Topic: Lowering the electricity bill by mining cryptocurrency (Read 368 times)

This is not a new method the miners are using in cold climatic conditions as they are using the heat produced to warm the rooms and i have seen images about rigs that were heating the room and saving electricity during 2015 and i have even seen pictures of the rigs in this forum but i do not remember the thread and i have searched now and did not get them, if i find the thread i will post them here.

Lowering the electricity bill by mining cryptocurrency

Generating a % of heat using a miner instead of a heater should be an exactly equal amount on the bill.
Using a 250 watt heater verses using 250 watts for mining should generate the exact same amount of heat.
The only lowering comes in , if you earn a profit mining, and sell the coins.
The real question is can a home PoW miner earn enough profit mining to cover the mining hardware purchase price or will buying mining equipment cause the person to lose money.
So the person needs to calculate the cost of the miner hardware verses cost of the heater, for initial costs, and then calculate their profit margin from mining to see if it offsets their initial costs to see if it is worth it.
If their are any home PoW miners here, they should post their mining equipment costs and electricity usage to help those on the fence decide.
Also post what coins, they are mining, as IMO, if the top coins were still profitable to mine , more people would be doing it, no matter the season.
Also is that mining hardware profitable for more than 1 season or will updated mining hardware be needed for the next season to be profitable.

This is an interesting solution and heating energy usage, but I don't think it's applicable for small miners because of all the additional costs and work.

Still, if you own a rental building, you could do such a 'heating system' in the basement for fun and profit

People have been doing this for years, especially in Russia, which has very low winter temperatures and a far lower standard of living than, say, Iceland or Canada. Some have speculated that this type of mining and heating is not cost-effective on a personal level, but that it only makes sense on larger mining farms - but real-life examples show that this is not the case.

It is quite logical that the thermal energy generated by the operation of such devices is used, and if the main source of energy that drives miners comes from renewable sources, then we have a win-win situation. Clean energy -> Mining profit -> Free thermal energy.

You can see how it looks in practice at the following link -> Entire Russian Cottage Heated with Bitcoin Mining Machines

In this last post you've actually spoken for the idea of mining to heat your home, not against it.
You said you made more money selling the equipment than mining, which means you made money mining and then again made money selling the equipment.
Had you used some of the heat, you'd have made even more in the grand scheme of things. Holding mined coins would also make it even more profitable for you. Most miners made the mistake of selling right away to secure ROI.


He sure is stubborn like a mule.

as I mine 2 things in 2 locations...  I can totally guarantee #1 i have saved money in heating costs.  #2 ive made at least 900 dollars mining etherium this winter with 125 megahash across 1 xfx rx580(never ending problem card but got it cheap) 1 1060 1 2080 and 1 vega 64( 2 cards i owned 2 i bought for very reasonable rates both cards have already paid for themselves and while i am not investing more fiat money I am reinvesting the ETH for more equipment.  so I am using Value investing thinking in equipment as of right now.  I have lost zero money, gained at least 900 which is to be reinvested. at least 1/3 of my heating costs have been covered Plus 100% of my electric bill.  how am i not doing well?  how is this foolish?   how am i not making money?  cashing out once a week at about 80 dollars.  (varies)  and I don't care in the slightest about the fees since its effectively free from my perspective.

Thats not even the asic bitcoin miner im also using.  its pulled in over 600 dollars on a machine that was never intended to make money.  it Also heats the area its in. 

The excess heat from mining could be enough to heat up a small room, I remember there was a post about someone mining bitcoin in his room and he almost died because of heatstroke and had himself get a permanent brain damage? I would not discount it as theory but I believe that it can be practiced but there needs to be a lot of step needed so that you prevent inefficiency and dangers.

Have you ever mined, I did in 2013.
Even then , I made more money selling the mining equipment than I did from mining.

So I can tell you from personal experience , you won't mine a single coin.
But feel free and waste your money if you like, it just a shame that so many of you promote things that are just going to waste other people time and money.

---

No Dumbo,
You are missing the point, a Heat Pump is over 300% efficient as it not only burns electricity but also moves heat,
your mining setup won't come close , and you won't mine a single coin.
But hey, waste your money and do it yourself instead of tricking others into wasting their money.

Dumbo, people with wood on their property can cut their own wood for FREE,  https://www.youtube.com/watch?v=ercU5i6zVfk
were you just hatched yesterday?
* Side Note, people with property can plant Black Locust, which grow incredibly fast, is a nitrogen fixer, and is one of the best firewoods with a high BTU.*

You're stupid, so of course nothing I said , makes sense to you, you don't have the mental abilities to understand reason.

Keep telling people to waste money mining, do you sell the PoW mining crap is that why you want to trick people so badly.

* Note : Anyone want to actually mine and earn a profit, if you can't afford a warehouse full of ASICS, you're wasting your time.*
Which the majority of people can't.

