The abstract: Use photovoltaic energy to mine crypto to decrease electricity bill in winter.
The introduction
Recently, I completed the construction of my new home, which currently runs entirely on renewable energy as the power company haven't connected me to the grid, yet. Without access to a traditional electrical grid, I rely on a photovoltaic (solar 10 kWp) installation paired with an inverter (DEYE 12 kW / 3-phase) and energy storage systems (15 kWh). This setup provides power for the household, including heating via a heat pump with underfloor heating and a modern ventilation system with heat recovery (recuperation). Unfortunately, since being off grid in Poland, the system needs to be wrapped up with petrol fueled power generator.
The current house state
Current power consumption 0 kWh. I am just planning the furnishing stage and when it will be on, the power consumption will be limited to as much power tools needs. So everything solar installation is turned off as there's no need for electricity while at the same time there's not enough of it to power the heat pump without additional power generator.
What if I used crypto as power bank
As I planned for this sustainable home, I began considering how to maximize the use of surplus energy generated during the summer months to be able to pay for fuel/energy during winter. One intriguing idea is to mine cryptocurrencies during periods when energy consumption is minimal, and solar energy is essentially free and would go to waste because of limited battery capacity and being offgrid. My goal would be to accumulate funds in the summer and use the proceeds to offset electricity costs during the winter.
I am not looking to heat my home with cryptocurrency mining rigs; the heat pump will handle all heating needs. Instead, mining could be a way to economically utilize the excess energy produced by the solar panels.
Until summer/autumn 2025 I will not move in, so heat is not going to be a problem. The best thing is that I use Hive and I have an access to a stablecoin that is battle-tested and brings nice APR.
Questions for the Community:
- Have you explored cryptocurrency mining using renewable energy?
- Is it feasible and cost-effective in a setup like mine, considering the wear and tear on mining equipment and energy storage systems?
- What should I look for, ASICs? GPUs and use services like Mineable or Nicehash?
- Do you think it would be possible, considering the key factor such as hardware costs, to acquire hardware, use free electricity, and will be able to sell the hardware with ANY profit?
I would love to hear from anyone with experience or advice in this area!
Looking forward to your insights!
