Unlimited Electricity = no brainer?

[BenScoobert]

Hi,
This is my 1st post, I have only just considered mining over the last few days and I'm doing my research.

One thing I hadn't considered is if you could get an unlimited electricity tariff from a provider.
So I had a look and found this https://www.mygreenstarenergy.com/Our-Energy-Tariffs/Unlimited-Tariff

I don't know about you but this seems a no brainer to me, on this tariff with a few S9s running and you're making a decent return? Am I missing something?

[lizardbtc]

Even if you had cheap electricity you need a lot to invest into mining equipment. It's not that it is to hard to mine, its just that competition out there is huge. So you will need a big capital so if yo are looking to mine look around for some altcoin and trade it over to btc as you might have a higher chance to earn something.

Might wanna check here : http://whattomine.com/coins and here http://www.coinwarz.com/cryptocurrency

but you need to calculate if it will be good to mine you may mine and don't care if you will need to pay more to cover costs if you want...

Anyway 1st time for me to hear about this company mygreenstarenergy , so I don't have experience with them huh.

[unholycactus]

You probably pay a premium to get unlimited energy (compared to a plan where you wouldn't).
As lizardbtc said, mining equipment isn't free and still takes a while to ROI (several months) with free electricity.

[jmigdlc99]

I'd still say GO! Its a no brainer.

If you want to be safe, invest first in GPU mining. Its easy to sell those off in the VERY UNLIKELY case the crypto world tanks. Otherwise, a few months ROI is not bad. Id go for it with free electricity.

[NiHaoMike]

It's physically impossible to have unlimited electricity. Find out the amperage rating of the circuits/panel and subtract a 20% margin. That's how much you have to work with.

[jmigdlc99]

It's physically impossible to have unlimited electricity. Find out the amperage rating of the circuits/panel and subtract a 20% margin. That's how much you have to work with.

I believe the OP is referring to the cost of electricity. In his case, he has an opportunity to pay a fixed cost for unmetered electricity use which essentially means PROFIT for mining.

[NiHaoMike]

That's "fixed rate" or "flat rate", most common with dorms and a few apartments. The circuit definitely has limits and that sets a lower bound on the effective rate. It usually does net a win for mining, but not always.

[Amph]

It's physically impossible to have unlimited electricity. Find out the amperage rating of the circuits/panel and subtract a 20% margin. That's how much you have to work with.

I believe the OP is referring to the cost of electricity. In his case, he has an opportunity to pay a fixed cost for unmetered electricity use which essentially means PROFIT for mining.

he is still limited by his/her maximum current that he can use in his house, and if this value is low, he can probably overpay with a fixed rate

if he have a high amount of KW, it make sense to go with a fixed rate otherwise not so much, he need to check that first, still paying 90/126(gbp) a month for 3kw for example is  damn good price

[lizardbtc]

It's physically impossible to have unlimited electricity. Find out the amperage rating of the circuits/panel and subtract a 20% margin. That's how much you have to work with.

Well it all depends if you have tons of money really. You could buy some land and put solar panels, windmills etc. sorts of Renewable energy. Buy equipment and just mine. You need to calculate that you will need some repairs time to time. But this is not impossible if you have money!

[QuintLeo]

I would bet they have a rider on the contract that if you exceed the negotiated usage by too much, they get to void the contract and negotiate a new rate based on the new much higher usage.

[Qartada]

It's physically impossible to have unlimited electricity. Find out the amperage rating of the circuits/panel and subtract a 20% margin. That's how much you have to work with.

I believe the OP is referring to the cost of electricity. In his case, he has an opportunity to pay a fixed cost for unmetered electricity use which essentially means PROFIT for mining.

he is still limited by his/her maximum current that he can use in his house, and if this value is low, he can probably overpay with a fixed rate

if he have a high amount of KW, it make sense to go with a fixed rate otherwise not so much, he need to check that first, still paying 90/126(gbp) a month for 3kw for example is  damn good price

Yeah.  The OP definitely wouldn't get away with having more than a few miners.  As a small experiment though, it's definitely worth it.  We can speculate forever about how long it would take to ROI, but if the OP only has a small amount to invest then realistically mining will be dramatically better than traditional investments, so it is indeed a no-brainer.

[BenScoobert]

I enquired, they don't have it in my area. Not sure which area of UK they do.

The top end fixed fee isn't much more than I pay now as we are a busy house and I have an electric car.

Fee wise it is basically a residential 240vac 100A, I think my ring main for the plugs is rated at 30A and an S9 draws about 6A.

Anyway, moot point now as I can't get that supplier. Back to pondering other options. Solar is a non starter really as I live in a grade II listed building and can't cover the roof with panels, also to run 1.5KW 24/7 you want about 6KW of panels or more to allow for dark and winter time.

[coolcoinz]

It's physically impossible to have unlimited electricity. Find out the amperage rating of the circuits/panel and subtract a 20% margin. That's how much you have to work with.

Well it all depends if you have tons of money really. You could buy some land and put solar panels, windmills etc. sorts of Renewable energy. Buy equipment and just mine. You need to calculate that you will need some repairs time to time. But this is not impossible if you have money!

You haven't understood. He was saying that every breaker box has it's rating based on the thickness of the wiring. This means that every single electrical equipment has its limits. If you have a 1,5 mm wire it will be 16A, for 2,5 - 25A and so on. If he gets no limits it means he can go over his normal agreement, which might be something like 12kW, but the wires won't allow him to go far beyond that.

[coolcoinz]

I enquired, they don't have it in my area. Not sure which area of UK they do.

The top end fixed fee isn't much more than I pay now as we are a busy house and I have an electric car.

Fee wise it is basically a residential 240vac 100A, I think my ring main for the plugs is rated at 30A and an S9 draws about 6A.

Anyway, moot point now as I can't get that supplier. Back to pondering other options. Solar is a non starter really as I live in a grade II listed building and can't cover the roof with panels, also to run 1.5KW 24/7 you want about 6KW of panels or more to allow for dark and winter time.

If the rates are much more affordable you should go for it.
Do you have a single phase 30A connection? You can check the wires yourself, you just need to find your main breaker box with NH fuses (the ones that you can't take out by hand and need a special handle). The NH fuse rating is the real limit of your connection. For instance I have 3x32A at 220V, so I can draw 7000W on each phase x3.

[OnkelPaul]

One thing I hadn't considered is if you could get an unlimited electricity tariff from a provider.
So I had a look and found this https://www.mygreenstarenergy.com/Our-Energy-Tariffs/Unlimited-Tariff

They offer a fixed monthly rate which basically averages out the seasonally varying energy consumption but of course if your consumption is significantly higher than what could expected from your profile they would require you to change the monthly payment. I'm pretty sure they have a clause to that effect in their contracts.

Unlimited free energy is every miner's dream, but in reality, energy that you consume has to be paid for somehow by somebody. Don't expect others to pay for your energy consumption for very long...
You can harness natural energy sources such as wind, water, sunlight but then you still have to invest into the equipment and pay for maintenance at regular intervals, so even that kind of energy isn't free.

Onkel Paul