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Mining With Less Electricity Usage?

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One of the biggest concerns with Bitcoin is the HUGE amount of power consumption that Bitcoin mining is requiring and this has been a highlight why some environmentalist and left-leaning groups are not inclined to be supporting Bitcoin despite its Utopian brand name or conjecture.

I am thinking that the mining industry should be developing a better technology that will only required a tent of the power we do need today. Of course, some can be saying it is not possible but why not?

As they say, if there is a will and a demand, there is always a way. Are you with me on this? 

 

 

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I think using solar or wind power is one of the quick solutions while waiting for an environ mining solution.
The problem is that Bitcoin has already taken over the hearts of the community. So even though there is energy-friendly technology, it will be challenging to win their hearts. Except this technology can treat a bit to their pockets. Lol, Human. 
I am Bitcoin God.

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3 hours ago, CryptoBry said:

One of the biggest concerns with Bitcoin is the HUGE amount of power consumption that Bitcoin mining is requiring and this has been a highlight why some environmentalist and left-leaning groups are not inclined to be supporting Bitcoin despite its Utopian brand name or conjecture.

I am thinking that the mining industry should be developing a better technology that will only required a tent of the power we do need today. Of course, some can be saying it is not possible but why not?

As they say, if there is a will and a demand, there is always a way. Are you with me on this? 

 

As for the environmentalists, I advise them to check for example, the energy consumption of the aluminum processing plants, compare it with BTC and then stop consuming beer in a can...

Concerning the mining hardware industry, I don't know if the existing tech is able to provide the necessary math calculations without the current power consumption... this will need new tech both on the chip building and also on the energy efficiency side

We can't forget that a development in renewable energy availability and efficiency would also end this problem

On another point of view, blockchain software might also develop in such a way that you might be able to provide the same service, but using low power consumption algos

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Our blockchain is based on the nist5 algorithm which is much more efficient that bitcoin. Later we will switch to Proof of Stake to further reduce energy consumption overall. Many blockchains are currently turning to these methods in order to be more energy efficient. I hear complaints about the wastefulness of bitcoin all the time.

 

And with the nist5 algo, you can run mining rigs on solar power much easier. I am building up a solar powered mining farm myself bit by bit to mine for free, increasing my earnings overall. I have a friend who mines bitcoin on solar but he has 15 kw of solar panels and just a few machines running at a time.


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A 15kw solar panel should take up a good amount of space. How much free space we need to have 15kw.

I would like to try a good solar panel for my needs.
But I still think it's a little expensive.

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On 10/15/2019 at 10:46 AM, aeiouc said:

A 15kw solar panel should take up a good amount of space. How much free space we need to have 15kw.

I would like to try a good solar panel for my needs.
But I still think it's a little expensive.

2nd hand solar panels are getting much cheaper on ebay these days. I started out long ago with 1,600 watts of solar panels for $800. You can get them cheaper than that sometimes.

 

But yes, it takes up a lot of space. Looks cool tho.


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You need to be careful with second hand solar panels if they are old. You have to check to see if they really deliver what they promise when in use.

And also if the seller has taken care of their handling.
You need to periodically clean the panels to remove dust, dirt from the rain, and always check the glass and seal conditions.

New solar panels for not needing glass.

Edited by aeiouc

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On 15.10.2019 at 07:54, CryptoBry said:

One of the biggest concerns with Bitcoin is the HUGE amount of power consumption that Bitcoin mining is requiring and this has been a highlight why some environmentalist and left-leaning groups are not inclined to be supporting Bitcoin despite its Utopian brand name or conjecture.

I am thinking that the mining industry should be developing a better technology that will only required a tent of the power we do need today. Of course, some can be saying it is not possible but why not?

As they say, if there is a will and a demand, there is always a way. Are you with me on this? 

 

 

BTC Mining.jpg

You are more right than ever. Therefore, all over the world they are trying to use ASIC equipment as useful as possible. Some make heating using the power of ASIC devices, a year ago I saw in the news a huge greenhouse heated by ASICs. It's all up to us. I also have additional heating from several ASICs, although they are not in the house and give very little heat when there is no noise!

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This is what Holochain is trying to achieve, they dont believe in monstruos power consumption just to make some calculations and secure the blockchain, there are other ways, they also have this idea before ETH even came out.

DYOR!

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On 10/15/2019 at 1:00 PM, Dprincebh said:

I am 100% with you in this , but still it wouldn't be profitable as the mining reward is also reducing and the difficulty is going higher which is to bead for the sector

Yes it is not that much profitable as of now. Plus the fact that it consumes a lot of electricity. The money that you are going to get by mining is useful because you are going to pay the electricity that you have used.

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if low consumption on blockchain happend and then some trend will be up again,mining trend will come and bitcoin prize will fall because lot of supply will coming

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On 10/15/2019 at 12:54 PM, CryptoBry said:

One of the biggest concerns with Bitcoin is the HUGE amount of power consumption that Bitcoin mining is requiring and this has been a highlight why some environmentalist and left-leaning groups are not inclined to be supporting Bitcoin despite its Utopian brand name or conjecture.

I am thinking that the mining industry should be developing a better technology that will only required a tent of the power we do need today. Of course, some can be saying it is not possible but why not?

As they say, if there is a will and a demand, there is always a way. Are you with me on this? 

 

 

BTC Mining.jpg

The electric consumption is part of mining! Definitely, it requires large amount of electricity before mining rigs work. And it became the problem of the world today. Due to the large power consumption, there will become an effect on global warming. We can use an alternative methods such as wind energy or solar energy instead to lower the power consumption. We have a unlimited source of energy. We just need to utilize them. 

