In 2009 one computer could mine Bitcoin on its own. In 2026 the network runs at more than a thousand exahashes per second. Here is how it happened, in 12 moments, with the numbers that changed everything.
By Michal Beno, CEO, OneMiners28 October 2026
Bitcoin mining started on 3 January 2009, when Satoshi Nakamoto mined the first block on an ordinary computer and earned 50 BTC. Since then, mining has moved from home computers to graphics cards, then to special chips called ASICs, and finally to industrial sites with water-cooled machines. The reward per block has been cut in half four times, to 3.125 BTC today, and the network has grown to about 1,069 EH/s. Each step made mining harder for hobbyists and more about one thing: cheap, reliable electricity.
2009
first block mined, 50 BTC reward
4
halvings so far (2012, 2016, 2020, 2024)
1,069 EH/s
network hashrate today, 7-day average
95.7%
of all 21 million Bitcoin already mined
mempool.space, 27 October 2026 (block 973,384). Mined supply is a OneMiners calculation from the block schedule.
KEY TAKEAWAYS
The early days: when one computer was enough (2009 to 2010)
1. The genesis block, 3 January 2009
Bitcoin's first block, the genesis block, was mined by Satoshi Nakamoto on 3 January 2009. It paid 50 BTC, and it carried a newspaper headline about bank bailouts, a hint at why Bitcoin was created. At that time there was no competition. A normal computer processor (CPU) could find blocks on its own, and anyone could join. Our step-by-step guide to how Bitcoin mining works explains what a miner actually does.
2. Graphics cards take over, 2010
In 2010, programmers found that graphics cards (GPUs) could do Bitcoin's hashing much faster than processors. One early miner, Laszlo Hanyecz, is credited with the first GPU mining. The effect was huge: the network's total power grew from about 6 MH/s in January 2010 to about 120 GH/s by December, around 20,000 times more in one year.
3. Bitcoin Pizza Day, 22 May 2010
The same Laszlo Hanyecz paid 10,000 BTC for two pizzas on 22 May 2010, the first known purchase of a real product with Bitcoin. It shows how little a mined coin was worth back then. We worked out what 1 BTC buys today in our Bitcoin Pizza Day Index.
4. The first mining pools, late 2010
As more people joined, finding a block alone became rare. In late 2010 the first mining pool appeared: miners combined their power and split the rewards by how much work each one did. Almost all Bitcoin mining still works this way today.
The chip race: ASICs arrive (2011 to 2016)
5. FPGAs, the stepping stone, 2011
In 2011 some miners switched to FPGAs, programmable chips that could be set up to do only Bitcoin's hashing. They used less power than GPUs, but they were a short step. A much bigger one was coming.
6. The first ASIC Bitcoin miners, 2013
An ASIC (application-specific integrated circuit) is a chip built for one job only. The first Bitcoin ASIC, the Avalon 1, shipped in January 2013 at about 66 GH/s. In November 2013 Bitmain released its first machine, the Antminer S1, at 180 GH/s. From that moment, CPUs and GPUs had no chance on Bitcoin. Read more in our guide to what an ASIC miner is.
7. The first two halvings, 2012 and 2016
Bitcoin's code cuts the block reward in half every 210,000 blocks, about every four years. The first halving on 28 November 2012 cut it from 50 to 25 BTC. The second, on 9 July 2016, cut it to 12.5 BTC. The same year Bitmain launched the Antminer S9, a machine so popular it stayed in use for years.
How much Bitcoin does one block pay?
Block reward in each halving era, BTC (longer bar = bigger reward)
Bitcoin protocol schedule. The reward halves every 210,000 blocks. Transaction fees are paid on top.
The four Bitcoin halvings so far
Next halving at block 1,050,000, expected in 2028. See our 2028 halving countdown.
The industrial era (2020 to 2026)
8. The third halving and a new generation, 2020
The third halving on 11 May 2020 cut the reward to 6.25 BTC. The same year the Antminer S19 Pro arrived at 110 TH/s and 29.5 J/TH, about three times as efficient as the S9. Mining was now a business of warehouses and power contracts.
9. China bans mining, 2021
In May 2021, China's government moved to stop Bitcoin mining. China had hosted most of the world's miners, and the network's power dropped sharply as machines were switched off and shipped abroad. Within months the hashrate recovered, and mining was spread across many more countries. The United States became the largest mining country. See which country mines the most Bitcoin.
10. Water cooling goes mainstream, 2023 to 2026
Newer machines got so dense that air could not cool them well. Hydro (water-cooled) Bitcoin miners such as the S21 Hyd and S23 Hyd run quieter, pack more power into less space and use less energy. Our guide to air, hydro and immersion cooling explains the difference.
