Hello peeps ,
I come across threads talking about mining being dead but I do not understand why .
My thoughts :-
1) Mining is the simplest most anonymous way to obtain Bitcoins .
But the Bitcoins obtained by mining hardware are generally more expensive than those bought directly on an exchange because miners are heavily overpriced.
2) Running miners in a home could allow you to lower your central heating thermometer transferring the energy to a heat producing source (miner)that also produces value (bitcoins ).
Heating with electricity is not very cost-effective. There are much cheaper forms of energy if all you need is heat.
3) Miners placed into mineral oil with stones or bricks will release heat long after you turn the miners off .
Yes but only as much as the energy they consumed. And remember, that energy was pretty expensive to start with.
4) Using miners as a replacement heating source negates the electricity cost .
If you would heat with electricity anyway, that's true. Direct heating with electricity is however not cost-effective in most parts of the world (I think the ISS is heated electrically, as burning stuff inside might be a little hazardous
)
5) with enough miners you could in fact place them in a sealed container filled with mineral oil and use them to heat your hot water system to save on make your energy usage more efficient while still producing a product with value ?
I may misunderstand some of the reasons for saying mining is "dead" but I feel that wasting the heat provided by our miners needs some thinking outside the box .
A usb miner placed into a 2 litre bottle of mineral oil can be used to keep a larger bowl of water warm ,while cooling the miner .
If we look at usb miners as a heating element then mining seems to be a case of adjusting your hash power to suit your income requirements .
Again, electricity is a pretty expensive source of heat, even if it is being used to mine some mBTC as a byproduct...
Onkel Paul
