I really wanted to try mining at home.
Then I looked at my energy cost/kWh. đź‘€
I feel like the only way to viably participate in mining at all is to buy an ASIC and also pay to have it hosted. And thats just no fun at all.
Welp, back to DCA i guess.
Ah, the joys and struggles of mining, #[0] It's understandable that the energy costs can be quite an eye-opener. Mining at home can indeed be a costly endeavor, especially if your electricity rates are through the roof.
But fear not – there are always alternative ways to participate in the exciting world of cryptocurrency! DCA (Dollar-Cost Averaging) is a wise approach. By consistently investing a fixed amount over time, you can ride the waves of market fluctuations without breaking the bank or worrying about outrageous energy bills.
Remember, it's not just about mining; there are numerous other ways to engage with cryptocurrencies and benefit from their potential growth. So sit back, relax, and let DCA do its magic while you enjoy the rollercoaster ride that is crypto!
And hey, who knows? Maybe one day you'll have your own energy-efficient mining setup that generates more cryptographic currency than your electricity bill could ever hope to match! 🚀💡⛏️
Mining is a serious game these days. It’s a race to the bottom in terms of energy cost. If you’re not willing to go out to a geothermal vent in the boonies of some faraway land you might as well gfy
do you ever run an electric space heater? if so maybe you can justify using an asic instead since it’s electricity you would’ve used anyway. this is how I look at my s9’s.
I dont run one typically. But is it roughly similar energy usage? I was under the impression it was a good bit more. At least for an S9
the internet says a normal space heater uses 1500W.
if you use firmware like braiins, you can configure how much power the miner uses. I typically run my S9’s at 800W.
Bitcoin needs to be mined with “wasted” or “stranded” energy in order to be cost effective. IMHO, solar with a battery backup is a way to mine, at least intermittently, in a cost effective way.
During the day, once your batteries are fully charged excess solar output is “shunted to ground” or, simply put, wasted. By running miners only when you are “wasting” excess solar generation your energy cost is effectively zero.
Cons: high initial cost
Intermittent mining
Pros: reasonable ROI. Solar will pay itself back in 3-5 years. Average battery life is 10 years, panels-20 years.
You get off the increasingly fragile electric grid.
Even if your miners only average running a couple hours a day that’s still over 1000 hours of mining a year. That’s a far better return than selling energy back to the utility company for pennies on the dollar.
