Bitcoin Mining and Renewable Solar Power Energy Said to Slash Costs By Over 70% for One Home User
As many of our readers are probably well aware of, due to various unfavorable market conditions such as rising electricity costs, profits associated with the crypto mining industry seem to have dropped off quite significantly since the start of 2018. Due to this shift, a number of mid-to-large crypto mining operations have had to start making use of renewable energy sources so as to help minimize their operational costs.
Could Crypto And Solar Be The Way Moving Forward?
However, as BitcoinExchangeGuide has been reported over the last 4-6 months, due to increasing sanctions against this nascent industry as well as increasing power costs, the mining market seems to be dying a slow but painful death.
With that being said, a few days back, a couple of miners took to Twitter to announce that they had been making use of “solar energy” to carry out their daily procuration activities. In this regard, a Redditor by the name of ‘Cadese’ claims that by using solar panels, he has been able to reduce his monthly mining expenditure quite substantially:
“Bitcoin mining is forcing me to go solar power. I just installed solar panels to run my miners during the day. Not only does my house get heated but I cut the mining cost by 75%. Why? It’s not just the cheapest form of energy, but I get rid of the grid-transfer cost and tax (=75%!)”
My solarpowered mining-rig went viral on Reddit 🌞😎https://t.co/yUWLDR5NDJ
— Christian Ander (@nderchris) March 13, 2019
Lastly, it is also worth adding that as per a research piece published by CoinShares last November, the firm claims that most of today’s Bitcoin mining already takes place in areas that have a plethora of renewable energy sources. Not only that but the study also clearly highlights that nearly 80 percent of all global mining activities these days are powered by renewable energy.
More On The Matter
It is being widely reported that the use of solar panels is quickly becoming more practical and cost-effective (when compared to standard electricity) for a number of crypto miners. To elaborate on this point, we can see that Azultec’s latest Cube300 mining rig comes with a brochure which states that the device has an option to make use of renewable energy which can
“recuperate up to 72 percent of the product’s generated heat.”
If that wasn't enough, the mining market is now replete with a number of novel solutions for small-scale miners. For example, Cryptosolartech is a project that aims to devise the world’s largest alt-coin mining farm that is run solely on renewable power.
The company’s official manifesto (which can be found online) reads as follows:
“At Cryptosolartech, we count on 3,000 specialized ASICs that compete with large pools, thanks to the fact that we have the best equipment and technology in the market. Our miners are supplied with renewable energy produced by our own photovoltaic plants, thus making the activity an efficient and sustainable practice.”
In closing out this piece, it is worth remembering that some companies such as Solar Alliance Energy Inc. are working exclusively to help integrate a number of renewable energy solutions within various domains of the cryptocurrency industry. To this effect, the firm has even signed an agreement with NuYen Blockchain (sometime back) regarding the development of a mining facility (in Murphysboro) that will exclusively make use of renewable energy.