Bitcoin mining is no longer affordable? This miner says solar energy reduces costs by 75%

The long-term bear market environment and the high cost of traditional electricity have greatly reduced the profitability of cryptocurrency mining. In China, due to the relatively low electricity costs, large miners can barely maintain operations, while in some places abroad, the cost of traditional electricity is very high. Therefore, some small miners are forced to turn to cheap renewable energy to reduce mining costs.

Miners' Voice: Solar Mining Can Reduce Costs by 75%

Since the advent of Bitcoin (BTC), cryptocurrency miners have been working to reduce costs, and this effort has become increasingly important under the pressure of market conditions.

As a result, some miners are now turning to solar energy to run their operations. For example, Reddit user “cadese” claims that he is using solar panels to drastically reduce the cost of mining, mentioning:

“Bitcoin mining forced me to use solar power, I installed solar panels to power the mining rigs during the day, not only did my house get warmer, I also reduced my mining costs by 75%. Why? Not only is it the cheapest form of energy, but I also got rid of grid transfer costs and taxes (=75%!)”

“My solar mining post went viral on Reddit.”

Using renewable energy to mine Bitcoin has become more common than previously thought.

Renewable energy drives the cryptocurrency revolution

In November 2018, Coinshares Research released a report examining trends, costs, and energy consumption in Bitcoin mining. According to the authors, the study showed that most Bitcoin mining regions tend to use renewable energy, and the report also emphasized that about 80% of mining is powered by renewable energy .

By using solar panels to power mining rigs, it is becoming more cost-effective than using standard electricity. For example, according to the Azultec Cube300, miners can generate cryptocurrency by choosing to “use renewable energy and recover up to 72% of the heat.”

For small-scale miners, more and more solutions are becoming available.

Perhaps one day, the claim that Bitcoin mining pollutes the environment will be completely forgotten.

What do you think?