Mining Output Expense Question

[serenitys]

I've got zero knowledge about the mining aspect of things but I hear the cost and expense of mining can mean losses for slower mining rigs or pools that can't compete, or whatever the issues would be otherwise...and that the amount of power required to run such operations make mining less lucrative for the average person.

Surely this has been asked before but asking for my own understanding: is setting up a solar battery bank an option, or using solar power to run the machines? Would that solve some of the power expense problem?

[Light]

Surely this has been asked before but asking for my own understanding: is setting up a solar battery bank an option, or using solar power to run the machines? Would that solve some of the power expense problem?

Depends on the upfront cost of getting solar panels. There are many factors at play when you're considering whether to run a mining farm or not - how efficient your ASICs are for their power usage, how much power they are actually going to use, the cost of that power and finally the expected return based upon a shifting network difficulty. In your case you would also have to look at how cost efficient getting solar panels would be and how much cheaper than would be for you in the long term compared to just electricity from the grid.

You'd really have to run a cost analysis - nobody would be able to tell you in definite terms without knowing the pricing for everything.

[ranlo]

Surely this has been asked before but asking for my own understanding: is setting up a solar battery bank an option, or using solar power to run the machines? Would that solve some of the power expense problem?

Depends on the upfront cost of getting solar panels. There are many factors at play when you're considering whether to run a mining farm or not - how efficient your ASICs are for their power usage, how much power they are actually going to use, the cost of that power and finally the expected return based upon a shifting network difficulty. In your case you would also have to look at how cost efficient getting solar panels would be and how much cheaper than would be for you in the long term compared to just electricity from the grid.

You'd really have to run a cost analysis - nobody would be able to tell you in definite terms without knowing the pricing for everything.

He hit it pretty much head-on.

I'd also like to point out that in most places, if you are using solar power and generate extra, you can sell it back to power companies. If the amount you'd earn by selling back is higher than what you get for mining, you're still losing money (even though you aren't "spending" any).

[serenitys]

Got it, thanks.

For the official record I wasn't intending to get into mining - that's way over my head. I just kept hearing people talk about how it's not worth it because of the high energy costs so the logical question was so why not go solar...even a little bit could go a long way.

[ranlo]

Got it, thanks.

For the official record I wasn't intending to get into mining - that's way over my head. I just kept hearing people talk about how it's not worth it because of the high energy costs so the logical question was so why not go solar...even a little bit could go a long way.

The up-front cost. It's the same reason I don't have solar power in my house (it's around $3.5k per KW where I live). When solar panels go down in price, things will definitely change.

[serenitys]

Got it, thanks.

For the official record I wasn't intending to get into mining - that's way over my head. I just kept hearing people talk about how it's not worth it because of the high energy costs so the logical question was so why not go solar...even a little bit could go a long way.

The up-front cost. It's the same reason I don't have solar power in my house (it's around $3.5k per KW where I live). When solar panels go down in price, things will definitely change.

Where do you live? China?

[ranlo]

Got it, thanks.

For the official record I wasn't intending to get into mining - that's way over my head. I just kept hearing people talk about how it's not worth it because of the high energy costs so the logical question was so why not go solar...even a little bit could go a long way.

The up-front cost. It's the same reason I don't have solar power in my house (it's around $3.5k per KW where I live). When solar panels go down in price, things will definitely change.

Where do you live? China?

Texas.

That's the installation cost (not the cost just for panels).

[serenitys]

Howdy neighbor...Louisiana here.

And wow, we priced them in Arizona and never came anywhere near that. Consider DIY or off grid solar?

[ranlo]

Howdy neighbor...Louisiana here.

And wow, we priced them in Arizona and never came anywhere near that. Consider DIY or off grid solar?

I wish I was talented enough to do it myself, :p.

I thought about off-grid but through weeks of research (and talking to others) decided that's probably not the best idea. The batteries are apparently expensive and require replacing somewhat often as well.

[Crindon]

Solar options can be costly and may reduce your earnings by quite a bit. Mining is only marginally profitable and when it is, you calculate it as a percentage of what you put in. You go about calculating the return on investment or ROI. When you spend more, you get more as a return, but only in absolute terms. The ROI is calculated as a percentage which is relative. If you have a weaker set-up, you generally had paid less in the initial cost to acquire the machines.

[serenitys]

Too bad yall miners can't just rig up Deep Blue, Atlas and Sage one good time 

[fatso98]

I am an absolute newbee just getting to grips on the whole mining concept. Ive too been thinking about solar panels, but have come to the conclusion that if I had an RV with 3 Neptune 3ths systems pulling 9Ths in total. I could drive it into various camp sites & hook my RV up to there electric. Does anyone know how much power you an pull from a camping power outlet? Or if at all know if this would be possible?

[Meuh6879]

I've got zero knowledge about the mining aspect of things but I hear the cost

do better thing : https://bitcoinwisdom.com/bitcoin/difficulty (at the right, you can "presume rentability' of bying mining device ... and you must buy "a lot" with strong energy contract  )

[ranlo]

I am an absolute newbee just getting to grips on the whole mining concept. Ive too been thinking about solar panels, but have come to the conclusion that if I had an RV with 3 Neptune 3ths systems pulling 9Ths in total. I could drive it into various camp sites & hook my RV up to there electric. Does anyone know how much power you an pull from a camping power outlet? Or if at all know if this would be possible?

That's a very interesting idea, although I can't see that being allowed. The camp site would be able to see how much power is being drawn (I assume), and if you are really cranking things up I'm sure you'd be removed.

[fatso98]

Maybe your right? Although I got the idea from watching Breaking Bad :-) plety of sites about though I could always move th RV to the next site. I even thought about cheap hotels motels etc... With a do not distub sign on the door.....:-p

[ranlo]

Maybe your right? Although I got the idea from watching Breaking Bad :-) plety of sites about though I could always move th RV to the next site. I even thought about cheap hotels motels etc... With a do not distub sign on the door.....:-p

What would likely happen is they would want to investigate what is going on. They could have the police come do that, which could lead to its own problems.

Breaking Bad didn't use an RV site. They used their own generator. They weren't dragging others into what they were doing, or relying on others. Two very different situations.

[iglasses]

Maybe your right? Although I got the idea from watching Breaking Bad :-) plety of sites about though I could always move th RV to the next site. I even thought about cheap hotels motels etc... With a do not distub sign on the door.....:-p

A guy mines for months at a time without solving a single block and you think that of me?
NO...I AM THE ONE WHO INCREASES THE DIFFICULTY!

[fatso98]

Maybe your right? Although I got the idea from watching Breaking Bad :-) plety of sites about though I could always move th RV to the next site. I even thought about cheap hotels motels etc... With a do not distub sign on the door.....:-p

What would likely happen is they would want to investigate what is going on. They could have the police come do that, which could lead to its own problems.

True I didn't think of that. Although if you pay the extra $15 for use of their electrical outlet there is not a lot that could be said other than kick you off the site.

[ranlo]

Maybe your right? Although I got the idea from watching Breaking Bad :-) plety of sites about though I could always move th RV to the next site. I even thought about cheap hotels motels etc... With a do not distub sign on the door.....:-p

What would likely happen is they would want to investigate what is going on. They could have the police come do that, which could lead to its own problems.

True I didn't think of that. Although if you pay the extra $15 for use of their electrical outlet there is not a lot that could be said other than kick you off the site.

Investigations lead to paperwork. Whether you're in the right or the wrong is irrelevant here; you really don't want to be in the system. It's like being pulled over and getting a warning. Sure, you didn't get a ticket, but you're now a target from that point on. It's best to avoid that altogether.