction in the table below.

NB! Despite the fact that our financial experts analyzed numerous factors that include current market capitalization, recent market trends and Bytecoin’s development roadmap, you should consider the following Bytecoin (BNC) price prediction cautiously, since this is not an investment advice.

Month (2018)   

Price Prediction

July

$0.01350

August

$0.01470

September

$0.01667

October

$0.01745

November

$0.02200

December

$0.02350

As of July 2018, you can already see that Bytecoin foundation price prediction was too optimistic. The same goes for Bytecoin price prediction 2017.

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Bytecoin price prediction

Bytecoin and Dogecoin show almost the same price fluctuations. Price prediction of Bytecoin states that by the end of 2018, Bytecoin isn’t expected to increase much, but it has a lot of room to grow(especially if you take into consideration the fact that the max and circulating supply keep getting closer). Right now, it is extremely hard to make Bytecoin future price prediction.  

cryptocurrency markets

There are numerous factors which affect the cryptocurrency markets. They include:

  • media coverage (major media outlets can be easily used to manipulate public opinion and change Bytecoin prediction price)

  • BTC price (Bytecoin and the majority of other altcoins usually reflect Bitcoin’s price volatility)

  • government regulations (numerous political events and regulatory efforts can easily affect Bytecoin price prediction 2018)

  • technological progress (talents from major companies are fleeing in droves to build own ICOs startups, so Bytecoin has to keep up with them)


Most likely, Bytecoin is not going to pass the $1 mark anytime soon. In order to achieve that, Bytecoin has to be the biggest currency with $183 mln capitalization (surpassing Bitcoin if the so-called ‘flippening’ scenario does happen) which doesn’t seem to be plausible.

The market cap has to hit about $3 tln for the $1 dollar prediction to translate into reality. It is definitely not out of rich in three or four years if the first Blockchain government appears and Bitcoin’s price surpasses $30,000. However, as mentioned above it is too early to come up with Bytecoin price prediction 2020 much less Bytecoin prediction 2025.    

Is it worth investing in Bytecoin?   

You should obviously consider any price prediction of Bytecoin at your own risk, but it is obvious that Bytecoin isn’t going anywhere anytime soon. First of all, it is the first privacy coin that has already been on the crypto market for six years. Another important indicator of Bytecoin’s upcoming success is that it constantly partners up with different merchants. As long as Bytecoin’s team keeps promoting its coin, list it on bigger exchanges and involve new merchant, big price jumps in the nearest future do not seem too far-fetched, but Bytecoin price prediction 2020 is still too early to make.   

There is no point in implementing top-notch technological features if a coin is simply stored in crypto wallets and not used by people for performing day-to-day financial transactions. Bytecoin has a significant advantage over other coins (in particular, Bitcoin) because of its relatively fast transactions. However, there is also another bigger anonymous coin Dash (DASH) which allows its users to perform transactions in a matter of seconds because of the InstantSend feature.

While complete anonymity is generally considered to be a positive feature, it may also prevent Bytecoin from increasing its value in the future which is expected according to the recent Bytecoin (BTC) price prediction 2018. The thing is that many countries move towards common-sense regulations in an attempt to move cryptocurrencies out of a legal gray zone. For instance, Japan, a country which is responsible for almost 40 percent of Bitcoin’s global trading volume, cracked down on exchanges that list the aforementioned privacy coins. It is also worth mentioning that Bytecoin’s team of developers remains anonymous as well, so it is difficult to determine the token issuers who stand behind the project. It obviously gives ground for shady financial operations.

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WikiCoin CryptoHavens: Cryptocurrencies in Estonia, the Digital Powerhouse

📚 Wikicoin
Estonia sets the example for many European countries with its use of digital solutions for governance. Now, it’s embracing the power of digital currency and Blockchain as well.
WikiCoin CryptoHavens: Cryptocurrencies in Estonia, the Digital Powerhouse

This small post-Soviet country has been consistently ahead of the curve in terms of implementation of digital solutions for governance and citizenship. So, it is perhaps unsurprising that now Estonia is embracing the potential of cryptocurrencies and Blockchain technologies.

Bureaucracy disrupted

The Baltic nation wants to become a truly digital nation, and they are well on their way to being one. As strange as it may sound, Estonia’s growth as a digital powerhouse is a direct result of the cold war.

After the Soviet Union fell, Estonia started rebuilding their country when they bumped into an unexpected problem. Estonia had way too much land and very few people. They quickly realized that it is going to be impossible to govern so few people spread over such large distances.

This is why Estonians started integrating technology into their day-to-day lives since the late 80s and 90s. Instead of focusing on building offices and a governance system at each level, they focused more on creating e-solutions to solve their problems.

That attitude has persisted and it is a big reason why Estonia has become a Blockchain haven and a proponent of, what they call, e-residency. Let’s look at how they have incorporated the Blockchain into various sectors. We will look at two specific use cases.

