How to Mine 1 Bitcoin a Day (Is it Possible?) | Rich Clarke

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Mining bitcoin is a way of contributing to the underlying blockchain while also earning bitcoin as a reward. This form of passive income just requires some bitcoin mining hardware... but how many bitcoin can you mine per day? Rich Clarke discusses how to mine 1 bitcoin a day, and whether it's even possible.

Taken from podcast #80

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Bitcoin mining has evolved a lot as new machines and technology have been created to do this specialized task. Back in the early 2010s, nearly anyone could mine dozens of bitcoins per day using their laptop or desktop computer. But as more computers began mining on the network, the competition got harder - meaning it would take you longer and longer to mine a single bitcoin.

The only way to mine more bitcoin is to get a better machine. So, by acquiring a more advanced and powerful computer, you could mine more bitcoin than someone using a lower end machine. As Bitcoin increased in price, the advancement of bitcoin mining hardware and devices began accelerating.

So, in theory, if you have an incredibly powerful network of computers mining together, you may be able to mine 1 bitcoin a day. Today, however, there are dozens (and probably way more) mining farms across the country. These are entire warehouses dedicated to mining hardware and servers that mine bitcoin 24/7. So in practice, it's going to be very difficult to compete with this mining power as an individual, unless you have the money or technological capability to outperform these powerful mining farms.

You also have to consider bitcoin halving. A pre-programmed schedule reduces the bitcoin that miners get rewarded on a regular basis. Every time one of these milestones occurs, the reward gets cut in half. So if you received 1 bitcoin per block before the halving, you would only receive .5 bitcoin per block after the halving. Ideally, the price of bitcoin will continue to increase as the bitcoin rewards decrease - which means miners are always profitable. But, there's more going on here that you need to know about.
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Bitcoin Mining
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