I work in a power company..! I get free elec. but I dont have a decent internet connection to support miners!
You get free electricity for private consumption in your home? So they just waive your bill? Soundslike a jackpot to me
Topic: Power companies should mine bitcoins - page 2. (Read 3021 times)
like a jackpot to me
The cost of electricity is rising anyway, so what the hell!!!
Let's start mining!!!
Let's start mining!!!
I work in a power company..! I get free elec. but I dont have a decent internet connection to support miners!
Do you know you don't need a decent internet connection to start mining? Even 56k is good enough.
The cost of electricity is rising anyway, so what the hell!!!
Let's start mining!!!
Let's start mining!!!
I work in a power company..! I get free elec. but I dont have a decent internet connection to support miners!
A lot of grid is wasted during off peak times. Energy is stored or sold in inefficient manners. Instead, they should use any excess energy in mining bitcoins to sell. Rather than raising electric rates, they can increase their customer base. Their price discovery will be the electricity/btc pair. They can choose which will be most profitable. Storage can then be bought by customers for their needs based on rates. This just seems more efficient than being forced to sell to only one market.
Well in a lot of countries like Sweden Smart grids are coming up. So during off peak hours, most of the energy is now stored and not wasted .
So it would actually be hard to use that to mine bitcoins .However in some developing countries, the waste still happens , and those might be perfect places to do this.
Not sure how welcoming some of the companies would be to the idea, and would be willing to spend money into the mining gear for this.
The cost of electricity is rising anyway, so what the hell!!!
Let's start mining!!!
Let's start mining!!!
A lot of grid is wasted during off peak times. Energy is stored or sold in inefficient manners. Instead, they should use any excess energy in mining bitcoins to sell. Rather than raising electric rates, they can increase their customer base. Their price discovery will be the electricity/btc pair. They can choose which will be most profitable. Storage can then be bought by customers for their needs based on rates. This just seems more efficient than being forced to sell to only one market.
Well in a lot of countries like Sweden Smart grids are coming up. So during off peak hours, most of the energy is now stored and not wasted .
So it would actually be hard to use that to mine bitcoins .However in some developing countries, the waste still happens , and those might be perfect places to do this.
Not sure how welcoming some of the companies would be to the idea, and would be willing to spend money into the mining gear for this.
Battery storage suck. We don't even have decent electric cars. Why should power companies buy expensive wasteful batteries?
batteries lol....you know what a transformer is right?Yes, it converts (transforms) alternating current to either higher voltage with lower current or lower voltage with higher current. It does this through electrical induction between two coils with differing numbers of windings. What does that have to do with the discussion at hand?
No. He's wrong.
He's claiming that they use transformers to "store" electricity in magnetic fields:
- snip -
A transformer transforms voltage yes but is also a storage of potential energy via a magnetic field.
A transformer transforms voltage yes but is also a storage of potential energy via a magnetic field.
He's also claiming that you can't power a transformer with wind or solar energy:
So, yes you need a battery for wind energy or solar energy because it does not produce a steady state energy. Thus you can't power a transformer because you do not have a constant potential difference.
He doesn't seem to understand how the electric power supply companies operate at all. He doesn't realize that they waste energy generating electricity that goes unused during off-peak times, that wind, solar, or any other form of alternating current can power a transformer, or that transformers do not "store" electricity.
It doesn't necessarily work that way. The harder a generator works (bigger electrical load) the more it uses fossil fuel. The difference between running at full load and half load wouldn't be the amount of electricity wasted it would be the consumption rate of fossil fuels.
Battery storage suck. We don't even have decent electric cars. Why should power companies buy expensive wasteful batteries?
batteries lol....you know what a transformer is right?Yes, it converts (transforms) alternating current to either higher voltage with lower current or lower voltage with higher current. It does this through electrical induction between two coils with differing numbers of windings. What does that have to do with the discussion at hand?
No. He's wrong.
He's claiming that they use transformers to "store" electricity in magnetic fields:
- snip -
A transformer transforms voltage yes but is also a storage of potential energy via a magnetic field.
A transformer transforms voltage yes but is also a storage of potential energy via a magnetic field.
He's also claiming that you can't power a transformer with wind or solar energy:
So, yes you need a battery for wind energy or solar energy because it does not produce a steady state energy. Thus you can't power a transformer because you do not have a constant potential difference.
He doesn't seem to understand how the electric power supply companies operate at all. He doesn't realize that they waste resources during off-peak times due to being sized for peak loads, that wind, solar, or any other form of alternating current can power a transformer, or that transformers do not "store" electricity.
Battery storage suck. We don't even have decent electric cars. Why should power companies buy expensive wasteful batteries?
batteries lol....you know what a transformer is right?Yes, it converts (transforms) alternating current to either higher voltage with lower current or lower voltage with higher current. It does this through electrical induction between two coils with differing numbers of windings. What does that have to do with the discussion at hand?
