How long does it take to mine one Bitcoin? This is a question that is often asked by people who are just starting out with Bitcoin.
The quick answer to this is Bitcoins are not produced one at a time so it is inaccurate to ask how long it would take to produce a single Bitcoin. Instead, Bitcoins are currently produced in blocks of 25. The method of Bitcoin production is outlined below.
As mentioned elsewhere on this site, Bitcoins are produced through a process known as Bitcoin mining. This involves running computer software (Bitcoin mining programs) that looks for solutions to extremely complex mathematical problems of known difficulty. Automatic adjustments of difficultly levels ensure that worldwide solution rates remain fairly constant. The current global solution rate is 6 problems per hour.
When solutions are found, everyone is notified by means of a block. The block contains a notification that a solution has been found together with other pertinent information. Blocks generate a block reward which is currently set at 25 new Bitcoins. The block reward acts as an incentive for people to carry out the calculations needed to generate blocks. The block reward is also reduced by 50% every 4 years so that the total number of Bitcoins available will eventually never exceed 21 million Bitcoins (blocks that are created fraudulently are automatically rejected by the system). The limitation on Bitcoin availability is what ensures that Bitcoins have a financial value.
At present a new Bitcoin block is created every 10 minutes. This means that at the moment 25 new Bitcoins will be produced every 10 minutes.
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