E-Health

Estonia became the first country in the world to incorporate the Blockchain into their healthcare system. Every Estonian has their health record digitized and stored on a Blockchain. This is especially critical in emergency situations where the doctors can simply use the patient’s ID to get information such as blood type and allergies without losing any time.

KSI

KSI is a highly ambitious Blockchain technology which aims to be deployed in the Estonian government networks. By doing that, all the governmental records will be stored in the Blockchain which will make them completely tamper-proof.

Along with this, Estonia is also planning to develop its government-backed cryptocurrency called “Estcoin” with the help of Ethereum co-founder Vitalik Buterin.

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How Long Does it Take to Mine a Bitcoin?

📚 Wikicoin
After reading this article, you will know how long it takes to mine one BTC with different hardware
How Long Does it Take to Mine a Bitcoin?

After the Bitcoin craze, which took over the world in December 2017, many people got interested in crypto mining as a potential source of income. However, the harsh truth is that Bitcoin mining got extremely competitive these days, so the overwhelming majority of newbies feel like they’ve already missed the boat. In 2011, the extremely low difficulty rate would allow you to mine one BTC per day with your ordinary PC, but now you have to use specifically designed ASIC mining chips. The question is, how long does it take to mine a Bitcoin in 2018?     
 

What is hash rate? 


How long does it take to mine a Bitcoin block? Before we find out about this, it is important to understand what Bitcoin’s hash rate is. A hash is a cryptographic puzzle that miners have to solve. Consequently, the hash rate measures the speed at which a specific machine operates and solves mathematical problems. Bitcoin’s cumulative hashing rate increases almost every single day due to the monopoly of large mining farms. 
 

Mining difficulty 


In June 2018, it was reported that Bitcoin’s hashing rate skyrocketed by five exahash over the course of two weeks. Remarkably enough, it took the whole network over more than eight years to reach a similar milestone. The sudden spike in mining difficulty doesn’t necessarily mean that a lot of miners join the industry in droves and create a bigger competition– it rather indicates that ASIC chips become more advanced. The same happened during the transition from CPU mining to GPU mining. Thus, huge ASIC manufacturers (Bitmain, in particularly) effectively establish a monopoly. Here are the most popular producers of ASIC hardware:

  • Bitmain
  • Halong
  • Avalon
  • Pangolin.

Over the last 30 days, BTC’s mining difficulty has increased by 1.99 percent. This change seems insignificant, but the difficulty drastically growth when every 2016th block is mined (which happens every month or two). The data, which shows how long it takes to mine a Bitcoin in 2016 and how long it takes to mine a Bitcoin in 2017, is not really relevant anymore since now it is significantly more difficult to mine BTC.

image

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The speed of mining 


New BTC are mined almost every 10 minutes, but you have to actually earn a part of the block reward by contributing your hashing power to the network that a necessary for solving a block. As of now, the block reward is set at 12.5 BTC.

By the way, the actual block time is not determined– it often takes less than 10 minutes to mine a single block. This is only an average timeframe that is set as a target for miners.     

image    

The fastest type of mining

  
How long does it take to mine a block of Bitcoin alone without powerful AISC chips? More than eternity. You may run your hardware for decades without mining a single block. Furthermore, it will never be very unprofitable power-cost wise. Those who are interested how long it takes to mine a Bitcoin with GTX 1080 may be disappointed as well since GPU mining hasn’t been profitable for years unless you run a large farm with plenty of mining rigs.  

If you want to mine effectively, you have to join any mining pool of your choice. The obvious downside is that you have to split the reward for solving a complex mathematical problem with other pool members (the more computing power you contribute, the bigger part of the reward you get). In a mining pool, you will need to contribute about four percent of the cumulative processing power, which is required to mine a block, in order to earn one BTC. How long it takes to mine a Bitcoin in a pool? There is no clear answer to this question, because the exact duration depends on what kind of pool you choose and what equipment you use. Here’s a table which shows popular mining pools and their fees. 
 

Mining pool 

Fee

Antpool

1%

BTC

3%

Slush Pool

2%

BW

1%


Of course, you can engage in solo mining as well, but you need top-notch mining hardware for that. For example, Antminer S9 will set you back $2100. How long does it take to mine a Bitcoin with ASIC? Considering that this miner has a hashing rate of about 13.0TH/s, you would be able to mine 0.02 BTC per month (167.28 USD). Hence, it would take about 50 months to mine a single Bitcoin with one of the most advanced mining chips on the market, but this is a very vague predictions if you take into account the constantly rising mining difficulty. 
 

The cost of mining one Bitcoin 


Once we’ve figured out how long it actually takes to mine one Bitcoin, let’s find out how much it actually costs to mine one BTC. In fact, the price of mining drastically differs from country to country due to different electricity rates. For example, mining one Bitcoin in Venezuela will set you back $531 while (this country has the cheapest electricity). At the same time, South Korea, a thriving crypto hub, is considered to be the most expensive country for mining Bitcoin where a single BTC will cost more than $26,000. 

In the US, the average price of mining rangers from $4,000 to $6,000 (depending on the state), but the cost will obviously go up due to a constantly increasing mining difficulty.

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