They only talk batteries when they talk solar cells/wind energies. Stuff that produces electricity when it's not necessary.
The current grid doesn't need batteries with its current design.
A voltage is potential energy. A transformer transforms voltage yes but is also a storage of potential energy via a magnetic field.
So, yes you need a battery for wind energy or solar energy because it does not produce a steady state energy. Thus you can't power a transformer because you do not have a constant potential difference. You think a coal power company or anything that runs off a turbine is using batteries lol?
They will, but not yet. Check back in 3-4 years.
Lol in 3-4 maybe only electric companies will be able to afford to pay the electricity to keep mining them :-P
They will, but not yet. Check back in 3-4 years.
A lot of grid is wasted during off peak times. Energy is stored or sold in inefficient manners. Instead, they should use any excess energy in mining bitcoins to sell. Rather than raising electric rates, they can increase their customer base. Their price discovery will be the electricity/btc pair. They can choose which will be most profitable. Storage can then be bought by customers for their needs based on rates. This just seems more efficient than being forced to sell to only one market.
Doing this might also influence them to accept payments via BTC :-P
There is one company... still dark/experimental utilizing some very ingenious electrical usage operations here in the US.
They are setting up urban/inner city grow farms. Using Solar Wind and friction electrical generation, converting blighted inner city buildings warehouses, factories and whatnot into indoor all natural controlled environment veggie/fruit growing and utilizing excess energy to BTC mining which is more profitable than selling the extra capacity back to the electric company. The mining is allowing across the board cost savings on every level of their op's and free heating as needed in their grow ops.
Too bad the utility companies do not think outside the box like alot of indy's are currently doing and executing.
They are setting up urban/inner city grow farms. Using Solar Wind and friction electrical generation, converting blighted inner city buildings warehouses, factories and whatnot into indoor all natural controlled environment veggie/fruit growing and utilizing excess energy to BTC mining which is more profitable than selling the extra capacity back to the electric company. The mining is allowing across the board cost savings on every level of their op's and free heating as needed in their grow ops.
Too bad the utility companies do not think outside the box like alot of indy's are currently doing and executing.
Battery storage suck. We don't even have decent electric cars. Why should power companies buy expensive wasteful batteries?
batteries lol....you know what a transformer is right?Yes, it converts (transforms) alternating current to either higher voltage with lower current or lower voltage with higher current. It does this through electrical induction between two coils with differing numbers of windings. What does that have to do with the discussion at hand?
Actually, this happened (on a very small scale). There is one guy who bought (or rented..? don't know)
a small water power plant. I mean really small. I think the normal way would be to sell the electricity,
so "become a power company". But instead he put miners in it. (He also offers hosting, though.)
a small water power plant. I mean really small. I think the normal way would be to sell the electricity,
so "become a power company". But instead he put miners in it. (He also offers hosting, though.)
Battery storage suck. We don't even have decent electric cars. Why should power companies buy expensive wasteful batteries?
batteries lol....you know what a transformer is right?Yes, it converts (transforms) alternating current to either higher voltage with lower current or lower voltage with higher current. It does this through electrical induction between two coils with differing numbers of windings. What does that have to do with the discussion at hand?
Battery storage suck. We don't even have decent electric cars. Why should power companies buy expensive wasteful batteries?
batteries lol....you know what a transformer is right?
You could probably say this about many things. Why don't potatoe farmers just make fries etc? It's not their industry or business to do so, even if they could turn a decent profit on it.
And yet, some farmers enter exclusive business agreements with compaines such as McDonald's and all of their potatoes become either fries or hashbrowns.
Remember they need to fork out for the hardware and find space for them etc.
Certainly, but a profitable very large mining company might find it to be in their best interest to either purchase a power company, partner with a power company, or build their own.
You could probably say this about many things. Why don't potatoe farmers just make fries etc? It's not their industry or business to do so, even if they could turn a decent profit on it. Remember they need to fork out for the hardware and find space for them etc.
As the block reward shrinks over the next few decades, and mining competition gets even tighter, I've always assumed that mining would migrate to locations with the cheapest electricity and the cheapest forms of cooling. Depending on just how profitable mining becomes, it is very likely that mining companies will eventually merge with (or create their own) electricity companies in order to get the cheapest possible electricity. They will also probably migrate towards the poles in search of ever cheaper cooling.
Another possibility is that ASIC companies eventually begin creating consumer devices that make use of the heat such as ASIC powered home heating systems and ASIC powered water heaters. If these devices catch on, then they could increase the difficulty to the point where it is no longer profitable for large mining companies to exist (even if they have access to extremely cheap electricity and cooling).
Another possibility is that ASIC companies eventually begin creating consumer devices that make use of the heat such as ASIC powered home heating systems and ASIC powered water heaters. If these devices catch on, then they could increase the difficulty to the point where it is no longer profitable for large mining companies to exist (even if they have access to extremely cheap electricity and cooling).
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