Welcome to BeerMoneyForum.com - BIGGEST MAKE MONEY FORUM ONLINE

[castbound castboundoski]

What do you guys think of the idea of minning cryptocurrencies with energy from the sun aka with solar panels ? Many people actually are doing it right now and they see some potential in it . Would you invest in such a thing?

 

[MyPl4yGr0und]

It is worth though to use the solar panels,even if we can us only when the weather is good.I still find it a very good idea.

I think your concerns regarding bad weather has already been addressed by the OP. It has something to do with power storing of some sort so that you can still do your regular mining activities even when the weather is unfavorable. I'm glad you consider the idea a good one.

 

[castbound castboundoski]

I think your concerns regarding bad weather has already been addressed by the OP. It has something to do with power storing of some sort so that you can still do your regular mining activities even when the weather is unfavorable. I'm glad you consider the idea a good one.

Yea exactly.With today's technology I think it is possible to store the energy you gained from the sun and you can use it whenever you have a bad weather. I've seen some mining factories and the owners there pay huge amount of bills depending the amount of rigs they have. So yeah, having solar energy powering up your rigs can reduce the costs and increase the profit.

 

[Medowriter]

What do you guys think of the idea of minning cryptocurrencies with energy from the sun aka with solar panels ? Many people actually are doing it right now and they see some potential in it . Would you invest in such a thing?

I guess this all depends on the availability of hydroelectricity in your region cos it cheaper but if you have the capital to build a standard solar panel, it will be more reliable though seasonal kind of.

 

[tusziget]

As i know,there are already miners who have solar panels.I am 99% sure.But ,want to say,in this case,you are looking at a long r.o.i because your investment upfront will be big i think.But mining the right coin i think you can break even under one year.
Another point that i heard was miners make a lot of heat,so some people were mining and also using it to war theyr place in the winter.

Yes,people are very inventive.The first that comes in somebody's mind,when it comes about cryptocurrencies mining it is :all the costs that are involved,among them the electricity bill.Yes,it is a very clever invention the solar panel,and it can be used for many purposes,not only for mining.

 

[reighn]

I think it will cost a lot, you need to invest more money to buy solar cells, But if it's worth, why not. I think you need to wait for their result before do the same thing.

 

[MichaelJPSalazar]

This is a really good idea I think. As of the moment. Solar energy production is getting cheaper and cheaper price/W-wise. This could be a good investment if you plan to mine atlernate cryptocurrencies. In my opinion, mining bitcoin has gotten to the point that if you won't invest hundred thousands of dollars, you won't feel its profit. Or, I would suggest, invest in coins that offer proof-of-stake instead of proof-of-work.

 

[Crystal]

You are using the energy from the sun, you are not wasting any resources from the nature and you are getting money from that.How cool is that ? I wonder if some people from BeerMoneyForum actually want to try this project. They should be aware that it could only be possible with a good plan .

When you invest time and money on such things you need to think to any positive or negative aspect.
One negative aspect is that you are depending on sun meaning only sunny days might be awesome to run this project.
Don't forget that in the winter days are short with only few hours and most of them are (could be) cloudy (meaning not fully efficiency for solar cells).
Such project would be awesome in sunny countries, arabic countries , California U.S. state and so on.
A better way than solar pannels for mining bitcoin,in Europe where there might not be so many sunny days, would be if you live near a small stream water or near a runlet to use the course of water to generate power. In this way you will be independent of sunny days .But i think you need to have legal approval/papers to use a watercourse for your own purpose and also i think to prove that you generate energy from watercourse without polluting it...Keep in mind that EU regulations about polluting are very severe.
Another option is a wind turbine but you will depend on wind .

 

[tusziget]

This is a really good idea I think. As of the moment. Solar energy production is getting cheaper and cheaper price/W-wise. This could be a good investment if you plan to mine atlernate cryptocurrencies. In my opinion, mining bitcoin has gotten to the point that if you won't invest hundred thousands of dollars, you won't feel its profit. Or, I would suggest, invest in coins that offer proof-of-stake instead of proof-of-work.

I know about the fact,that using solar energy is more cheaper and makes it easier to do cryptocurrency mining in what's regards the cost.What I didn't know about,that you have to invest that much cash,to have some considerable profit from cryptocurrencies mining.

 

[Lovely]

The idea is a good one just like powering the house through solar energy one will always have light especially in my region that light is so erratic though the panel is expensive but one still gets to enjoy than electricity. But the disadvantage is when the weather is bad then one is in trouble unless there will be another source like inverter or generator I believe.It is a great idea to me.

 

[castbound castboundoski]

I guess this all depends on the availability of hydroelectricity in your region cos it cheaper but if you have the capital to build a standard solar panel, it will be more reliable though seasonal kind of.

It really depends where you live. If you want to create a mining farm powered by solar or wind energy then you gonna need to be living in countries which have the conditions for that.It can be really profitable in my opinion with proper maintenance of course.

 

[tusziget]

It really depends where you live. If you want to create a mining farm powered by solar or wind energy then you gonna need to be living in countries which have the conditions for that.It can be really profitable in my opinion with proper maintenance of course.

Yes,I think that using solar panel isn't that easy as it sounds.Anyway I do not have experience with it,never used it,better can tell,who already has solar panel and is doing cryptocurrency mining.

 

[castbound castboundoski]

I think it will cost a lot, you need to invest more money to buy solar cells, But if it's worth, why not. I think you need to wait for their result before do the same thing.

Obviously its gonna cost . Its an investment which has slow ROI but with time the money gonna be back.It really depends where you are located at as well. In most sunny areas you gonna get the most money possible aka bitcoins.I'm curious how the results are with Wind Energy mining.. the same, better or worse.

 

[tusziget]

I didn't hear about the Wind energy mining,but it might be an interesting option,to reduce the costs of cryptocurrency mining.Anyway,I am not gonna try out,I think there are many expert miners,who are doing this type of business for years and are earning well from it,as I see pay put of many Bitcoins,and I cannot imagine,how it is possible,when I was spending so much time with faucets earning only couple of thousands of satoshis every month.

 

[overcast]

Solar energy has it's importance. And coins like grid coin are wroking into this. I am not sure how good it is going to earn though. it'd be interesting to see that. I wish to learn more on this.

 

[Yugocean]

I thought about this idea and I like it; but problem is same - we have to use a computing device and no matter if electricity comes of free using solar energy; it is computing device that is online which have to be used for mining.

 

[zeljko]

It's good idea if you already have installed solar panel system for warming house or something else. Invest in panels just because of mining is high risk idea.

 

[Yugocean]

I normally will support mining with solar power instead of normal electricity; but what about CPU?
We still are required to have CPU for mining and online data; electricity is essential for mining , but it is CPU that is used to mine.

 

[zeljko]

It would be excellent if somebody could get some old PC from trash for free. In that case with solar panels, he could make some money. Lower because of older computer, but still earn something.

 

[Yugocean]

PC are not available for free, but they can be brought for cheap; this is still a good idea to use an old PC and mine with solar energy; we just have to use data, rest everything will go fine with it.

 

[Medowriter]

PC are not available for free, but they can be brought for cheap; this is still a good idea to use an old PC and mine with solar energy; we just have to use data, rest everything will go fine with it.

If one get an old PC to mine coins for how long does the pc last?, while mining is ongoing if there is interuption in power supply does it have effect on the progress of the mining?