Wednesday, August 21, 2019

Crypto Miner Explains How Solar Energy Usage Cuts Mining Expenses By 75 Percent

Renewable energy has gained traction in recent times for cryptocurrency mining. This is due to the condition of the crypto market that has made crypto mining less profitable for miners. A Bitcoin miner has therefore come out to explain how solar energy cuts mining costs by 75 percent, which makes the mining process profitable once again.

Solar Energy: Preferred Choice For Miners

The crypto industry has been affected adversely by the lingering winter market for more than a year now. The winter market is regarded as the longest the industry has ever seen.

One of the many negative effects that the winter market has had on the industry is the unprofitability of crypto mining. The high power consumption rate of crypto firms have often made them be at loggerheads with their host communities.

Devising an alternative to make crypto mining profitable has made miners resort to renewable energy. A Reddit user known as Cadese noted recently that he now uses solar energy. He explained that “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%!).”

The statement by Cadese indicates that the use of renewable energy for crypto mining has become a trend that is prevalent in the crypto industry as a result of its profitability. CoinShares Research published a whitepaper that examined trends, costs, and energy consumption of Bitcoin mining in November 2018. The author indicated that about 80 percent of mining is now powered by renewable energy.

Related Article:  Google CEO Sundar Pichai Reveals His Son Mines Ethereum

Influx Of Renewable Energy Options

Use of renewable energy for crypto mining has become prominent and is cost effective. An example is Azultec Cube300. It advertised that miners could generate cryptocurrencies with the option to use renewable energy and recuperate up to 72 percent of the generated heat.

Also, for small-scale miners, Cryptosolartech, a project aimed at developing the largest cryptocurrency farm that is dependent on renewable energy provides miners with renewable energy. This is produced by its photovoltaic plants, thus making mining activities an efficient and sustainable practice.

Further, a firm such as Solar Alliance Energy Inc. provides residential, commercial and industrial solar installations. The firm is focused on the amazing role that renewable energy can play to support the development of the cryptocurrency industry.

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