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You can start using Raspberry-pi model 3b and above, because of the compatibility with some GPUs.
 I don't know what the best model is, but I saw on the internet that other versions are incompatible.
 You also need an HDMI monitor, Or You buy a 7 inch display that fits on top of the Raspberry-pi board.

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1 hour ago, Kayla Alquizar said:

It is hard to save electricity when you are mining because it consumes time also the huge part is electricity, if you have an alternative way to get an electricity like solar energy or wind energy, you can save some money from it. 

Solar and wind energy can save you a lot of money but you need to understand they are a long term investment. Because it will cost you a lot of money at the beginning to buy that equipment like solar panels 

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11 hours ago, Black25 said:

Solar and wind energy can save you a lot of money but you need to understand they are a long term investment. Because it will cost you a lot of money at the beginning to buy that equipment like solar panels 

There are a lot of variables which affect the ROI when mining on solar power. One thing to consider is to mine new coins which take less energy to mine. You can get a lot of coins on a new blockchain. Then wait and see if they gain some good value. This could potentially pay off your solar power system quickly.

 

Also I buy used solar panels to save a lot of money. You must be careful though when shopping around and make sure the company or person you are buying from has good reviews.

 

If you mix wind and solar, you can increase the amount of time that you can mine overall.

 

I am using an arduino micro controller to turn on and off mining rigs as the solar power is available. I only have two golf cart batteries as a buffer between the solar charge controller and the mining rigs. The work is being done by the solar panels. At night its all shut down.


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2 hours ago, ASIC_Loves_nist5 said:

Some people think that mining with solar increases efficiency which is a bunch of malarkey. YEs. one can tap another source of power but its the same amount of power. Mining with solar is really a double whammy because you first must invest in very large arrays in order to be competitive. Then there is all the loss in converting that energy into usable form.

I never heard of "increases efficiency" when using solar power. The conversion of any form of energy into another is wasteful. Thats a given.

 

But you can reduce loss in the lines by running your computers directly off the solar panels as much as possible. This can be done by using PICO ATX power supplies, bypassing the power inverters and power supplies which are both wasteful.

 

By using batteries only as a buffer between the solar panels and the mining rigs, you are saving on the expense of setting up the entire system. No need for a mess of expensive batteries, the most expensive part of a solar power system.

 

If you go grid tie, that is even better because you remove the batteries entirely and use the power grid as your storage.

 

Depending on the algorithm you are mining on, two solar panels can power a single mining rig with some extra for clouds or indirect sunlight.

 

Buying second hand solar panels further reduces your cost.

 

Our solar panels have paid for themselves over and over again through the years.

 


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Electric mining is very expensive and has a great risk, now many are turning to cloud mining which is easier to do anywhere. But indeed mining electricity will be easier to make money

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1 minute ago, yifnt said:

Electric mining is very expensive and has a great risk, now many are turning to cloud mining which is easier to do anywhere. But indeed mining electricity will be easier to make money

The biggest issue with cloud mining is that you are paying for the electricity of the mining rig plus some profit for the owner and some fees for the cloud mining company.

 

In the end, unless you mine on a new coin, it is not profitable.


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1 minute ago, DIY Tube Video said:

The biggest issue with cloud mining is that you are paying for the electricity of the mining rig plus some profit for the owner and some fees for the cloud mining company.

 

In the end, unless you mine on a new coin, it is not profitable.

It is true we will incur greater costs for cloud mining, but when viewed from the security side it is better

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1 minute ago, ASIC_Loves_nist5 said:

maintaining solar arrays is not cost effective in the short to medium term

Not sure what your solar power experience is but the cost of "maintaining solar arrays" is near zero for me. In 7 years of owning my first array, the only maintenance is putting water in batteries and replacing a power inverter which blew up. But again, my new solar powered cryptocurrency mining system does away with most of those costs as well.

 

Once you set up solar panels, they sit there and work for 25 to 30 years. And even then, they still produce some power.  There is no maintenance of solar panels once they are up and running.


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the only possibility of being in profit with mining as well as having the right technology to mine and have electricity at a low cost max 0.15 $ per kilowatt (perhaps in China?) or put solar panels or wind turbines


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Yes mining is consuming so much energy but what we have apart that??? maybe in the future they will develop something will reduce energy consumption 

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1 minute ago, ASIC_Loves_nist5 said:

Using solar to mine is a losing proposition

I dont see how I am losing anything when mining for free on solar panels that have paid for themselves many times over.

 

Lets use some real world numbers for a minute. Lets take NIST5, which I am currently mining. A Baikal ASIC miner only uses 250 watts of solar power to mine on this algo.

 

In peak sunlight, one solar panel can nearly power this rig on its own. But we are in a real world situation and peak sunlight is rare. So double that. Triple that. I can run a rig for up to 10 - 12 hours on a sunny day depending on the angle of the panels and the time of year.

 

Now consider the entire solar power array and a mess of mining rigs all controlled by a micro computer which turns them on and off as the power is available. (again its all paid for).

 

Any coins I mine are free.

 

I cannot see any loss at all there. And I can reinvest some of the earnings into expanding the solar power production, increasing the number of rigs I can run in peak solar.


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Dont take my word for it. Look up "Plouton Mining" in California. They are setting up a solar power array covering 49 acres and producing up to 13 Mega Watts per day for solar powered mining.


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use usb asics to reduce mining power consumtion. graphic cards not consume much power. but asic miners consumes about 2000w per asic.

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