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This specific hardware costs few thousands of dollars to mine bitcoin and with the current rate, it may simply take years to mine 1 bitcoin, which is not a feasible mining option for beginners, as buying Bitcoin from Exchanges is much cheaper than minting one. However, if anyone is interested in bitcoin mining, could mining would be a viable option to explore, where individuals might not be required to procure the hardware, instead buy a plan from some entity who has brought the Hardware and has the computing power. It is like renting a portion of their hardware processing power to mine bitcoin at an agreed rate for an agreed time.
For every 210,000 blocks mined(nearly about 4 Years), the rewards that are being paid to users would be halved. For example, at the current rate, if 2 miners are mining the blockchain with equal processing power, 6.25 Bitcoins would be rewarded to both of the miners equally. However, once 210,000 blocks get processed, the reward that the miners would be getting 3.125 (6.25/2=3.125 BTC). The last Bitcoin is expected to be mined by 2140. Higher the number of miners participating in the Proof-of-Work mechanism lower would be reward distributed across, making the availability of Bitcoin rarer than ever, thereby increasing this price in the market. With current rates, the transaction fee should be anywhere above 15+ US Dollars for transactions to get processed within a matter of hours.
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