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Doing some cost benefit analysis for home #mining in the #UK. Would love to know your thoughts. (99% sure this is correct)

Two use cases in our house - Space Heater / Clothes Dryer.

Currently using a Dyson tower to heat the main room where my mum works during the day. Usage 2000w for about 2 hours each day.

Clothes dryer used about 4 times a week for about 180 minutes each time. Running again at 2000w

Average cost of Electricity in the UK £0.27p/KWh ($0.33)

So if my calculations are correct for usage it costs the following:

Space Heater - £32.40 pm (2 hours x 30 days)

Clothes dryer - £25.92pm ((4x180minutes) x 4weeks)

Following the https://www.cryptocloaks.com/the-future-of-space-heaters-s9-bitcoin-asic/

guide to build #Bitcoin mining space heaters, I estimate it would cost £340 for miner + upgrades.

Running costs of the miner.

If following the same usage for the Space Heater / Clothes Dryer I would see the following.

Space Heater miner running costs - £0.35 (2 hours) earning about £0.03 worth of Sats per hour (used https://www.cryptocompare.com/mining/calculator/btc?HashingPower=13.5&HashingUnit=TH%2Fs&PowerConsumption=650&CostPerkWh=0.33&MiningPoolFee=0) so not sure how accurate this is.

Meaning the cost of running the Space Heater miner for a month = £9pm (running costs + savings)

A whopping 72% saving vs the Dyson!!

Repeating the same process for the Clothes Dryer my Bitcoin mining rig would cost £6.84pm (running costs + savings)

A whopping 75% saving vs the clothes dryer we use now.

Summary, it’s a whole lot cheaper to use a Bitcoin miner to heat my dining room and to dry my clothes. (74% cheaper)

I think I have done this correct. Would love to know your thoughts before I take my findings to the my parents (bill payers)

#bitcoin #mining #Bitcoinmining #UK #pleb

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Discussion

JumpSpotJulian 2y ago

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Mindaugas 2y ago

Take into consideration the sound that the miner makes. Unless you use a water cooled miner with a radiator.

JumpSpotJulian 2y ago

The clothes heater is on the landing and makes a lot of noise already, the space heater with the upgrades would not be any louder (if not quieter) than the Dyson.

Sound is something to consider tho

Guy Swann 2y ago

Talked with my brother nostr:npub1ajv7m32k0cpgzha32qszsh304qusjvwwmavus0ttktzldms4xzusuftppj at least 100 times about this, lol.

The major difference in cost is entirely with whether you get the heat from electricity or something much cheaper like gas. But dryers are *always* electrical. Which means miners are the perfect match. The one drawback is upfront cost versus the amount of time they will be idle.

The best value would likely be in a laundromat or something similar where they will have a higher time in operation.

(Also would need one of the pools that pay out per hash, rather than per block found)

Matt 2y ago

I'd add that the figures may be accurate today, but tomorrow they'll be different - the fiat value valuation of the sats earned, the electricity cost (okay, tomorrow is a bit dramatic but it will change), and the amount of sats you get, which will definitely reduce over time - that being said, it helps decentralise the mining, is more energy efficient in that you're getting more out of the energy you're using and kyc free sats could bag a premium in exchange for whatever.

JumpSpotJulian 2y ago

Yeah that’a a “drawback” as such, that the KYC Free sats would be sold to cover the cost will fluctuate. Perhaps I could offer the parents a premium for the sats, which would entice even more saving.

Matt 2y ago

TBF, if you're stacking and happy to pay a premium to your parents that might possibly be a really smart move - since the likelihood is the price will multiply over time there's plenty of room for you to find the sweet spot they'd be happy at.

Another thing to consider is where you'll mine - if you're only running it in bursts you'd want a large pool which finds blocks frequently, otherwise you'll be wasting hashes some days.

JumpSpotJulian 2y ago

I think that’s what I’ll do, thanks Matt! Helpful always.

I need to look into a pools a bit more, I get the concept but need to find out about a few of them and do some more research

JumpSpotJulian 2y ago

Thanks Guy! Some great information there.