Topic: Investing in solar power and miners (Read 297 times)

Budget like 1 btc you want to invest on solar system, it seems very ricks.  Another thing you mentioned is that if the mining rigs you are looking to buy are old, there is a lot of trouble.  Old stuff has a very normal life cycle so mining with old stuff is more likely to result in losses rather than profits.  Because old things wear out more and the repair cost increases a lot.

There had been a refute in the earlier reply about the effectiveness  and profitability of using solar system for mining.  Actually you can just read the reply above your post enumerating the negative of using solar as source of electricity.  I do agree that the upfron cost of solar panel is too expensive, plus it also depend on how efficient is the setup's energy storing capabilities.  Plus never factor out a possibility of disasters that can disrupt your mining operation.  The system breakdown and malfunction that can give you lots of headache.

Regardless, I still agree with other member that buying bitcoin at the current state of market is way more cheaper than starting up a mining farm.

Your idea is fascinating and recommendable as its cost effective  using solar, but still this plan is going to demand lots of bucks from you ranging from the purchasing of solar panels (depending on how many) to it's installation cost, then it's maintenance as time goes on. Not that I pray for it but do you have a back up plan to this your investment should it not yeild returns much as you expect it to.
Don't fuse  your mind on calculating time of investment returns also calculate the opposite too, in that way you will be sturdy and ready for any outcome as it surface. Good luck with your investment!!

This is what I think as a former miner. There are several reasons why solar panels may not be a profitable option for mining cryptocurrencies. Here are 4 of my main reasons:

1. High upfront costs: Setting up a solar panel system can be expensive, as it requires the purchase of the panels, inverters, batteries, and other necessary equipment. These costs may not be recouped through mining profits, especially if the value of the cryptocurrency being mined decreases over time.

2. Limited efficiency: Solar panels are not always the most efficient way to generate electricity, especially when compared to traditional fossil fuel sources. This can make it difficult to generate enough electricity to support the high energy demands of cryptocurrency mining operations.

3. Variable electricity production: Solar panels are dependent on weather conditions and may not produce a consistent amount of electricity. This can make it difficult to predict and plan for the energy needs of a mining operation.

4. Regulatory challenges: In some areas, there may be regulatory challenges or restrictions on the use of solar panels for cryptocurrency mining, which could limit the feasibility of this approach.

Overall, while solar panels may be a more environmentally-friendly option for generating electricity, they may not always be the most cost-effective or efficient choice for cryptocurrency mining.

So much depends on the power company and if you can grid tie at fair offset rates.

Our largest field for mining does 280kwatts.

we burn 60 and offset 220. We do 5-6 hours a day yeah days last 19-15 hours in New Jersey but first 2 and last 2 hours are lower. So it comes to 5-6 hours depending on season.

So 5.5 year round. thus 5.5 x 230 = 1210 offset.

and 24-5.5 = 18.5 x 60 = 1110 pay back when it is "dark" So we gain 1265-1110 = 155  kwatts a day. this means  mining the gear is negative cost of 155 kwatts which is squared up on April of each year. The warehouse complex use other power so that 155 is spent.

this was an 800,000 build with a 27% tax credit from Feds first year. so 800,000x.73 = 584,000  after 1 year.

and state of NJ offers addition credits  of 10% so 584,000-80,000= 504,000 after first year.

you still get the 10% from NJ for 9 more years so 80,000 x 6 = 480,000 . thus in year 7  504,000- 480,000 = 24,000 on the loan.

This does not count the mining this does not count interest on the loan for the build. they are close to the same. unless there is a bull run.

So by year 7. the loan is done to 24,000 you still have 3 NJ credits coming for a grand total 240,000 over 3 years.

The gear is insured and warrantied.

But this is small scale commercial and it is good for NJ, USA as NJ has good programs for solar.

It's preferable to buying a used miner that might malfunction at any time. But if you invest in Bitcoin now, you will eventually profit from it.

The implementation of the plan will require additional costs for the maintenance of solar panels, in addition, there may be force majeure situations, like a hurricane, or something like that. You need to find out if permission is required to install such equipment. But if you just buy one bitcoin now for 16k, then in the next bull run you can count on x3-x5 without nerves, and you don’t have to wait more than 10 years to recoup your investment.

