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Mining cryptocurrency with solar panels

3,702 1,801 May 13, 2020 at 11:07 PM
So, i saw some solar panels going cheap at an auction and thought that it might be an idea to buy them and set up a cryptocurrency mining rig which would be powered by the panels.

Let me start by saying i have never done any mining like this before, so am unsure of the limitations. Thats why i am here.

Firstly, is it possible to set up a mining rig to operate at certain times? This would resolve the issue of having batteries, or at least having a small one. This would be the ideal set up.

What about having 2 sources of power to run the rig? Is it possible to have some kind of setup where the power source switches to the household electric when the solar isn't enough? I'm guessing that would involve some kind of battery to avoid interruptions too.

I'm guessing these rigs give off a lot of heat. Does it have to be in a cool environment to operate at its most efficient? Or does that not matter?

Any other advice or tips you'd like to share?

Thanks

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#2
If you get solar and have it correctly installed; your electrical meter should work like normal. My parents had solar and regular power when the sun went down.

These sites are good places to learn about mining.
https://www.investopedia.com/tech...ning-work/
https://www.cryptocompare.com/min...#/overview
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Last edited by goodale69 May 14, 2020 at 09:06 PM.
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#3
The solar panels are not going to be hooked up to the house electrical system. It will be its own system.
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#4
You're going to have to do the math on when it will payback. Just remember that solar panels do not generate massive amounts of power unless you have a lot of them, and for home installations the payback time is usually a decade or more. Your mining rig won't last long enough to make it worthwhile, if it even lasts long enough to pay for itself, so you'll need to have some other use for the panels to reach their breakeven point.

In other words... you're going to pay a lot upfront for panels, inverters, controllers, and hardware just to avoid paying 16c or whatever per kWh. If solar makes sense for your area, by all means, go get it. But I'd caution against viewing it as a free ride to bitcoin riches without running numbers first.
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Quote from dukeblue219
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In other words... you're going to pay a lot upfront for panels, inverters, controllers, and hardware just to avoid paying 16c or whatever per kWh. If solar makes sense for your area, by all means, go get it. But I'd caution against viewing it as a free ride to bitcoin riches without running numbers first.
This nod

To the OP.

While it sounds cool to do and is it possible, yeah it is...but the math doesn't pencil out.

This should be deemed as an experiment or proof of concept, but not an actual everyday production setup.

I looked at getting a DC pool pump as they have them to run off of solar panels...but it was better to just add more to my rooftop system than to get 3 or 4 to run the pump. Plus it cost a bit more for the DC pump vs. an everyday AC Pump.
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Quote from dukeblue219
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You're going to have to do the math on when it will payback. Just remember that solar panels do not generate massive amounts of power unless you have a lot of them, and for home installations the payback time is usually a decade or more. Your mining rig won't last long enough to make it worthwhile, if it even lasts long enough to pay for itself, so you'll need to have some other use for the panels to reach their breakeven point.

In other words... you're going to pay a lot upfront for panels, inverters, controllers, and hardware just to avoid paying 16c or whatever per kWh. If solar makes sense for your area, by all means, go get it. But I'd caution against viewing it as a free ride to bitcoin riches without running numbers first.
I got the panels at an auction. I already own them. They are 5 years old so 5% less output than new, but i paid 20 cents on the dollar for them.

I'm in Arizona, my house sits on 1.6 acres, and i have 30 305W panels.
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#7
Quote from DC
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This nod


This should be deemed as an experiment or proof of concept, but not an actual everyday production setup.

I looked at getting a DC pool pump as they have them to run off of solar panels...but it was better to just add more to my rooftop system than to get 3 or 4 to run the pump. Plus it cost a bit more for the DC pump vs. an everyday AC Pump.
This was actually just going to be a little fun project that would hopefully pull in a little passive income.

I did contact a company about just using these panels as part of a system to power my house but they said these were commercial panels intended for flatter roofs and they can't install them for me. If i don't go the cryptocurrency route i'll just build something and mount the panels to it and just have them wire it in to a system that i'll have them install.
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#8
Don't miners require extensive power to run?
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Quote from handyguy
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Don't miners require extensive power to run?
Typically yes. And i have a lot of solar panels.
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#10
you need to have an inverter and that is the expensive part

you should contact a company like this

https://www.wholesalesolar.com/sh...-grid-kits

Mind you panels do age and lose efficiency so the panels you purchased might be at 50-75% of rated capacity.
They are probable designed for serial connection so the worst panel or panel in the shade will determine the output of all the other panels.
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Quote from komondor
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you need to have an inverter and that is the expensive part

you should contact a company like this

https://www.wholesalesolar.com/sh...-grid-kits

Mind you panels do age and lose efficiency so the panels you purchased might be at 50-75% of rated capacity.
They are probable designed for serial connection so the worst panel or panel in the shade will determine the output of all the other panels.
They are 5 years old so they may have lost 5% Panels typically lose 1% a year.

