Heating your home for free

[Ed48]

BTC mining rigs consume a lot of electricity. Virtually 100% of that electricity is converted into heat.

The price of electricity in the UK (approx $0.30/kWh) means it's difficult to profit from mining.

However, you could use a mining rig to heat your home in the winter, and massively subsidise your heating costs.

Example (using the calculator on this website)
https://www.buybitcoinworldwide.com/mining/hardware

Rig (ASIC): Whatsminer m30s+
Purchase price: $2,500
Electricity consumption: 3.4kWh
Hash power (TH/s): 100
Current BTC price: $33k
Electricity cost per kWh: $0.30

Running 24x7, this generates $700/month in BTC. But it consumes $700/month in electricity. In other words, there's no profit and it just breaks even. However, that means you're getting 3.4kWh of free electric heating.

 

[Baron]

I guess that means it's time for me to rip out my fireplace and install a mining rig in its place.

 

[OptionsOptionsOptions]

You also have consider how often you need to heat your home. For me it's only a few weeks a year.

 

[Ed48]

You also have consider how often you need to heat your home. For me it's only a few weeks a year.

I guess you're not in the UK.

We have to have heating on from October to April.

 

[Scataphagos]

BTC mining rigs consume a lot of electricity. Virtually 100% of that electricity is converted into heat.

The price of electricity in the UK (approx $0.30/kWh) means it's difficult to profit from mining.

However, you could use a mining rig to heat your home in the winter, and massively subsidise your heating costs.

Example (using the calculator on this website)
https://www.buybitcoinworldwide.com/mining/hardware

Rig (ASIC): Whatsminer m30s+
Purchase price: $2,500
Electricity consumption: 3.4kWh
Hash power (TH/s): 100
Current BTC price: $33k
Electricity cost per kWh: $0.30

Running 24x7, this generates $700/month in BTC. But it consumes $700/month in electricity. In other words, there's no profit and it just breaks even. However, that means you're getting 3.4kWh of free electric heating.

How does being rewarded with BTC work.... if you mine you will for certain receive some proportionate amount of BTC or is it that you MIGHT receive some BTC but only if your mining efforts are successful?

 

[SunTrader]

Heat schmeet. Get back to me if you find a way to run rig in reverse and cool my house here in South Florida.

 

[vanzandt]

I guess you're not in the UK.

We have to have heating on from October to April.

Use that heat in a closed loop ammonia system and you can cool your house in the summer too.

 

[Nobert]

BTC disrupting heating industry

 

[Girija]

Hook it up to neighbors leads. You get free btc and free heat.

 

[d08]

You conveniently left out the out-of-pocket cost of $2.5k.