Eco-Mining: Cryptocurrency Mining Through Solar Panels

As the guessing game of the Bitcoin algorithm is reaching new heights, the need for a faster and more advanced processing system is being called out to the market.  The rising interest in crypto has attracted more competition to the platform. So, people tend to buy heavy computing systems which will process the algorithm faster […]

As the guessing game of the Bitcoin algorithm is reaching new heights, the need for a faster and more advanced processing system is being called out to the market. 

The rising interest in crypto has attracted more competition to the platform. So, people tend to buy heavy computing systems which will process the algorithm faster and help them be the first ones to guess the target value.

Advanced systems consume more electricity than regular ones, and the faster the processor, the more cooling it will require. Bitcoin consumes an estimated 707KwH per transaction, which amounts to an estimated 121.36 terawatts a year.

Adverse Effects on the Environment

As the rewards are being cut down in half, the investors are looking for ways to make the mining worth their money. For this, they will need faster and more accurate systems that consume less electricity. 

A single Bitcoin transaction requires 1449 kWh to complete a transaction. That equals the amount used by an average US household in a period of 50 days. 

1% of the carbon emissions of the world come from crypto mining. That is the equivalent amount produced by countries like Sri Lanka, Argentina, and Jordan.

Solar Power and Crypto Mining

In the US, one kWH power costs an average of $13.9 cents. While the wattage draw of mining rigs varies from 28.8 kWh to 78kWH. If you upgrade your systems with multiple GPUs and fast processing devices, this figure will move further toward the top.

A Bitcoin rig requires twice the amount of electricity that is used in an average household throughout the day. Most people mine their rigs 24/7. So, to reduce the amount of electricity you are consuming, it is best to switch to the option of Solar Energy.

The Capacity of Solar Panels

Investing in solar panels is beneficial, but installing them requires a hefty amount of money and space. Once installed, it will reduce your electricity bill and contribute to creating a safer environment. 

The amount of solar panels depends upon where you live and the electricity consumption required by your mining rig’s system. As we have already given the amount of electricity consumed by an average mining rig. Next, we must determine how much sunlight the area of the residence gets.

Once figured out, use the following formula to calculate the number of solar panels you require:

(Monthly Electric Usage/Monthly Peak Sun Hours)*100/Power Rating of Solar Panel

Let’s take an example:

You live in Phoenix, Arizona.

Arizona receives 11 hours of peak sunlight in a day. Multiply this total by the days in a month.

11 x 30 = 330 peak sun hours in Arizona

Divide the monthly electricity usage by the above-received amount.

Let’s suppose your system draws 88kWh a day. You’re using it 24 hours a day for 30 days.

88 x 30 = 2640 kWh per month

By applying the above formula:

2640 ÷ 330 = 8

8 x 1000 = 8000 Watts

Installing 400 Watt solar panel systems:

8000 ÷ 400 = 20

If you’re living in Arizona, you will need to install 20 solar panels, all of which require 8000 watts.

Conclusion

Making use of renewable energy is favorable for both you and your environment. Your bitcoin mining rig will make you tons even if you switch to the solar energy option. So, it is wiser to spend a hefty amount for the installation and consider this a long-term investment. Along with that, using the right automated software like bitcoin loophole pro will boost your investments.