Not really, imagine the start up cost of building a solar panel.  It will cost you thousands of dollar more just like stated on the earlier reply.  Then you have to buy a second hand miner, at least according to the computation you can have a ROI at the shortest time of  2 years (according to joniboini) and longest of 11 years (according to  philipma1957).  That is not factoring the possibility of the solar panel or the miner malfunction during the operation which may turn to worst thing of not getting ROI at all.


The OP had realized that buying Bitcoin is financially better option for him.

   -   As per my understanding of what you are saying, you want to mine bitcoin, using solar power to generate electricity when you mine Bitcoin? Why is electricity expensive in the country you are in or is electricity consumption cheap there? If you have a solar power panel you can somehow save on your electricity cost.

Because from the tone of your story mate, it seems that you have an idea that the cost of electricity is also expensive when we mine bitcoin, this is if you first buy the surplus miners that are sold to you. But my suggestion to you, is don't get into that if you don't have enough knowledge about bitcoin mining.

This is an easier option, when one has the ability to build an investment in bitcoin, the power of building mining using ASIC requires basic and maintenance costs, so we need spare capital that we have to think about. Electricity costs, room temperature levels and other supporting tools also need to be considered in the process of mining, mining power will not be maximized if you don't have the power of tools as a support.

If financial strength is sufficient, it may be true as you say, Asic is a tool that can be used in mining, but there are many other tools that can help people to mine, most people who mine individually and independently have difficulty meeting targets from mining results, let alone talk about the number of mining tools we have and the timeframe for producing bitcoins.

Mining power is largely determined by the quality and number of tools used, when the capabilities of the machines we have are not balanced, then mining will produce little value.

And pray tell us why?

The power source a miner uses is irrelevant. The only thing that matters is how much power is produced. Properly size the solar array to produce at least as much power as the miner(s) draw and as long the sun is shining you are golden. Now, whether or not you can run 24x7 on the power source, that is a different matter.

I think you can not get the maximum output from any mining rig while powering it from solar power. And the cost to get back the total spend money and also profit from that would be a tough journey.
There's also the fact that used rig can be damaged overtime. So, to get the best out of it, I think buying some mining rig that is from a well-known brand and included warranty should be the best option. But I am not an expert. That's just what I should look into before buying something that expensive. Which could last me a long time.

The question is how much is your budget for the second-hand miners that you say have 200TH power?

If we base it on the current price value of bitcoin (17kplus) with a hashpower of 200TH,  you can earn per hour around 12.75$ within 1 week you can earn 89-90$ depending on the value of bitcoin, if you sum it up in a month it will be around 382$ or more if Bitcoin goes up and if bitcoin goes down it will be less than that, this is based on my calculations.

Wow that is very long time to just only break even.
I prefer use the money to buy some goods to selling on the marketplace.
Maybe i can lose my money but atleast....
i can learn something how to make money more fast than waiting 11 years mining.

Solar almost never makes sense. Why do you want to do this?
Coal is basically solar energy, that was converted into plant matter through photosynthesis. Nothing wrong with using hydrocarbons.

This is what I've been preaching these days. Most the coins already mined up.
A lot less gray hair worrying about the logistics involved. (especially on entry level)
The solar idea still isn't bad if you can cut out all the financing.
I don't know how that department really works though in your area of operation.

If you want to invest almost 16000 dollars or current value of BTC than you can get almost 350 to 500 TH power to mine crypto and Bitcoin and that is good investment for long term and it can generate good profits too.
And if you want to check mining Profitablity and other such things than you can check website that is I am giving link 🔗🖇️,
https://www.coinwarz.com/

Yeah, at this point it's better to buy Bitcoin and wait, if you want to build a solar mining farm and still buy Asic miner it's going to cost a lot.

Buy a BTC at 16k and wait, if BTC goes back to 59-69k again then you will have enough to build yourself a mining farm with solar panels.

I have successfully build my own solar farm in 2021 but for GPU mining and now all I need is an Asic miner.

Since you are already talking about the time of investment return, you will not be happy when you invest heavily in mining, and it begins to look like your investment is being sucked away by the very many unplanned challenges that you will definitely face and also since you were planning secondhand miners that will be more prone to repairs and fixing. There is no assurance of investment returns, you may even encounter losses.

This may be the better option for you, buy now the value is still low.

Thanks all.

Looks like it is financially better option just to buy 1 Bitcoin and wait for next price increase.