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Author Topic: How can we reduce the cost of electricity?  (Read 49732 times)
st0nefish
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January 12, 2017, 09:54:16 PM
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The most costly part of the Bitcoin mining process is electricity. The more we can deduct the electricity cost, the more we will gain. How can we reduce the cost of electrical energy, let's do some brainstorming.

The main sources used in world energy production are oil, natural gas and coal
Generally, Nuclear Energy, Solar Energy, Bioenergy, Hydrogen Energy, Wind Energy, Geothermal Energy, Wave Energy, Hydroelectric Energy, Tidal Energy are used as alternative energy sources.

Yes friends what can we do to reduce energy costs?

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January 13, 2017, 07:26:31 AM
 #2

The most costly part of the Bitcoin mining process is electricity. The more we can deduct the electricity cost, the more we will gain. How can we reduce the cost of electrical energy, let's do some brainstorming.

The main sources used in world energy production are oil, natural gas and coal
Generally, Nuclear Energy, Solar Energy, Bioenergy, Hydrogen Energy, Wind Energy, Geothermal Energy, Wave Energy, Hydroelectric Energy, Tidal Energy are used as alternative energy sources.

Yes friends what can we do to reduce energy costs?
Yes there are lots of ways on how to get electricity but most of them are expensive and costly thats why if we tend to mine bitcoin then its better to think first and if the price in your place is low then i wont bother to seek on other alternatives because it would cost me even more.If i really have to choose then i would really go for solar panel.

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January 13, 2017, 07:58:04 AM
 #3

chinese huge farm build their farm near big abandoned dam or they rent a territory where there is one, they can reduce the electricity greatly in this way

but under 0.05 cent it will be really difficult to do, building a huge solar plant is inefficient and too costly, i think the best solution is going abroad and build your farm there, where electricity is very cheap
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January 13, 2017, 08:02:13 AM
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i suggest to use solar panel if you are living on a hot or tropical country. it will gave additional cost on the solar panels but you can reimburse that cost on the electricity save using the solar panel. Solar panel lifespan is very long and sufficient to run a miner farm if you setup a sufficient amount. Here in my country, it is starting to adapt because it is nature and friendly.

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January 13, 2017, 08:05:41 AM
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Yes friends what can we do to reduce energy costs?
Move.
Moving to a location with cheap electricity is all you can do. If electricity could be cheaper, someone would have done it.
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January 13, 2017, 10:20:06 AM
 #6

chinese huge farm build their farm near big abandoned dam or they rent a territory where there is one, they can reduce the electricity greatly in this way

but under 0.05 cent it will be really difficult to do, building a huge solar plant is inefficient and too costly, i think the best solution is going abroad and build your farm there, where electricity is very cheap
I invite you in India here in India small cites electricity is cheap so probably we can partnership for mining business. Before this I never thought about mining but now I think Indians also can mine bitcoin at cheap electricity rates and  can compete chines in this business. It is strange that very less Indians are mining Bitcoins.

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January 13, 2017, 10:35:49 AM
 #7

chinese huge farm build their farm near big abandoned dam or they rent a territory where there is one, they can reduce the electricity greatly in this way

but under 0.05 cent it will be really difficult to do, building a huge solar plant is inefficient and too costly, i think the best solution is going abroad and build your farm there, where electricity is very cheap
I invite you in India here in India small cites electricity is cheap so probably we can partnership for mining business. Before this I never thought about mining but now I think Indians also can mine bitcoin at cheap electricity rates and  can compete chines in this business. It is strange that very less Indians are mining Bitcoins.

india is a good place ! i even seen pakistan people mining.
just concern about the security...
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January 13, 2017, 11:18:03 AM
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Yes friends what can we do to reduce energy costs?
Move.
Moving to a location with cheap electricity is all you can do. If electricity could be cheaper, someone would have done it.

Maybe that's the most logical thing. So instead of doing research for cheap electricity production, moving to a country where electricity is cheap can be a simpler solution.
Which country is using electricity the cheapest in the world?

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January 13, 2017, 01:23:03 PM
 #9

I invite you in India here in India small cites electricity is cheap so probably we can partnership for mining business. Before this I never thought about mining but now I think Indians also can mine bitcoin at cheap electricity rates and  can compete chines in this business. It is strange that very less Indians are mining Bitcoins.

India may have low electricity rates, but the other issue is stability and security of the power.  I asked my Indian friends before about the cost, and they told me to stay away from India as they would not trust having a mining farm there.

Maybe that's the most logical thing. So instead of doing research for cheap electricity production, moving to a country where electricity is cheap can be a simpler solution.
Which country is using electricity the cheapest in the world?

Country Pricing - Wiki (Kuwait seem to have the lowest)

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January 13, 2017, 03:49:48 PM
 #10

The best way to reduce the cost of electricity is by proper usage of it. We are capable to generate electricity in many ways. It can be in Fuel,Solarpanel,Hydroelectricity or even in Nuclear power plant . We all know that the popular way to generate electricity is by the use of fuel and we all know that the value of fuel is costly. But that is not the problem . The problem is how we are going to manage and save our energy . If we have more electrcity thats the time that the cost of electricity will reduce. Just like the law of supply and demand

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January 13, 2017, 04:02:32 PM
 #11

I invite you in India here in India small cites electricity is cheap so probably we can partnership for mining business. Before this I never thought about mining but now I think Indians also can mine bitcoin at cheap electricity rates and  can compete chines in this business. It is strange that very less Indians are mining Bitcoins.

