More Than $10 Billion in Bitcoin Was Mined Last Year. What If You Could Be Part of the Next Block?
Every few minutes, somewhere in the world, another Bitcoin block is found. Billions of dollars in new Bitcoin are created through mining each year. For most people, that world has always felt out of reach. LuqEE is working to change that.
Bitcoin Is Still Being Mined, One Block at a Time
When people talk about Bitcoin, most of the conversation revolves around buying it, selling it, or watching its price.
But behind every Bitcoin transaction is a global network of miners working around the clock to secure the blockchain and compete for the next block.
Bitcoin uses a Proof-of-Work system. Specialized mining hardware around the world continuously performs trillions upon trillions of calculations, searching for a valid solution that meets the Bitcoin network's current difficulty requirement.
When a miner finds that solution, a new block can be added to the blockchain and the successful miner receives the block reward.
Today, the Bitcoin block subsidy is 3.125 BTC, plus transaction fees, and the Bitcoin protocol targets an average of approximately one new block every 10 minutes.
At that pace, the network produces roughly:
- 144 Bitcoin blocks per day
- 450 newly issued BTC per day
- Approximately 164,000 new BTC per year
That is where the scale of Bitcoin mining starts to become pretty incredible.
More Than $10 Billion in Bitcoin Was Mined Last Year
At Bitcoin's target block rate, approximately 164,250 new BTC would be issued through block subsidies over the course of a year.
Put a relatively conservative valuation of $80,000 per Bitcoin on that production and you are looking at more than:
💰 $13 Billion in Newly Issued Bitcoin
And that calculation does not even include the transaction fees that miners may receive alongside the block subsidy.
So when we say more than $10 billion worth of Bitcoin was mined last year, we are actually using a fairly conservative way of illustrating the enormous amount of value being created through Bitcoin mining.
Every single one of those Bitcoin blocks had something in common.
Some miner, somewhere, had to find it.
And roughly every 10 minutes, the competition starts all over again.
Mining Bitcoin Is Different From Buying Bitcoin
When you purchase Bitcoin through an exchange, you are buying Bitcoin that already exists from another participant in the market.
Mining is fundamentally different.
Miners provide computational power to the Bitcoin network. That computing power participates in the process used to verify transactions, build new blocks, and secure the blockchain.
There are several ways to participate in mining, but LuqEE focuses heavily on one of the most exciting: solo mining.
In traditional pool mining, many miners combine their computing power and split rewards when the pool finds a block. Solo mining works differently. Your mining work is searching for a valid block directly.
That makes solo mining an all-or-nothing competition.
You may submit an enormous number of valid mining shares without finding a block. But if your mining work produces a hash that satisfies the blockchain's network difficulty, you have found one.
That uncertainty is exactly what makes solo mining so exciting.
It is also important to understand that there is never a guaranteed block, guaranteed payout, or guaranteed return.
Solo Mining Without Building a Mining Facility
For most people, the biggest barrier to mining Bitcoin is not understanding how it works. It is everything that comes with running the hardware yourself.
A modern mining setup can require specialized ASIC miners, significant electrical capacity, ventilation or industrial cooling, networking equipment, ongoing maintenance, and a place where all of that heat and noise can live. Even a relatively small operation can become expensive and technically demanding very quickly.
⚡ That is the problem LuqEE was designed to simplify.
Instead of purchasing and operating the mining hardware yourself, LuqEE gives users access to real mining hashrate through our infrastructure. You can allocate that mining power between Bitcoin and Bitcoin Cash, monitor your activity through the app, and participate in solo mining without having to turn your home into a miniature data center.
Plans start at as little as $5 per month, making it possible to experience cryptocurrency mining at a dramatically smaller entry point than purchasing your own mining hardware.
You also get to follow the parts of mining that make it interesting. You can watch your hashrate, see shares being submitted, learn how network difficulty works, follow new blockchain blocks as they appear, and know that your mining power is participating in the same blockchain competition as miners around the world.
And because this is solo mining, the outcome is never guaranteed. You are not purchasing a predictable daily payout. You are putting hashrate to work and participating in the search for a valid block.
LuqEE Miners Have Been Finding Blocks
Mining is probabilistic, which means some of the most exciting moments happen when all of that mining activity suddenly produces a valid block.
Over the last several weeks, LuqEE Miners have experienced quite a few of those moments.
July Brought More LuqEE Block Winners
In July, Kopa4ka found Bitcoin Cash block #958620 during one of our Power Mining events.
Not long afterward, chaztin added another BCH solo block with #958901.
Then came more winners:
| LuqEE Miner | BCH Block | Mining Power | Block Reward |
|---|---|---|---|
| ElGuapoJQ_1 | #959864 | 10.00 PH/s | 3.127 BCH |
| r16mcbride | #960247 | 130.20 TH/s | 3.126 BCH |
Different miners.
Different amounts of mining power.
Different moments in time.
All participating in the same blockchain-wide competition for a valid block.
And then August arrived.
🏆 Three Blocks in One Power Mining Event
On August 6, LuqEE Miners entered another Bitcoin Cash Power Mining event.
During that event, three different LuqEE Miners found three different BCH blocks.
