Should You Buy SOLAR for Crypto Mining in 2024?
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- Опубликовано: 22 июл 2024
- Crypto mining especially gpu mining is gaining profititbility in 2024. A good way to boost that profitbility may be gpu mining on solar power. Solar offers a good way to offset your electricity cost. But, is it worth the high overhead cost for crypto mining? Will you ever ROI your panels? Today I discuss my research into home solar for cryptocurrency mining and if I think it is right for me and others!
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0:00 Should you buy solar for gpu mining?
0:33 AsicPrices.com
1:23 The two options for home solar
3:08 My thoughts on mining with batteries
3:49 My thoughts on grid tie system
5:21 Grid tie system for cheap (Maybe...)
7:41 Am I getting solar for my mining farm?
9:03 Should YOU get solar for crypto mining? 
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Let me know, did I get anything wrong in this video? Are you considering solar?
I always thought and was told IDK if this is true, I was told the extra power you make you have to store it then depending on what size storage cell you have is how often the power company comes to your house and drains the cell. This is how they know how much you made, then they cut you a check or give you an amount of credits.
i work for a solar company and we have something called Sunlight backup, this is basically like a battery backup however it can only run what the sun provides. So if you have a 8kw system then you have to make sure whatever you have in the home running does not surpass or it will shut off. This would require a System Controller (Switch), Micros, Panels, Gateway , Control panel (or make a custom one). Other items would be the brackets and stuff, and wiring etc.
you can control the export to the grid
you can set it to zero if you are at a loss when you export for example
but you are looking at it wrong the panels dont provide the same amount of power all the time
using evrything all the time is imposible
a ofgrid system can also be connected to the grid, it just doesent export
you can also connect devices that heat the water if you pruduce more then you use
the electricity prices over time is also importent, have the remained the same where you live
where i live they have gone up 4 times the last 20 years and 2 times the last 4 years
running a miner on coal compared to running it on green energy, is also something some countrys are starting to tax
america had a plan to do it next year, and norway did do it
no doubt both my battery and panels have better roi then my miners..
but im also able to sell to the grid for some good prices some times...
im looking at miners as a way to make the roi on my solar better
and ofset stuff like my heat bill and electricity bill
not solar to make miners profit better
ofcourse it helps im able to run a s21 a few hours every day and have the same roi as people with 10 cents have runnning it 24 hours
im als able to run the equitment for longer time before it gets worthless, that is also a + for the roi in the end
and for the nature..
not only that but it gives freedom, like riding a car for free and many other things
I dabble in crypto mining but here is how i approached Solar. My house electric bill was running $350 a month on average in Michigan. Batteries are to expensive right now so i wanted Grid tied. Paying someone else to install a system for my house was also to expensive. so i did a DIY Solar install of 52 panels ground mount system. There was a company i went through that provided all the numbers needed and electrical permit package. I went Micro inverters, because its easier if you have 1 panel go down to replace without worrying about the other panels. Ok. fast forward to today. I have had a $0 electric bill for the past 16 months. so i am now saving $350 a month on electric.... or, i can use more electric to add more crypto mining rigs until my bill gets back up above $200 a month. It does not matter if you save electric on your house. or your mining rigs. its all the same. if people are interested i can do a video on my setup.
Putting in solar should just be about saving electric. Dont ponder it for just mining.
I also live in michigan, I an looking at solar, a video would be great
@@Broke_miner if you happen to live near the south west corner of lower michigan. and want to physically come out and see it. i am open to that as well. i am near South Haven Michigan
I live just south of monroe
My electric bill is $1,200. I actually am a Construction Foreman that builds Solar Sites. How do I DIY this at home? I'm DEFINITELY interested. I mine as well, but my home HVAC went out, so we're stuck using a BUNCH of Window Units currently. PLEASE post a video and link it here so I can get rolling!
Agreed 100 pct.
I have a 2700w solar array off grid 24v system. I have dedicated circuit off a solar breaker panel feeding my mining rigs. It is connected to an ATS. It cannot back feed the grid. Covers 90% of my mining elec accounting for bad days. I originally built mine to offset power bills and it roi over the 4 yrs ive had it. Ive just recently diverted the solar power to my 900w mini mining farm.