FYI:
Anyone dumb enough to believe Lauren Smith, please post pics of your mining setup and how much fiat you wastes buying mining equipment, because that puts you in the debt hole , before the game even starts.
* Note the trick to New ASICS , is the difficulty increases at such a rate within 1 year, they are nothing more than boat anchors.*
* It is cheaper to just buy the coins, than it is to mine them. Part of the PoW scam. *
But feel free if you just like wasting your fiat.


FYI2:
@Lauren Smith, Has anyone else realized that you were formally Lauda yet?  

He's a moron and has already been told so by 3 separate people. He clearly doesn't understand how wattage works. Anything that uses a lot of wattage will get hot it doesn't matter what it is. Lol he says you won't mine a single coin.



You pretty much are though....

*grabs popcorn*

"never mine a single coin"  Indeed never in a million years.

Why do you want pics? You can see how much a miner makes looking at the pools. Apparently, according to you, they are not mining a single coin.

Modern Heat pump - This doesn't mine coins or give any returns at all. Sorry, can't count it. You are missing the point completely.

Solar Hot Water Heater - ROI is like 7 years. Try again.

LED Lighting - They are way more effective than 75% try 400% or so, perhaps even more. It's also clean white light not yellow. This has nothing to do with mining you are way off track. ADD much?

If you have access to wood on your property - Now you just being stupid. Do you know how much wood costs?

Upgrade your Home's Insulation - This should be done to all houses anyway.


Nothing that you have said means anything try again.

FYI the purpose of the heat pump is not to mine coins but to heat your home and your water.
I'll give you a nice example of how this could come in handy from my own recent experience. My friend has a house in one country, but moved to another before the pandemic and had trouble coming back for winter, so he decided to stay at his girlfriend's place for a few months. I got a call from him a few days back to check on the house and it appears he had a flood because it got so cold in there the pipes froze and burst (the temperatures went down to -20 this winter which is pretty rare. Last winter we maybe had -5 outside tops and his house was fine). So if he had a mining rig in there he'd be able to get some coins for free and keep the house warm.

This is unlikely to affect the price of electricity, at least in the US.

Really?Are there any water heating facilities in countries,that have a tropical climate?
I don't think that mining rigs produce that much excess heat,so they could efficiently redistribute the heat for water and space heating.In theory,this sounds like a good idea,but in reality,the efficiency is really questionable.

This is a great solution for medium-small rigs. Bigger mining facilities could send the exccess heat back to the grid trough district heating to support water or space heating. Even if you live in tropical climate, you still need hot water.

Electricity is expensive if your country uses coal and fossil fuels as a general source of electricity, the time and effort is exactly the reason why bitcoin consumes large amounts of electricity. The current rate of bitcoin mined in proportion to how much you are going to pay for your electricity is currently not enough AFAIK, and if you can pay the bill but you still have other expenses such as food and daily necessities and some fun money if you want to keep your social circle, putting a lot of effort and time in mining just to do good is an expensive endeavor.

This was a good analysis of mining crypto yet I don't think that this would affect a more thing about our electricity. Mining bitcoind are required a lot of time and effort. We are living in a new century so most of the things are online or by using internets and electricity. I think mining bitcoin can't affect the electricity bill yet in the other hand, you can use cryptocurrency in order to pay for your electricity bills and as well as other bills in your households. Bitcoin is a big thing today, many people are mined it and starting also, I guess it is not too late to mine but you must put a lot of effort and time in order to earn good.

It could work if I want to get a mining rig but I am living in a tropical country where there is only two seasons: Sunny Season and Rainy Season. Sunny Season is when the everyone is out in the beach and the electricity spike is high and fires are prevalent so I wouldn't take chances. Rainy Seasons will be the time when floods will be devastating houses or if not floods, the rig might be destroyed because roof leaks will be a problem too and strong winds can pick up roofs.

Despite technology advancing at such a fast pace, I am still not witnessing much progress in reducing the electricity consumption by the mining rigs. They still eat up a lot of electricity. For miners, in the long term electricity costs are more than their capital costs. Although electricity has become cheaper over the years, a lot of people take the electricity usage by Bitcoin mining rigs as an excuse to attack cryptocurrency.

Heat dissipation is easy for any user with basic knowledge, but thermal management it is something else and requires not only good intentions but investment.

There is a premise that says that if you are a good salesman, you can sell refrigerators to the Eskimos. This old saying wants to apply "reengineering" on the issue of mining.

Its like double utilising the single energy source which is great idea but not much people out there to recognize this as saving, they consider this as expenses because they need to setup the rigs first and also need to make changes to utilise the heat produced from it.

So I assume that somehow the GPU is more efficient than the heater at lower temperatures? If that is somehow the case, then it'll make more sense. The heater must be pretty bad given such a huge disparity can be offset by another supposedly less efficient device.

I'm 100% certain the miner isn't mining Bitcoin. I've seen quite a few of them mining using old Antminers though.