How long it will take you as an individual or as a member of a mining pool to mine 1 monero varies. It depends on a range of factors, which we will examine in this article. However, it is possible to accurately state how often 1 monero is mined, based on the block reward and the frequency of a block being completed.
The current rate (as of July 2022) for validating a block (known as the block reward) is 0.65 XMR. Because we know that an XMR block is mined every 2 minutes, it follows that 1 monero is being mined somewhere in the world approximately every 184 seconds. That is, just over three minutes.
In order to work out how long it would take you as an individual to mine 1 monero, you would have to take into account all the factors detailed below. Remember that you are competing with all the other miners on the network and that the competition is tough. To give some indication of the timescales involved, have a look at the example given in this online mining calculator.
Based on some typical values for the various factors involved, the example shows that it would take 139 days to mine 1 monero.
What to Consider Before Starting to Mine Monero
The factors that you need to take into account when mining monero are:
- Hashrate: A ‘block hash’ is defined as the identification number of a block. The hash rate is a measure of computational power, measured in units of hash/second. In simple terms, this is the speed of mining. The higher your hash rate, the more chance you have of mining a block.
- Monero Difficulty Rating: As miners are competing to solve the next monero block and earn the mining reward, the difficulty rating measures how many hashes must be generated in order to do this. The difficulty rating is adjusted often in order to make sure that blocks are not generated too quickly, and therefore maintain the set time that passes between each block (approximately two minutes).
- Power consumption in watts: Electricity is the main expense of mining, and power consumption depends on the specification of each piece of hardware.
- Electricity costs in $/kWh.
- Pool/Maintenance Fees (where applicable): Unless you are operating as a sole miner, these are the costs that you may pay to a mining pool or cloud hosting service. This is usually a percentage of mining rewards.
How to Find Out if it’s Worth It
The easiest way to work out whether mining monero is worth it for you is to plug accurate figures based on your own case into an online mining calculator and view the results. (The difficulty rating will be preset on the online calculator.) You can do this based on the hardware that you already own or on hardware that you are considering purchasing for mining. If you find that mining monero would not be a profitable venture for you as a sole miner, you could consider joining a mining pool. As a member of the pool you would gain a percentage of any rewards based on the percentage of computing power that you are contributing to the pool, minus some fees.
At this time, the opinion from most cryptocurrency experts is that monero mining is not a profitable venture for most. This is especially true with current rising electricity costs. There are exceptions to this rule for some groups, such as students who don’t pay for their electricity by the unit. However, it is also worth noting that crypto mining generally is very controversial due to the amount of power it uses. This may be another consideration for many beyond just the question of profitability.