How much hash power is required to mine 1 Bitcoin in one year?
Or, how could you quit your job by mining Bitcoin?
The real median income in the United States is about $36,0001, so if you could mine one Bitcoin per year, you could potentially replace a median income (at the current Bitcoin price of $36,423). So what would it take to mine one Bitcoin per year? To figure this out, we’ll need to understand how the Bitcoin network works and make some calculations.
The Bitcoin network produces 6.25 Bitcoin per mined block, and there is a new block rewarded to one miner on the network every 10 minutes (on average). The chance of winning that block depends on the percentage of total network’s hash rate a miner contributes. That is, if the current total Bitcoin hash rate is 100TH/s (Tera hashes per second), and you contributed 10TH/s (10% of the total network hash rate), you would earn 10% of all the Bitcoin produced over a certain time period.
The number of Bitcoin produced by the network is fixed and does not change until a halving event. A Bitcoin halving event is when the reward for mining a Bitcoin block is cut in half and occurs every 210,000 blocks (approximately four years). Currently the block reward is 6.25 Bitcoin, and the next halving event will be at block 840,000 (estimated to occur around May 5th 2024), at which time miners will only receive 3.125 Bitcoin per mined block until the next halving, estimated to be around May 2028.
6.25 Bitcoin mined every 10 minutes for one year = 6.25*60/10*24*365.25 = 328,725 Bitcoin mined each year at the current block reward rate. So if you want to mine 1 Bitcoin per year you need 1/328,725th of the current total Bitcoin hash rate.
Currently, the total Bitcoin hash rate is at an all time high of 196,787,000TH/s2, so you would need 1/328,7254 * 196,787,000 TH/s = 598.64 TH/s working for you over the course of a year to earn one Bitcoin. Different ASIC machines produce different levels of TH/s, so here are some guides to how many ASIC machines you would need to mine one Bitcoin over the course of one year:
Bitmain Antminer S19XP = 150 TH/s = 4 machines
MicroBT Whatsminer M30S++ = 112 TH/s = 6 machines
Bitmain Antminer S19j = 90 TH/s = 7 machines
Bitmain Antminer T17 = 42 TH/s = 15 machines
Bitmain Antminer S9 = 14 TH/s = 36 machines
This of course does not take into account the cost of electricity, cost of hosting, and assumes Bitcoin stays at the steady price of $36,423, I mean $33,898, I mean $42,069 .. we all know how that goes. At least you have a rough idea of what it would take to generate one Bitcoin per year, and could work up to quitting your day job by acquiring sufficient hash power!
https://fred.stlouisfed.org/series/MEPAINUSA672N
https://www.blockchain.com/charts/hash-rate