The mining award you can credited in account as a hash rate. At a simple level, the hashrate is the way we measure how much computing power everyone around the world is contributing to Bitcoin mining. Miners use their computer processing power to secure the network, record all bitcoin transactions, and are rewarded in bitcoin for their efforts.
The higher the hash rate of an individual bitcoin mining machine, the higher the machine will be of bitcoin. The higher the hash rate of the entire bitcoin network, the more machines there will be and the harder it will be to mine the bitcoin.
Some useful units of crypto mining -
| Kilohash | KH/s (thousands of Hashes/second) |
|---|---|
| Megahash | MH/s (millions of Hashes/second) |
| Gigahash | GH/s (billions of Hashes/second) |
| Terahash | TH/s (trillions of Hashes/second) |
| Petahash | PH/s (quadrillions of Hashes/second) |
Block reward
The block reward is how much reward is given to bitcoin for each block that is solved and added to the blockchain. The block award is designed to halve for every 2,016 blocks mined. This is called the halving process and happens every four years.
The most recent phase took place in May 2020. The following are the historical block awards of 2012:
- 2012: 25.00 BTC
- 2016: 12.50 BTC
- 2020: 6.25 BTC
This means that in 2020, for every block solved by the miner, they will receive 6.25 bitcoins. The minting will continue till the final block and coins are mined. With each block of bitcoin being mined in 10 minutes, mining is set to be end 2140, untill 118 tears later.
Cost of electricity
Electricity will be the main operational cost. Electricity is charged per kilowatt-hour (kWh). Profitability for mining can float from $0.03 to $0.08 per kWh. Changes in some cents can make all the difference for mining profitability. It is important that a miner can use electricity at the least possible cost.
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