The Benefits of Solar Power for Cryptocurrency
How Solar Energy Systems Can Change The Cryptocurrency Landscape
Bitcoin and other cryptocurrencies are becoming increasingly popular, but what many people don’t realize is that mining these digital currencies is very energy-intensive.
In fact, it can be so power-hungry that it can drive up your electricity costs. This heavy energy usage could impact the profitability of your mining operations, so deploying solar energy to power your rig could lower your operating costs while also positively impacting the environment.
Let’s take a look at some of the benefits, costs, and specs of outfitting your mining rig with solar panels below.
The Benefits of Solar Panels for Cryptocurrency Mining
As cryptocurrency becomes more prevalent and influential in the marketplace, more and more people are going to build mining rigs of their own. These rigs are complex and hardy computer systems designed to run 24/7, decoding, verifying, and adding new transactions to existing blockchain structures. Simply put, these computer systems are like modern-day oil derricks, drilling for and pulling valuable data up from the depths of the web in exchange for cryptocurrency.
And because these machines need to run nearly all day, every day, they need a power source that is dependable, and now more than ever, sustainable in the long-term.
This is where solar panels come into play. A solar panel system is a great way to generate energy for cryptocurrency mining. By utilizing the available power of the sun, these energy systems have a power source that is practically guaranteed, save for when it might be a little overcast outside.
What’s more, solar panels also have a low environmental impact. They produce no emissions, and they require little-to-no maintenance. This makes solar panels an excellent choice for cryptocurrency miners because they are reliable, affordable, and environmentally friendly.
Overall, as cryptocurrency mining becomes more advanced, more prolific, and therefore the demands of energy increase proportionally, miners who invest in solar energy systems to power their rigs, either entirely or partially, will be far ahead of the competition right from day one.
The Costs of Solar Panels for Cryptocurrency Mining
The cost of solar panels for cryptocurrency mining can vary depending on the size of the panel, the quality of the panel, and the location of the panel.
The average cost to purchase a solar panel and install it is around $5,000. The average cost to operate a solar panel for cryptocurrency mining is around $2 per day.
Granted, these statements are conditional based on the property and demand for energy that they’ll be expected to fulfil—but for many home or business owners who are looking to invest in any major way into cryptocurrency, solar panels constitute an effective and efficient way to power their rigs that promises benefits in both the long and the short term.
How many solar panels does it take to mine cryptocurrency?
How many solar panels it takes to mine cryptocurrency depends on how much of your energy you want to come from solar power, as well as how much cryptocurrency you need to mine.
It also depends on factors such as your location, the aspect of your roof, how much space you have available for solar panels, and what type of solar panels you choose to invest in. However, typically it takes around 450 to 500 Watts to run a single mining rig.
What does a solar cryptocurrency mining rig look like?
A solar-powered bitcoin mining rig has the following components:
- A solar power source
- A motherboard (most motherboards will work as long as they have the capacity to connect with multiple GPUs)
- A cooling system
- GPU cards
- A 100 to 250 GB hard disc drive to accommodate the crypto wallet
- Risers (specialist extension cards or power adaptors)
- A power switch
How to Choose the Right Solar Panels for Cryptocurrency Mining
When it comes to choosing the right solar panels for cryptocurrency mining, there are a few things to keep in mind.
First, the type of cryptocurrency that you are mining will determine the type of solar panel that is best suited for your needs.
This is mainly because how much energy cryptocurrency mining consumes is entirely dependent on what currency is actually being mined. The energy expended to mine something like Bitcoin or Ethereum is much greater than mining a currency like Nano, and the type of solar panel you might require will entirely depend on what currencies you’re looking to mine.
Second, the size of your solar panel array will also affect the type of solar panel that you need. Not only that, but the size of your roof, or the space you’ve allocated for your panel array.
On top of this, you’ll want to make it clear whether or not you want your mining rig powered fully by solar, or only partially. This decision might seem like an obvious one, but some people can hesitate when they stop to consider what they might want, and what they might need, so it bears some genuine thought.
Finally, the price of the solar panels will also be a factor in your decision-making process.
Like any purchase for a home or business, the budget is usually the final determiner, the equalizer of sorts. Whatever works within your budget is what gets installed; what doesn’t, doesn’t.
That being said, however, ECG Solar™ can offer our clients a wide range of resources for payment options, plans, tax credits, and more. Take a look at our Solar Financing page to get a sense of what options exist for you.
How ECG Solar™ Can Help
Overall, solar panels are a great way to power your cryptocurrency mining operation. They offer a number of benefits, including cost savings and the ability to generate renewable energy.
ECG Solar™ has been Iowa’s Premier Solar Provider™ since its founding in 2008. We carry some of the finest solar panels and energy-efficient systems available, like PV and ACPV systems made by Panasonic™, Kohler™ standby generators, Enphase™ battery storage systems, and more.
We are Iowa’s Premier Solar Provider™ and we believe in giving our clients the best service possible. We would love to talk to you about solar conversion. Reach out to us today via phone, email, submissions forms on our website, or even in-person at our offices, today!