🏆 Adrenalin
BCH Block #962683 Reward: 3.128 BCH
🏆 andysltz1
BCH Block #962693 Reward: 3.126 BCH
🏆 Enigmafaxx
BCH Block #962716 Reward: 3.125 BCH
Three blocks. Three miners. One event.
It was another great example of what Power Mining was created to do: give LuqEE users access to periods of significantly increased solo mining power and allow that hashrate to compete for blocks.
More hashrate does not guarantee that a miner will find a block. What it does provide is more mining work and more opportunities to search for the solution the network is looking for.
Ultimately, the blockchain determines the winner.
Then a First-Time Miner Found One
Sometimes the stories outside of the big Power Mining events are just as exciting.
In August, LuqEE Miner sujay had been mining with LuqEE for only 15 days when their mining work found Bitcoin Cash solo block #963436.
Mining power at the time: 336.20 TH/s Block reward: 3.125 BCH
It was sujay's first-ever block.
There is no formula that says a miner will find a block after 15 days. Another miner could mine considerably longer without finding one. A block could theoretically arrive tomorrow, months from now, or not at all.
That unpredictability is the reality of solo mining.
But every valid hash is participating in the same competition.
And every new block starts with miners taking part.
What Are Power Mining Events?
LuqEE's regular mining subscriptions give users access to mining power over the duration of their subscription.
Power Mining takes that experience to another level.
During scheduled Power Mining events, participating users receive access to significantly larger amounts of mining power for a defined period of time. Some of our events operate with total mining power measured not simply in terahashes, but in petahashes per second.
These events are designed to bring the LuqEE community together around a concentrated period of solo mining, where everyone can watch the blockchain and see whether one of our participating miners finds a block.
Some events produce no blocks at all.
Others have produced one.
And recently, we have seen multiple blocks found during a single event.
That uncertainty is part of the experience.
🟢 The Next Bitcoin Cash Power Mining Event
Our next Bitcoin Cash Power Mining event is already approaching.
180 PH/s Bitcoin Cash Power Mining ⏱️ Five-hour event 📅 Thursday, August 20 from 1:00 AM to 6:00 AM Pacific 🎟️ Registration opens Tuesday, August 18 at 9:00 PM Pacific
Eligible LuqEE Miners can register directly through the LuqEE app once registration opens.
You Don't Need to Start With a Mining Farm
When people picture Bitcoin mining today, it is easy to imagine enormous facilities filled with thousands of machines running around the clock. That image is not wrong. Bitcoin mining has developed into a massive global industry, with professional operators deploying extraordinary amounts of computing power.
But your first experience with mining does not need to involve buying an ASIC, upgrading your electrical service, installing industrial ventilation, or figuring out where to put a machine that sounds like a very powerful vacuum cleaner running 24 hours a day. 😅
With LuqEE, you can simply start small and learn how mining works by actually participating in it.
A $5 mining plan is not the same thing as operating an industrial mining farm, nor is it intended to be. It is an accessible way to put real hashrate to work and experience the process firsthand. You can follow your shares, watch the network, experiment with allocating mining power between BTC and BCH, and participate in Power Mining opportunities when available.
⛏️ Think of it as getting some hashrate into the race.
Every Bitcoin block is ultimately found by mining hardware somewhere in the world performing the same basic task: repeatedly hashing data and searching for a result that satisfies the network's difficulty requirement.
Most attempts do not find a block.
Eventually, one does.
That unpredictability is a fundamental part of solo mining, and it is also what makes watching it happen so compelling.
You do not need a warehouse full of miners to begin understanding that experience. You can start with LuqEE, watch your mining power work, and become part of the network one hash at a time.
Every New Block Is Another Competition
Bitcoin mining happens continuously.
Day and night, mining hardware around the world is searching for the next block.
Approximately every 10 minutes, another Bitcoin block is added to the blockchain and another 3.125 BTC block subsidy, plus applicable transaction fees, is awarded.
Then the entire process begins again.
Another block.
Another search.
Another opportunity for a miner somewhere in the world to find the solution.
With billions of dollars worth of Bitcoin being created through mining every year, the industry itself may be enormous, but participating in it no longer has to begin with an enormous investment.
🍀 Why not have some hashrate in the race?
Start Mining With LuqEE for $5
Getting started with LuqEE takes only a few steps.
Choose a mining plan, configure your Bitcoin and Bitcoin Cash mining allocation, connect your wallet, and put your mining power to work.
Plans start at just $5 per month.
Whether you are interested in Bitcoin, curious about how mining actually works, or simply want to experience the excitement of solo mining firsthand, LuqEE gives you a way to participate without having to build the mining operation yourself.
Start mining. Follow the blockchain. And see where your hashrate takes you.
Important Information About Solo Mining
Cryptocurrency mining is probabilistic. Purchasing mining power does not guarantee that you will find a block, receive a cryptocurrency reward, or earn a profit. Network difficulty, hashrate, block timing, cryptocurrency prices, transaction fees, and other variables can affect mining outcomes.
LuqEE does not control blockchain outcomes.
Bitcoin production figures referenced in this article are estimates based on Bitcoin's approximately 10-minute target block interval and the current 3.125 BTC block subsidy. Actual block production varies.