Bitcoin Miner Says Solar Energy Cuts Mining Costs By 75%

Bitcoin Miner Says Solar Energy Cuts Mining Costs By 75%

Market conditions and electricity costs have substantially lowered cryptocurrency mining profitability. As a result, big and small-scale cryptocurrency miners are forced to turn to renewable energy to reduce operational mining costs.

Future of Crypto Mining Lies in Solar Energy

Cryptocurrency miners have been trying to lower their costs since the advent of Bitcoin (BTC). Now, due to adverse cryptocurrency market conditions, this endeavor has become increasingly critical.

Consequently, some miners are now using solar energy to run their operations. For example, Reddit user cadese claims he is using solar panels to reduce costs significantly stating:

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? Its not just the cheapest form of energy, but I get rid of the grid-transfer cost and tax (=75%!)

Mining Bitcoin with renewable energy is more prevalent than previously thought.

In November 2018, CoinShares Research published a whitepaper that examined trends, costs, and energy consumption of Bitcoin mining. According to the authors, the study shows that most Bitcoin mining occurs in global regions containing available sources of renewable energy. Moreover, the report highlights that about 80 percent of mining is powered by renewable energy.

Renewable Energy to Power the Cryptocurrency Revolution

The use of solar panels is becoming more cost-effective than standard electricity. For example, Azultec Cube300 advertises that miners can generate cryptocurrencies with the option to use renewable energy and recuperate up to 72 percent of the generated heat.

For small-scale miners, a growing array of solutions is becoming available. For example, Cryptosolartech is a project where the primary objective is to develop the largest cryptocurrency mining farm run on renewable energies. According to the Cryptosolartech website:

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.

Companies such as Solar Alliance Energy Inc. a provider of residential, commercial and industrial solar installations are focusing on the amazing role that renewable energy can play to support the development of the cryptocurrency industry.

In November 2018, Solar Alliance Energy signed an agreement with NuYen Blockchain for the development of the cryptocurrency mining facility in Murphysboro, Illinois. This facility supports the Renewing the Murphysboro Community Through Green Energy Jobs initiative.

What do you think about running Bitcoin mining operations on solar energy? Let us know in the comments below!

Images courtesy of Twitter/@nderchris, Pixabay.

The post Bitcoin Miner Says Solar Energy Cuts Mining Costs By 75% appeared first on

13.03.2019 / 21:20 89
Bitcoin Miners Explore Renewable Energy and Power Recycling Bitcoin Miners Explore Renewable Energy
The narrative that Bitcoin uses as much electricity as [insert small nations name here] annually is almost as tired as tulip-mania or comparisons to
Electricity Consumption of Bitcoin is a Non-Issue: Solar Energy is Free in Some Regions Electricity Consumption of Bitcoin is a
Bitcoin and its trustless, decentralized design requires a unique process called mining that validates each transaction being added to its underlying
Renewable Energy Startup Wants to Tackle Nigerias Electricity Crisis Using Blockchain Technology Renewable Energy Startup Wants to
A solar startup company is willing to create affordable solar energy for Nigerians with the use of virtual blockchain tokens. This move by the
Spanish Bitcoin Miner Plans 300 MW Solar Plant with Panels from China Spanish Bitcoin Miner Plans 300 MW
Cryptosolartech, a Spanish cryptocurrency mining firm that uses renewable energy for its operations, has contracted a Chinese maker of photovoltaic
SPI Solar to Host 5,000 Bitcoin Miners for Chinese VC Fund 500 IPO SPI Solar to Host 5,000 Bitcoin Miners
Green bitcoin mining, using renewable energy to produce the cryptocurrency, is in vague across the world. And while generating hydroelectric power
Japanese Miners See Solar Energy as Only Way to Stay Profitable Japanese Miners See Solar Energy as
Kumamoto-Energy, a local power producer in Japan, has announced that they will use solar energy for mining cryptocurrencies. Japan Looks to Greener
Comments (0)
Add a comment
Comment on