How long does it take to solve a Bitcoin block?

[CryptoCurrencyInc.com]

How long does it take to solve a Bitcoin block?


Feel free to debate below.

Math genius are also welcome to input their thoughts.

For example:

Per each 1,000,000,000 difficulty.
How many TH/s does it take to solve a bitcoin block in 90 days?

[odolvlobo]

There is nothing to debate. The short answer is:

time = difficulty * 2**32 / hashrate

You can read all about it here: https://en.bitcoin.it/wiki/Difficulty

[DannyHamilton]

time = difficulty * 2**32 / hashrate

If you need to see the math:

Given (by you):
time = 90 days
difficulty = 1,000,000,000

Solve for:
hashrate in TH/s

90 days * 86,400 seconds per day = 1,000,000,000 * 2³²hashes / hashrate
7,776,000 = 1,000,000,000 * 4,294,967,296 / hashrate
7,776,000 seconds = 4,294,967,296,000,000,000 hashes / hashrate
hashrate * 7,776,000 seconds = 4,294,967,296,000,000,000 hashes
hashrate = 4,294,967,296,000,000,000 hashes / 7,776,000 seconds
hashrate = 552,336,329,218 hashes per second

552,336,329,218 hashes/s = 552.336329218 GH/s = 0.552336329218 TH/s

0.552336329218 TH/s to average 1 block solved every 90 days with 1,000,000,000 difficulty.


Did I get the maths right there?  I think so.

[BitCoinDream]

How long does it take to solve a Bitcoin block?

I used to know Bitcoin blocks are mined at an average of every 10 minutes. I can also confirm it here https://en.bitcoin.it/wiki/FAQ#How_are_new_bitcoins_created.3F ...What is the need of difficult mathematics to find this ? Is not it in the protocol ?

[Lauda]

How long does it take to solve a Bitcoin block?

I used to know Bitcoin blocks are mined at an average of every 10 minutes. I can also confirm it here https://en.bitcoin.it/wiki/FAQ#How_are_new_bitcoins_created.3F ...What is the need of difficult mathematics to find this ? Is not it in the protocol ?

That's just the title I guess. Read everything first.
He asked specifically about a time period and certain difficulty.

[waldox]

bitcoin is currenty averaging less than 10 minutes per block, so we are ahead of schedule on the bitcoin release rate

[CryptoCurrencyInc.com]

Current network difficulty: 13462580114.525
Average time to find a block at 6,819.67 Th/s at this difficulty: 2 hours and 21 minutes

stats from eligius.st

[CryptoCurrencyInc.com]

time = difficulty * 2**32 / hashrate

If you need to see the math:

Given (by you):
time = 90 days
difficulty = 1,000,000,000

Solve for:
hashrate in TH/s

90 days * 86,400 seconds per day = 1,000,000,000 * 2³²hashes / hashrate
7,776,000 = 1,000,000,000 * 4,294,967,296 / hashrate
7,776,000 seconds = 4,294,967,296,000,000,000 hashes / hashrate
hashrate * 7,776,000 seconds = 4,294,967,296,000,000,000 hashes
hashrate = 4,294,967,296,000,000,000 hashes / 7,776,000 seconds
hashrate = 552,336,329,218 hashes per second

552,336,329,218 hashes/s = 552.336329218 GH/s = 0.552336329218 TH/s

0.552336329218 TH/s to average 1 block solved every 90 days with 1,000,000,000 difficulty.


Did I get the maths right there?  I think so.

Based on your math calculation
So if the difficulty is: 14 Billion
Does it mean 0.55 * 14 = 7.7 Th/s to find a block in 90 days?

[DannyHamilton]

Current network difficulty: 13462580114.525
Average time to find a block at 6,819.67 Th/s at this difficulty: 2 hours and 21 minutes

stats from eligius.st

Lets try the math and see if that makes sense, shall we?

time = difficulty * 2**32 / hashrate

time = 13462580114.525 * 2³² / 6,819.67 TH/s

time = 13462580114.525 * 4,294,967,296 / 6,819,670,000,000,000

According to Google, that's

time = 8,479 seconds.

At 3,600 seconds per hour, and 60 seconds per minute:

time = 2 hours, 21 minutes, 19 seconds.

Yep, it looks like Eligius knows how to do simple maths.

[DannyHamilton]

Based on your math calculation
So if the difficulty is: 14 Billion
Does it mean 0.55 * 14 = 7.7 Th/s to find a block in 90 days?

Assuming that the difficulty doesn't increase at all during those 90 days (which isn't a very realistic assumption):

0.552336329218 * 14 = 7.73270860905 Th/s to find a block in 90 days.

[targetpro]

Thanks for clarifying DannyHamilton.

So I've been running some numbers and came across this thread.  I have a question to ask:  I know a lot of folks are into mining, but I can't figure out how it's really that profitable for them to do so, after all the costs are factored in.  I then took a look at mining contracts, with electricity, and the myriad of other expenses factored in, and again, I still can't see how it pays off for folks at the growing level of difficulty.

What am I getting wrong?

[rext]

If you have gotten in early and covered your initial investment with those coins then right now all you're just paying for is electricity and rental of the premises. If you own the premises even better.

[DannyHamilton]

Thanks for clarifying DannyHamilton.

So I've been running some numbers and came across this thread.  I have a question to ask:  I know a lot of folks are into mining, but I can't figure out how it's really that profitable for them to do so, after all the costs are factored in.  I then took a look at mining contracts, with electricity, and the myriad of other expenses factored in, and again, I still can't see how it pays off for folks at the growing level of difficulty.

What am I getting wrong?

Nothing.

There are generally 3 types of miners.

1) Those with access to cheap electricity who are able to acquire the fastest, and most efficient new technology earliest at a competitive price, and are therefore able to turn a quick profit on their new equipment before the difficulty catches up with them.

2) Those who aren't very good at maths and fail to realize that they would have had more bitcoins if they used the same amount of money to purchase bitcoins directly as they spent on trying to mine them.

3) Those who participate in mining as a hobby, knowing that they are getting less bitcoins than they otherwise could have, but finding additional value in what they learn and the sense of contributing to something worthwhile.

I suppose there are some people who manage to find a really good deal on used equipment, or who have access to really cheap electricity, or who manage to find someone foolish enough to buy the mining equipment from them at ridiculously high prices.  There is a chance that some of those people are able to turn a bit of a profit.