I'm looking more for info on the mining side of things so i know how to build out the system. For example, if i can set the miner to mine at certain times then that would work out better than having to buy a battery. Or if theres some way to rig it so that it runs on solar while that power is available, and then the mains of the house when its not.
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#12
just install the mining app and see how it saves, you can have windows schedule any task to start and stop.
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Quote from dukeblue219
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You're going to have to do the math on when it will payback. Just remember that solar panels do not generate massive amounts of power unless you have a lot of them, and for home installations the payback time is usually a decade or more. Your mining rig won't last long enough to make it worthwhile, if it even lasts long enough to pay for itself, so you'll need to have some other use for the panels to reach their breakeven point.

In other words... you're going to pay a lot upfront for panels, inverters, controllers, and hardware just to avoid paying 16c or whatever per kWh. If solar makes sense for your area, by all means, go get it. But I'd caution against viewing it as a free ride to bitcoin riches without running numbers first.

Plus, correct me if I am wrong, but isn't excess power generated from solar in many places sold back to the grid\electric company? So in effect, even if you had the panels and got the setup on the cheap and set it up, the energy you generate running the pcs would reduce the payback from the sold\unused electricity in that case, so either way the OP would be paying for it.

Plus as others noted, solar has never been cost effective even with the massive gov subsidies. It has always been a classic example of gov waste pumping billions into an area that simply is never going to be cost effective for anyone vs. a regular setup except in a few outlier situations. Most of the time, even after the subsidies, the break even point is 10+ years. No one in his right mind is going to invest a large amount so they can break even in 10 years and maybe make a little money afterwards. When you factor in what the gov is wasting in subsidies, it is just comical really how non-economical it is.
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Quote from YanksIn2009
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Plus, correct me if I am wrong, but isn't excess power generated from solar in many places sold back to the grid\electric company? So in effect, even if you had the panels and got the setup on the cheap and set it up, the energy you generate running the pcs would reduce the payback from the sold\unused electricity in that case, so either way the OP would be paying for it.

Plus as others noted, solar has never been cost effective even with the massive gov subsidies. It has always been a classic example of gov waste pumping billions into an area that simply is never going to be cost effective for anyone vs. a regular setup except in a few outlier situations. Most of the time, even after the subsidies, the break even point is 10+ years. No one in his right mind is going to invest a large amount so they can break even in 10 years and maybe make a little money afterwards. When you factor in what the gov is wasting in subsidies, it is just comical really how non-economical it is.
1 Caveat
I have about 30 panels on my roof, sadly I don't break even BUT...
by virtue of having solar, I cap the amount I pay to the power company.

In summer time, I'd easily get into Tier 3 rates for power (Tier 1 cheaper, Tier 2 higher $, etc..) So my Electric bill would be in the $500 range. EEK!
I have to run my AC all the time as I have family members home during the day and a Pool.

So Solar does cut out a chunk of power I do need to buy, but what I do have to buy, it's at a controlled rate.
I'm locked in at Tier 1 prices, even if I was to use enough power to warrant Tier 4 prices.

To limit paying folks whom could generate more they they consume, they stick to Tier 1 prices in the case of our local power co.

Basically what they charge me per Kw is what they would have to pay me if I was to have a Negative usage.

A long story for a use case on how solar does help you beyond the obvious benefits.
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#15
Quote from DC
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1 Caveat
I have about 30 panels on my roof, sadly I don't break even BUT...
by virtue of having solar, I cap the amount I pay to the power company.

In summer time, I'd easily get into Tier 3 rates for power (Tier 1 cheaper, Tier 2 higher $, etc..) So my Electric bill would be in the $500 range. EEK!
I have to run my AC all the time as I have family members home during the day and a Pool.

So Solar does cut out a chunk of power I do need to buy, but what I do have to buy, it's at a controlled rate.
I'm locked in at Tier 1 prices, even if I was to use enough power to warrant Tier 4 prices.

To limit paying folks whom could generate more they they consume, they stick to Tier 1 prices in the case of our local power co.

Basically what they charge me per Kw is what they would have to pay me if I was to have a Negative usage.

A long story for a use case on how solar does help you beyond the obvious benefits.
That implies a high level of usage over a very extended period of time to effectively reduce the return on investment time some. It is still not likely to make the decision cost effective outside of extreme cases. And many electric companies will not be so generous. And that is not even factoring in aging of the system and how long before you have to even spend more to replace parts or panels. For most people, it is simply not going to be a practical option imo.
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