[2019-03-14] Bitcoin Miner Says Solar Energy Cuts Mining Costs By 75%

[Jgilpulg]

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.

https://bitcoinist.com/bitcoin-miner-says-solar-energy-cuts-mining-costs-by-75/

[1714932746]

1714932746

[Kemarit]

Yes, I also read this is reddit, but there are some good arguments in their discussions. One user said that he wasn't able to get his ROI or haven't seen his bills reduced. And the argument says that to be able to maximised it's full potential of those panels, the position of your location and how much sun you are actually receiver. Funny thing though, I've been discussing this to a friend (who just came from Saudia Arabia and worked as a Engineer), and he knows a thing or two about this solar panels and urging me to install one in my house so that I can save money paying electric bills.

[Harlot]

That 75% deduction in power cost is not accurate for all countries. Cutting down expenses throught renewable energy will always depend on what your country's laws tell about it. Factors such as subsidies, lesser taxes, and feed-in tarriffs are something to look at if you think buying renewable energy equipment will be outweighted by the income you expected to make. But overall if you don't care about the cost you will incur up front then solar panels is a good long term investment and it can be use for other things in your house.

[squatter]

Just like the cold weather advantage, it's really dependent on regional climate.

In the US, as prices for solar panel production keep falling, solar power will become increasingly relevant in the desert or California for the same reason renewable wind energy is such a staple there. There's just so much sun. The southwest isn't known for cheap energy prices but for businesses of scale it might make sense to set up a predominantly solar operation, especially when you account for incentives and tax breaks for using renewable energy. Those incentives will probably keep growing, given the political climate.

[Slow death]

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.

https://bitcoinist.com/bitcoin-miner-says-solar-energy-cuts-mining-costs-by-75/

 the government of my country increased the price of electricity, in less than 1 year in my country had 2 price increases of electricity, which made me think a few things, imagine if China and many other countries where it happens bitcoin mining decide to raise the price of electricity to levels that it will be impossible to mine bitcoin, what will happen to bitcoin and the price?

[buwaytress]

I suppose this simply adds more logic to those who say it's just better to leave solar energy farmers to do the farming, and then let them sell the extra energy to people who need them. Should work the same for any other renewable energy source that people are able to harness. Let those with the expertise focus on one area (farming solar energy) and let the miners focus on mining. Much easier to calculate costs if you're buying units of energy, probably a cut more expensive than your own solar panels but all that overhead and headache gone?

[BitHodler]

I saw it on Reddit, and to me it really seems that this attention boost is somewhat unnecessary. Today's positive results could turn out to be something you can only dream of a week later. It's too unreliable.

It's clear that the lack of worthwhile content drives news outlets to dedicate whole articles to Tweets and other social media posts. Every smart miner would dig into this regardless of mining being very or barely profitable.