Heating your home for free

[Trader Curt]

The cost of a kwh here in FL is 11 cents. So that would mean 66% profit, 34% electricity cost. And if you have solar, you're golden! And after the mining rig has paid for itself, you still have thousands worth of GPU cards. And this is with Bitcoin being priced at 33000 dollars, can you imagine if it went up to 300k?!!

This is a life changing money making opportunity with minimal risk that so many are passing up including me.

 

[Ed48]

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

True but if it's saving you $700/month, then you'd recover that in under 4 months.

 

[virtusa]

And this is with Bitcoin being priced at 33000 dollars, can you imagine if it went up to 300k?!!

And this is with Bitcoin being priced at 33000 dollars, can you imagine if it went down to 300?!!

 

[Ed48]

And this is with Bitcoin being priced at 33000 dollars, can you imagine if it went down to 300?!!

Knowing my luck, that's exactly what would happen if I bought a rig. I guess it's only $2.5k and you could still use it as a heater.

 

[Ed48]

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?

That's the bit I don't know.

 

[Trader Curt]

And this is with Bitcoin being priced at 33000 dollars, can you imagine if it went down to 300?!!

Yes because all I would have to do is shut the mining rig off after I sold everything. While still having thousands worth of mining equipment to mine other tokens. Easy peesy man!

 

[d08]

Thermostat-Miner, anyone?

 

[LS1Z28]

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.

Any heating savings you made during the winter would be offset by additional cooling costs during the summer. So there isn't really a net gain unless you live in a climate that stays cold year round.

 

[terr]

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?

If you run it alone (no one other than big miner factories do that) then if/when you hit one, you get (currently) 6.25 BTC. If you don't (and when you are running one miner it is very unlikely you will) you get nothing.

Most people with less than let's say 2000 miners join a pool. In a pool, when someone in the pool hits, everyone in the pool gets paid proportional to the amount of work they put in during that period.

 

[Snarkhund]

Thermostat-Miner, anyone?

Integrating a refrigerator and a miner makes sense lol.

We'll rate them in MH/s/BTU or something like that.