India may have low electricity rates, but the other issue is stability and security of the power.  I asked my Indian friends before about the cost, and they told me to stay away from India as they would not trust having a mining farm there.

Maybe that's the most logical thing. So instead of doing research for cheap electricity production, moving to a country where electricity is cheap can be a simpler solution.
Which country is using electricity the cheapest in the world?

Country Pricing - Wiki (Kuwait seem to have the lowest)

I looked at the wiki list. The lowest electricity price seems to be in China.
Kuwait: 0.3 to 3
China: 0.04 to 0.45

Also, one of the most important parameters is how to get mining equipment in the easiest way.
In what countries are mining equipment in general produced?

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January 13, 2017, 08:03:37 PM
 #12

If we are talking about constructing a big mining farm, then IMO the best solution is moving to a place where electricity is cheap, but you should keep in mind that in countries where electricity is cheap you might encounter much bigger problems than receiving high electricity bills.

Using Solar is not an option IMO because it will cost you more than paying for electricity in the regions where the price is high.

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January 13, 2017, 09:05:22 PM
 #13

If we are talking about constructing a big mining farm, then IMO the best solution is moving to a place where electricity is cheap, but you should keep in mind that in countries where electricity is cheap you might encounter much bigger problems than receiving high electricity bills.

Using Solar is not an option IMO because it will cost you more than paying for electricity in the regions where the price is high.

What exactly is IMO? I do not know much about mining concepts. What are the problems that I can encounter in countries where electricity is cheap?

There is also a separate problem in the availability of mining equipment. We can must get cheap electricity and we have to be able to access mining equipment easily.

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January 13, 2017, 09:11:47 PM
 #14

If we are talking about constructing a big mining farm, then IMO the best solution is moving to a place where electricity is cheap, but you should keep in mind that in countries where electricity is cheap you might encounter much bigger problems than receiving high electricity bills.

Using Solar is not an option IMO because it will cost you more than paying for electricity in the regions where the price is high.

What exactly is IMO? I do not know much about mining concepts. What are the problems that I can encounter in countries where electricity is cheap?

There is also a separate problem in the availability of mining equipment. We can must get cheap electricity and we have to be able to access mining equipment easily.

IMO = In My Opinion

Some use IMHO = in my humble opinion

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January 14, 2017, 12:40:19 AM
 #15

There are a number of other ways out there, but not to many people are willing to do it.  The first would be building a solar yard.  If you have enough land, you can put solar panels up and build more and more electricity capturing, but that is costly.  I personally like the exercise method of making electricity.  I experiment with electricity, but not often.



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January 14, 2017, 08:23:18 AM
 #16

chinese huge farm build their farm near big abandoned dam or they rent a territory where there is one, they can reduce the electricity greatly in this way

but under 0.05 cent it will be really difficult to do, building a huge solar plant is inefficient and too costly, i think the best solution is going abroad and build your farm there, where electricity is very cheap
I invite you in India here in India small cites electricity is cheap so probably we can partnership for mining business. Before this I never thought about mining but now I think Indians also can mine bitcoin at cheap electricity rates and  can compete chines in this business. It is strange that very less Indians are mining Bitcoins.

what is the electricity cost there? because i was thinking about hosting my machien to soemone trusted here if i can ever find someone

but aside from the trust which is already a big problem, paying the hosting should not be more than 10% of the revenue otherwise it would kill the point to have low electricity price

this assumig that your price is not higher than 5 cent per kwh
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January 14, 2017, 06:45:01 PM
 #17

According to the wikipedia article, Russia has one of the lowest prices for electricity.
Particularly in Siberia, it is common practice (not quite as common as the traditional wood stove) to use electric heating elements for space heating.
With the decriminalization of bitcoin, mining is a win-win for those who heat their homes with electricity, they can now generate a small amount of bitcoin at effectively no cost (they can buy outdated equipment cheaply, and are using the electricity for heat anyway), and (as far as I know) no longer have to worry about being sent to the gulag.
Unfortunately, bitcoin has a terrible reputation in Russia, it is often called "bandit currency", and heavily associated with scammers.

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January 14, 2017, 07:02:41 PM
 #18

I think you can try power saving maybe it can reduce the cost for electricity like in this pic

But if you really want to reduce more cost much better to start or build a solar we are using solar here in my house which is it can save few electricity in my house.. sometimes i am using it in one of my mining altcoin rig.

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January 16, 2017, 07:33:58 AM
 #19

renewable energy is the best option, but the installation of such system is expensive, but profitable in view of long term investment. I dont think China will be a better place for mining.

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January 16, 2017, 08:09:11 AM
 #20



I looked at the wiki list. The lowest electricity price seems to be in China.
Kuwait: 0.3 to 3
China: 0.04 to 0.45


China is 0.04 USD
Kuwait is 0.3 US cents

Kuwait still the best in the world but too hot.
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