How much power does each generation need for the same work?
Joules per terahash, J/TH (shorter bar = more efficient)
Manufacturer specifications. The 2013 Antminer S1 used about 2,000 J/TH, too large to fit on this chart. Lower J/TH means less electricity for the same hashrate.
11. The fourth halving, 20 April 2024
The reward fell to 3.125 BTC. Overnight, every Bitcoin miner earned half as many coins for the same work. Old machines on expensive power were switched off, and efficient machines on cheap power took their place.
12. The zettahash era, 2025 to 2026
In April 2025 the network touched 1 zettahash per second (1,000 EH/s) on a daily reading for the first time, according to mempool.space data. On 27 October 2026 the 7-day average is about 1,069 EH/s, and difficulty is set to rise about 6% around 29 October. Our hashrate explainer shows what these units mean.
What 17 years of mining history teaches a new miner
THE MATH THAT NEVER CHANGED
Your share of new Bitcoin = your hashrate / network hashrate
Example: 580 TH/s / 1,069,000,000 TH/s = 1 part in 1,843,103
That share of ~450 new BTC a day = about 0.00024 BTC a day
The formula is the same in 2026 as in 2009. What changed is the size of the network. A machine with 580 TH/s, like the Antminer S23 Hyd, owns about 1 part in 1,843,103 of the network today. That is still about $20.72 of Bitcoin a day at today's price, before power.
Hardware gets old fast. Each generation makes the last one less profitable. Our guide on how long ASIC miners last shows when to retire a machine.
Efficiency decides who survives a halving. Low J/TH machines keep earning when the reward halves.
Power price is the real advantage. Since 2013 every serious miner has looked for cheap, stable electricity.
Big sites beat bedrooms. Noise, heat and home tariffs pushed mining into professional hosting.
Antminer S23 Hyd - 580 TH/s
9.5 J/TH. The 2026 generation in our efficiency chart.
View miner
Sealminer A4 Ultra Hyd - 886 TH/s
9.45 J/TH, 886 TH/s, among the most efficient on sale.
View miner
Antminer S21 - 200 TH/s
17.6 J/TH. The S21 generation, at an entry price.
View minerBitcoin mining has always rewarded the miners who adapt first: GPUs over CPUs, ASICs over GPUs, hydro over air. The next step is already clear. Mining runs on large, professional sites with fixed, low power prices. OneMiners runs 17 live locations with 1,964 MW of capacity and 98%+ average uptime, with power from 3.6 cents per kWh on a 7-year prepaid plan. You own the Bitcoin miner. We run it.
Frequently asked questions
When did Bitcoin mining start?
On 3 January 2009, when Satoshi Nakamoto mined the genesis block, which paid 50 BTC.
When were ASIC miners invented?
The first Bitcoin ASIC, the Avalon 1, shipped in January 2013. Bitmain's Antminer S1 followed in November 2013.
How many halvings have there been?
Four: 2012, 2016, 2020 and 2024. The reward is now 3.125 BTC per block. The next halving is expected in 2028.
Can you still mine Bitcoin on a computer?
Technically yes, but a computer has almost no chance of finding a block against more than 1,000 EH/s of ASICs.
How much Bitcoin is left to mine?
About 895,675 BTC, or 4.3% of the 21 million total, as of block 973,384.
Seventeen years of mining history point one way: efficient machines on cheap power.
See hosting locationsBrowse Bitcoin minersSOURCES AND DATA
- Hashrate, difficulty, block height and retarget estimate: mempool.space, 27 October 2026
- Early network hashrate (6 MH/s to 120 GH/s in 2010) and GPU mining history: Simple Mining, History of Bitcoin Mining
- Avalon 1 (January 2013, 66 GH/s) and Antminer S1 (November 2013, 180 GH/s): Bitmain blog and D-Central mining history
- First 1 ZH/s daily reading, 5 April 2025: Bitcoin.com News, citing mempool.space
- Halving dates and block heights: Bitcoin protocol schedule
- Machine efficiency: manufacturer specifications; S23 Hyd from the OneMiners catalogue, 27 October 2026
- OneMiners locations, capacity, uptime and power prices: oneminers.com/pages/hosting-centers, 27 October 2026
Michal Beno
CEO of OneMiners, the global Bitcoin mining hosting and hardware platform with 17 published hosting locations, 7-year fixed electricity contracts and a 7-year hardware warranty. He writes about the economics of industrial Bitcoin mining.
Informational only, not financial advice. Figures are a snapshot from public market data, news reports and the OneMiners catalogue as of 27 October 2026 and can change quickly. Net-per-day figures are at today's numbers, before pool fees, and are not a forecast. Crypto prices can fall as well as rise. No return is offered or implied. Do your own research.
