Solar power for bitcoin mining

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Apart from the release of deadly gasses, Bitcoin mining degrades the environment by generating over 24 kilotons of e-waste yearly, which is hazardous to environmental health. With the double negative effects of regular electricity, the need for greener energy rose in Bitcoin mining.

But is solar energy any better? Is it effective in Bitcoin mining? Solar energy is considered an effective solution to the problems generated by regular electricity.

It is believed to be a source of clean or green energy and has the potential to replace the regular energy when fully tapped into. This is roughly the same price required to mine a single Bitcoin and is definitely worth the investment. Knowing this, it is far less expensive to switch to Solar energy than pay exorbitant amounts yearly in achieving the same results.

The fight against climate change is global, leading to regulation changes and funding in favor of renewable energies.

It is hoped that by converting to solar energy, the massive carbon emissions from mining activities can be offset. Some advantages of solar energy as opposed to regular electricity in nature are:. Apart from its advantages in cost and in combating climate change, solar energy improves public health, reduces health care costs as well as premature mortality.

The mining of Bitcoin is an energy-intensive task and requires a ton of computing power. While the use of solar power reduces operating costs, some factors must be considered in transitioning to solar energy:. This is an important factor to consider in the use of solar energy. It is a no-brainer that sunnier regions will produce more solar energy and are therefore more preferable.

The amount of sunlight peak sun hours an area gets determines the number of solar panels needed. This is crucial in setting up a renewable mining operation. This is another factor that determines the number of solar panels for bitcoin mining required. A basic mining rig requires a minimum of watts and that figure triples when using multiple GPUs. It is necessary to calculate the energy required to power the mining rig effectively.

Determined by the region in consideration as well as electricity requirement, the amount of solar panels is a fundamental requirement. The amount of solar panels determines the cost of set-up, power generated, and the space required for installation. The formula to get the amount needed is illustrated below:. Source: Climate Biz.

This formula generated approximately 35 solar panels for California but a much larger 65 solar panels for England. Bitcoin mining rigs compose of complex appliances with wattage ratings from The mining equipment used determines the power requirements which influences the number of solar panels and ultimately the cost of the mining rig.

This is another important figure that must be determined before transitioning to a solar-powered system. This is another necessity in setting up a renewable mining rig. To set up typical solar panels, roof space between square feet is needed. This is another necessary calculation and must be determined before the transition occurs. While the transition to green energy is often advised, it is very important to first consider the factors and determine the feasibility of such a movement.

After consideration, the most suitable method for mining can then be determined. As the industry progresses, a majority switch from fossil-generated electricity to renewable and sustainable energy is hoped for. Our mission at EZ Blockchain is to breach the gap between the energy sector and the blockchain ecosystem. We believe in the utilization of waste energy and that solving problems associated with gas flaring and stranded gas problems is a true win-win for both the energy and crypto industries.

We also provide solar btc mining and wind crypto mining services as well. EZ Blockchain is an innovative company that understands the problem and its environmental implications and is driven to create a gas flaring mitigation solution. This is because the mining revenue generated per unit of hashrate goes down as difficulty goes up, which it has done at a rapid pace as shown below.

Since , network difficulty has increased from billion to 25 trillion, equalling a 8. In other words, even if BTC price remained constant for 2 years, difficulty would continue increasing until the average cost of production for bitcoin miners equals the actual BTC price.

But what about the bullish scenarios where BTC price also increases rapidly? Now we see that mining remains profitable, albeit at an ever-decreasing rate, for the entire month period again, halving not factored in. Furthermore, the initial CAPEX investment is actually paid off near the end of the 3rd year of operations. This tells us that adding bitcoin mining to this solar project would be rational only if the investors believe that BTC price is going to increase significantly in the next 4 years.

The takeaway is simple: the success of this hypothetical mining operation is highly dependent on BTC price. No surprises there.

In the mining scenario, a total of bitcoins are mined see Total BTC Mined in the STATS part of the image above over the first 4 years of operations not accounting for the halving around the end of Year 3. This conclusion holds well in different projected scenarios because BTC price and difficulty are correlated to each other. Although these numbers may not look attractive, there are other factors not taken into account, such as the possibility of government subsidies for renewable energy projects as well as access to extremely cheap capital which can make this look more reasonable to large companies with big balance sheets who are able to tolerate more risk and longer payback periods on investments of this size.

Anyway, before moving on to the last part of this analysis, I want to drive home further just how much of the risk:reward depends on bitcoin price. One could argue that the surplus energy produced by the solar panels during peak sunny hours would otherwise go to waste and have zero economic value, so we should consider almost all mining revenue as profit.

In this case, what would we find? One more thing worth looking into before we wrap this article up is a comparison of the same hypothetical bitcoin mining operation as above, but with a constant energy supply rather than an intermittent one. We can see that even without any BTC price appreciation, the operation breaks even in just over 1 year and remains profitable for about 2. One other variable not discussed here that could be interesting to play with is the type of ASICs used. If the goal is to minimize risk, the investors could avoid expensive new-generation miners, sacrificing some efficiency and longevity in order to have a much lower initial CAPEX investment.

Perhaps with excellent timing e. Furthermore, the miners in the model are only running when their is surplus energy to consume directly from the solar panels. If the miners were to use battery power or a secondary energy source to increase uptime, particularly in the early months of the operation before network difficulty has increased significantly, that could also improve the probability of breaking even on the mining CAPEX. The table below shows the months to break even on the CAPEX for the mining operation analyzed in this article with a range of electricity prices and ASIC uptime amounts.

This article may not paint such a rosy picture of bitcoin mining being integrated into solar projects, but all hope is not lost for a relatively green future for bitcoin mining around the globe. Market conditions can change to make this more feasible in the future than it is today, such as a decrease in hardware prices if more manufacturers can become competitive with MicroBT and Bitmain. Meanwhile, other renewable energy sources such as hydro and geothermal are already a big part of the bitcoin mining landscape, and wind energy is potentially more realistic as well because it can have more consistent generation than solar.

At the moment of writing, hundreds of thousands of ASICs have recently been deployed in the Sichuan and Yunnan provinces of China where they will be consuming surplus hydroelectric power produced by dams which have been overbuilt there. In Russia, Canada, the USA, and potentially elsewhere, miners are consuming increasing quantities of surplus natural gas which would otherwise be costing energy producers money to flare and vent while also emitting harmful methane.

Load-balancing programs for urban energy grids are gaining popularity as well, making grids more efficient and robust so that they are capable of handling periods of peak demand. The energy consumption of the Bitcoin network may be trending up, but that ultimately does not tell us much about its actual environmental impact. Even talking about the denomination of hashrate powered by renewable energy fails to account for green use cases like consuming waste gas, or reusing the low-grade heat output from ASICs for other residential and industrial applications.

This is all very complex and nuanced, but one thing is clear: we need proof of work to have a meaningfully decentralized global monetary network. A failure to understand proof of work is a failure to understand Bitcoin.

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