Bitcoin Mining with Solar Power – is it worth it?
Electricity is required to secure the Bitcoin blockchain. Lots of electricity! As a miner, you always have to be careful not to take in more Bitcoin than you ultimately need to cover costs, otherwise, you will be left with red numbers. The question of renewable energies is not far off. Can you make it if you mine using renewable energies such as solar power?
Electricity is required to secure the Bitcoin blockchain. Lots of electricity! As a miner, you always have to be careful not to take in more Bitcoin than you ultimately need to cover costs, otherwise, you will be left with red numbers. The question of renewable energies is not far off. Can you make it if you mine using renewable energies such as solar power?
Does Bitcoin Mining pay off with a photovoltaic system?
Since electricity prices in developed countries are so high that it is not possible to mine profitably, a photovoltaic system would always pay off. Let’s look at how Bitcoin mining would pay off with solar power. We want to go to work with an Ant S9 miner, which has an output of 1,380 watts and processes 13.5 TH / s. The device costs around € 450 at Amazon. For a solar system that delivers so much electricity, you have to invest 20,250 euros according to the SMA website if you enter Munich as your place of residence. So you have a total of 20,700 euros in expenditure.
Now we convert our euro expenditure into US dollars and enter the data on CoinWarz, a site that calculates the profitability of mining for us. Unfortunately, the result doesn’t look quite as convincing. We see that under the current conditions we would mine around 6,120 days to get the total cost back inside. If you were to feed all the electricity into the network at the current rate of 0.11 euros, it would take around 7 years for the system to be paid for and after 16 years you would already be 36,000 euros plus.
Today, Bitcoin ranks #5 as the most profitable cryptocurrency to mine. Trying other alternatives might be more beneficial at the moment, as the below table shows the top 5 coins:
Conclusion
Although studies want to prove that 75% of the electricity used for Bitcoin mining comes from renewable energies, Bitcoin mining with solar power does not pay off in Germany any more than with electricity from the provider. Perhaps it looks better further in other countries where electricity is much cheaper, as more solar power reaches the earth’s surface there and the systems can thus achieve more power. it is also advisable to look for other coins to mine, as big tech already set up millions of dollars in mining gear in countries with cheap electricity.
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Rudy Fares
Rudy Fares
Equity Trader, Financial Consultant, Musician and Blockchain Aficionado. I spend my time doing Technical and Fundamental Analyses for Stocks, Currencies, Commodities and Cryptocurrencies.
Electricity is required to secure the Bitcoin blockchain. Lots of electricity! As a miner, you always have to be careful not to take in more Bitcoin than you ultimately need to cover costs, otherwise, you will be left with red numbers. The question of renewable energies is not far off. Can you make it if you mine using renewable energies such as solar power?
Does Bitcoin Mining pay off with a photovoltaic system?
Since electricity prices in developed countries are so high that it is not possible to mine profitably, a photovoltaic system would always pay off. Let’s look at how Bitcoin mining would pay off with solar power. We want to go to work with an Ant S9 miner, which has an output of 1,380 watts and processes 13.5 TH / s. The device costs around € 450 at Amazon. For a solar system that delivers so much electricity, you have to invest 20,250 euros according to the SMA website if you enter Munich as your place of residence. So you have a total of 20,700 euros in expenditure.
Now we convert our euro expenditure into US dollars and enter the data on CoinWarz, a site that calculates the profitability of mining for us. Unfortunately, the result doesn’t look quite as convincing. We see that under the current conditions we would mine around 6,120 days to get the total cost back inside. If you were to feed all the electricity into the network at the current rate of 0.11 euros, it would take around 7 years for the system to be paid for and after 16 years you would already be 36,000 euros plus.
Today, Bitcoin ranks #5 as the most profitable cryptocurrency to mine. Trying other alternatives might be more beneficial at the moment, as the below table shows the top 5 coins:
Conclusion
Although studies want to prove that 75% of the electricity used for Bitcoin mining comes from renewable energies, Bitcoin mining with solar power does not pay off in Germany any more than with electricity from the provider. Perhaps it looks better further in other countries where electricity is much cheaper, as more solar power reaches the earth’s surface there and the systems can thus achieve more power. it is also advisable to look for other coins to mine, as big tech already set up millions of dollars in mining gear in countries with cheap electricity.
Stay Ahead, Stay Updated
Rudy Fares
Rudy Fares
Equity Trader, Financial Consultant, Musician and Blockchain Aficionado. I spend my time doing Technical and Fundamental Analyses for Stocks, Currencies, Commodities and Cryptocurrencies.
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