Thank you for the mention. I have DIY solar for under $1/Watt DC. I use Goldshell Mini Miners direct from a 12VDC battery bank, 10.2kWh, and 4 solar panels with a 120A charge controller. I'm doing it to keep my electricity bill low while mining, but I'm less worried about profitability because, in the long run, eventually, the coins will be worth a lot more than they are today.
Currently mining on solar, During the day it's pure profit, no electricity to pay, but i du turn off my rigs at night due to my 0.25€/Kwh rate (regulations in EU are way more open than the ones in the US seems like)
Another helpful video! Thanks as always, love your videos. Solar is a long term goal of mine.
I like what max has for his solar. Just for having solar is dropped his rate significantly. I dont think it was the fact that the solar panels actually produce a lot of free power, but it opened an option for him to get rates as low as 2 cents (varies hour by hour). I think solar would be great if your area offered this
Max voltage? I’ll need to check his out
@@ModernMiningHub ChumpChangeXD is setting up his new offgrid setup at the moment
I was debating on getting solar for crypto mining thanks!
Great video! Really put some things in perspective for me. I've been wanting to do another solar crypto mining video. What I'm getting from your video is people need an easy, affordable, less intimidating way to do it. I'll be thinking about this. Thanks!
It would be much appreciated man! Your video was what first piqued my interest into some sort of super budget option to just get a couple hundred extra watts supplemented by panels during the day.
I am mining from Iran where we pay 0,01$/kwh but the only problem is that we are limited to maximum 1000kwh/month per household so what I did instead is putting my gpu's in different locations... currently around 50 gpus and will continue to expand :)
Btw have you seen any miner from middle east? Electricity price is extremely cheap here, I wonder why there are not a lot of miners from middle east
You can get an inverter that will use the power from the solar panels and if it doesn't have enough power will pull from the grid and it doesn't back feed power to the grid.
Growatt inverter is one for example.
I’ll look into it this seems like the solution i need!
@@ModernMiningHub
a growatt hybrid inverter will backfeed a little bit they do exchange some power, to keep you bill lower (even thought that does not fit all regulations around the world)
you will need a smart meter to keep track of that
my 3 hybrid growatt inverters wont stop exporting 100% even if i put them a zero
maby other brand can do it but i doubt it
a offgrid inverter can also be connected to the grid you just cant export
check out the EG4® 6000XP chumpchange is setting up one right now
he allready have growatt (ofgrid)
the eg4 can serie connect 16 inverters growatt only 6
the eg4 have fuses, growatt you need to connect to a fuse box
we were chatting on facebook the othre day! crazy your talking about solar bc thats everything i been looking into the last couple days. ended up buying two ks1 on my trip around the us. im think about putting them on solar panels or at least move a couple rigs to solar panels soon
Good luck definitely let me know how it turns out!!
I have an 8kw Solar Setup I purchased around 5 years ago before I got into Crypto mining. My max power output is 8kw at any time ( during Zil windows ).
I would always recommend Solar to the Mid to low size crypto Miner. It drops my 24 hours electricity rate from 19c to around 12 cents.
Currently it is just as profitable for me to mine for 8-10 Hours a day off the solar as it is to mine for 24 hours and pay the electricity. This means less yield but means allows less wear on the hardware, risk of damaging cards etc.
Solar was the best purchase I unknowingly made for crypto mining.
You are going about this all wrong. Generally I only recommend solar on ground mounts (which requires land). You left out the answer which is a Hybrid Inverter. This will allow you to use solar to feed a dedicated Circuit Breaker Panel for crypto power supplies. You can use batteries too but the amount of batteries need to power a decent sized crypto farm overnight is astronomical. A hybrid inverter allows you to turn off the backfeed feature (Grid Tie) but allows you to use grid power (at night or even during high loads required by your farm) or a mix of grid power and your solar panels too. You just need to size your inverters for the amount of power needed to supply your farm. Sungoldpower has 8kw split phase (120v/240v) inverters for around $1500 and they are stackable (parallel) to increase wattage in increments of 8kw.
Agreed, a hybrid inverter with no batteries is the way. Feasibility really depends on the amount of sun your area gets, the amount of space you have for panels and the capital for the gear.
My solar is grid back up... What I've found is when my rigs use up the battery bank, my power draw from the house is almost doubled because of running the rigs and charging the batteries at the same time.... I'm in NC and at a out.11 per kwh...but running around 1800 watts
You can wite off all your expenses. As a business it's 100% worth it. Plus you can receive rebates from certain companies. Dont go grid tie if your concerned.
