Cryptocurrency

[DealorNoDeal]

Heating your home with electricity is also far nicer for the environment so you'd be doing the world a good deed.

I just did a quick calc using the calculator on this site:

https://www.buybitcoinworldwide.com/mining/hardware

Rig (ASIC): Whatsminer m30s+
Price: $2,500.
Electricity consumption: 3.4kWh
Hash power (TH/s): 100
BTC price: $33k
Electricity cost per kWh: $0.30 (approx 20p)

Running 24x7, this generates $8,800/year in BTC. But it consumes $8,800/year 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.

The other thing I'd need to check is how noisy (dB) the fans are in them. It would be a non-starter if they sound like a jet engine.

[_V_]

New builds soon cannot use natural gas or oil for heating or hot water, so that means an electric boiler.

Instead, a mining rig would be water cooled, leading to hot water.

First person to design an electric boiler that can mine crypto will become an eco-trillionaire.

[d000hg]

Heating your home with electricity is also far nicer for the environment so you'd be doing the world a good deed.

[AtW]

Yeah, they really need a lot of heating around hydro-electric power plans in China - they could use it to boil water and make electricity, thus becoming self-sufficient…

[DealorNoDeal]

Don't think it's viable without a datacentre these days

The thing is, mining doesn't need to be profitable for it to be cost effective as a heating source.

Virtually 100% of the electricity consumed by a mining rig ends up as heat. They are like fan heaters.

Electricity is currently about 20p per kWh. If you could mine say 10p of bitcoin per kWh*, you would halve the cost of electric home heating during the winter months.

I guess the problem would be the capital outlay of the rig, and how long it would take to recoup that. Also, from what I've read, the yield of a rig reduces over time because of the increasing difficulty of mining, so you may not get 10p of bitcoin/kWh for very long.

* I've no idea if 10p/kWh is realistic

[AtW]

You'd be better off just buying some instead. Besides, POW mining without renewable energy will probably be heavily carbon taxed before long.

Oh wow the Sage of CUK has spoken, thank you so much for your wisdom

You’ll really hate the Govt when they crash the tulips market proper - it’s going to be great

[AtW]

“According to a Bloomberg report, Raees (20) and Ameer (17) Cajee, two South African brothers that founded Africrypt, have disappeared with $3.6 billion worth of Bitcoin. The alleged scam represents the biggest heist in cryptocurrency history, even larger than the $2 billion that recently vanished in Turkey.

Back in April when Bitcoin was skyrocketing, Ameer, the cryptocurrency investment company's CEO, informed Africrypt's investors that the company was reportedly hacked. He told them not to report the occurrence to the authorities or their lawyers, since it would only hamper the recovery process.”

https://www.tomshardware.com/uk/news...illion-bitcoin

20 and 17 year olds were entrusted with 3.6 bln dollars worth of tulipcoins

[Jog On]

Yes

Source: https://www.bbc.co.uk/news/uk-englan...ngham-57280115

From the article:

Instead of cannabis plants they found a bank of about 100 computer units.

You'd be better off just buying some instead. Besides, POW mining without renewable energy will probably be heavily carbon taxed before long.

[AtW]

Is bitcoin mining viable in this country?

Yes

Source: https://www.bbc.co.uk/news/uk-englan...ngham-57280115

[Jog On]

Just a thought. Is bitcoin mining viable in this country?

I was wondering if you could do it over the winter, and use the heat produced by the rig to heat your house. At least this way the electricity wouldn't be wasted.

I guess it depends how much a reasonable rig would cost and how many kWh it would take to mine a decent £amount of BTC.

Don't think it's viable without a datacentre these days