Crypto-mining is a lot like conventional mining. Here in Alberta, we’re famous for our oil sands. This kind of mining is generally profitable, though inconsistently so. It takes a lot of energy to draw a barrel of oil out of the ground. If the cost to mine exceeds your expected profit, the oil stays mixed with the sand. Crypto miners face a similar dilemma, because it takes a lot of electricity to mine a block.
Paying for electricity off the grid really bites into your profits. As such, alternate energy sources might make crypto mining more profitable.
Whether crypto or conventional mining, the energy output needs to exceed your energy input. Why else would you do it?
It gets windy here in my NW Calgary neighbourhood. If I had a windmill, I could easily supplement my household energy requirements. Then, when the wind stopped, I would sit and quietly reflect by candlelight… pondering the question, How do I store unused energy for when I really need it?
People are all hung up on batteries… why not just run a mining rig?
Alternate energy doesn’t necessarily mean solar and windmills either. Why not hook up a mining rig to a big rig. I bet a long-haul truck driver has a cellphone and some amperage to spare (until he gets replaced by a self-driving rig, that is).
For those times when we can’t immediately consume the energy we generate, crypto could be made to store value which, in turn, could be exchanged for electricity when the wind isn’t blowing, so to speak.
So how does one connect a rig to a windmill?…