Bitcoin mining is a process that sees computers solving complex mathematical problems in order to add transaction records to the Bitcoin public ledger. This process is known as ‘proof of work’, and it is the only way to create new bitcoins.
In order to incentivize people to mine bitcoins, the protocol rewards miners with a certain number of bitcoins for each block that they successfully add to the blockchain. The current block reward is 12.
5 BTC, which means that a single GTX 1660 Super can earn a miner around 0.0032 BTC per day.
Assuming a miner has access to free electricity and is able to keep their mining rig running 24 hours a day, it would take them just over 305 days to mine 1 BTC with a GTX 1660 Super. However, in reality, most miners will not have access to free electricity, and will need to factor in the cost of running their mining rig when calculating their profits.
NOTE: Warning: Mining Bitcoin with a GTX 1660 Super can be a very time consuming process and it is not recommended for beginners. It is estimated that it would take about two years to mine 1 Bitcoin with a GTX 1660 Super, depending on the current network hash rate and the difficulty of the network. Additionally, mining any cryptocurrency carries significant risks which include but are not limited to price volatility, high electricity costs, and the possibility of theft or fraud. Before embarking on any mining venture, you should thoroughly research all potential risks associated with the process.
The bottom line is that while a GTX 1660 Super can earn a miner around 0.0032 BTC per day, it would still take over 305 days to mine 1 BTC with this GPU.
So, unless you have access to free electricity and are willing to wait over 300 days for your rewards, mining Bitcoin is not likely to be profitable for you.
10 Related Question Answers Found
As of May 2020, the reward for successfully mining a block of Bitcoin is 12.5 BTC. This figure is halved every 210,000 blocks, or approximately every 4 years. Based on these figures, it would take just over 957 days to mine 1 BTC with a GTX 1660 Super.
As of May 2020, the average time it takes to mine a Bitcoin is 10 minutes. This is because the Bitcoin network has an average block time of 10 minutes. However, this number is just an average and does not account for the variance in block time.
Bitcoin Cash is a cryptocurrency that was created in August 2017. It is a fork of Bitcoin, and its purpose is to provide faster and more affordable transactions than Bitcoin. So how long does it take to mine 1 Bitcoin Cash?
As of February 2020, it takes around 10 minutes to mine one Bitcoin. This is because the average block time for Bitcoin is 10 minutes. However, block times can vary from as little as eight seconds to as long as 24 hours.
It takes about 10 minutes to mine one Bitcoin. This is because the average time it takes for a block to be mined is 10 minutes. However, the actual time it takes to mine a Bitcoin can vary depending on a number of factors.
It takes about 10 minutes for a computer to mine 1 Bitcoin. The time it takes to mine a Bitcoin depends on the processing power of the computer. A computer with a faster processor can mine a Bitcoin in less time than a computer with a slower processor.
It takes about 10 minutes to mine one Bitcoin. However, the time it takes to mine a Bitcoin can vary depending on the miners’ hash rate and the difficulty of the network. The average time it takes to mine a Bitcoin is 10 minutes.
It takes around five hours to mine one Bitcoin on a gaming PC. This is because the process of mining for Bitcoin requires a lot of computational power, which a gaming PC has in spades. The actual time it takes to mine a Bitcoin can vary depending on the mining difficulty at the time, but five hours is about average.
Bitcoin mining is a process that is performed using special computer hardware and software. Bitcoin miners are rewarded with BTC for verifying and committing transactions to the blockchain public ledger. The process of mining Bitcoin is very resource-intensive, requiring significant computing power and electricity.
As of May 2020, the reward for mining a single block of Bitcoin is 6.25 BTC. This figure is halved every 210,000 blocks, or approximately every four years. It is estimated that the final block of Bitcoin will be mined in 2140.