Just because you can write something off doesn’t make it a guaranteed win for your business. In this case, it makes more sense to buy more Gpu’s and write those off instead of panels.
@@ModernMiningHub its a win if you have ample sun. There is a reason hundreds of thousands have installed solar on their homes and it is not for mining purposes. When systems are properly sized and with nice equipment your home power cost can be Zero basicly. I live off grid so solar is a 100% necessity and you can never have to much solar power. Or battery storage.
@@ModernMiningHub 100% not.... you are doing the math wrong so many variables you don't take into consideration
you need to look at the roi of the solar as a whole and not as a roi on miners..
miners is a tool to get a better roi from you solar, not the other way around
that makes no sense
maby also considder if you buy solar in a year how the tax on it then looks like
both eu and the states wont to tax EV´s and solar from china now
What would you recommend for a breaker and electrical outlet and airflow for running 3 systems (2x AI 5900x 3090 and 1x Miner 3900x/3 3060) for running on a single breaker and expelling heat in a closet?
Can’t go wrong with a 30a 240v outlet but that may very well be low enough to fit on a standard home outlet (1440w max).
Do you have a way to exhaust heat outside because that’s going to be the most important factor!
@@ModernMiningHub i can do some stuff in my garage but Florida humidity has me worried.
Also I would be putting an exhaust fan in the top of my closet to the attic and sealing off my door to keep inside AC from getting blown out.
Hut 8 is all solar panels worth 840 million net worth. How are they doing it?
What about wind, hydro or geothermal?
you need to do more research on solar
So the issue is that even for an off-grid setup you'll spend around $8KUSD for a 6KW system. You then need space for 12 panels, wiring, a sub panel, disconnects, and dedicated receptacles for the rigs wired to the subpanel. The video that confuses you is where he only runs a charge controller on a 12V system and sets his output voltage to the lower end of battery charging but upper end of system input for a server case designed mining board. His full mining setup is based around only 12V inputs. He's using the 110V AC from the wall to power everything if the battery gets low or there is not enough solar power from the panels to maintain the batteries. That is still about 2-3K USD to buy the controller, batteries, wiring, mining motherboard, adapter pigtails, and enough panels to provide a full rig with power and some to spare.
Sneaky grid tie you talked about is also dangerous to utility linemen. Just like a generator without a transfer switch. I've thought about solar alot but mostly the same reasons stop me.
what inverters dont have a safety for that by law..(even the panels have that in the states 🤣) stop the paranoia
same system is used for backup power in most inverters
even the balcony solar systems dont backfeed if they sense no power comes from the grid
be more aware of the sinus waves some of these cheap things put out, that might not be the same as the grids
the reason for not exporting big amounts without smart meter is that the grid might not take it.
and that the grid might need expansion to take it
and ofcourse taxes
safety regulations should take care of the rest
Your research journey into solar sounds like it has just begun. I added solar durring the eth merge and it allowed me to stay mining through the bear market...but my situation is drastically different...all DIY grid tie, no permits, ROI in a fraction of most. LMK if you need help 👍
How did you manage the grid tie without permits?
@@ModernMiningHub First rule of fight club
@@ModernMiningHub Although I physically live inside city limits, my address is considered county. The electric provider allowed me to do everything on my own provided it passed their visible checklist 😀
@@ModernMiningHub a balcony solar system as we call them in eu is a plug and play solution
just plug it in a outlet, and the fuse/group it is connected to have grid solar
Great Video man!
Yea your electric rate is super cheap and I wouldn’t worry about it at that rate. I have no choice here @.30 if I still wanna make Mining content 😅.
If you have any questions please feel free to reach out and if I don’t know I have a few people I can ask for you
Thanks man will do!! You definitely have the exact situation where solar makes a ton of sense. Pumped to see your progress in the next couple vids.
@@ModernMiningHub Appreciate it Brotha 🙏🏻
Keep grinding!
I'm 100% invested in making renewable energy for my farm
ok use some used solar panels on the ground and youre set. its not worth it if you permit it and buy the fancy stuff. but there are tons of ways to spend only a couple grand and offset your loads
Appreciate you taking the time to stop by! I guess my main questions are what is needed to hook up 1000w of panels without the risk of back feeding to grid (since no permit) and still allow the mining rigs to utilize my home power at night?
@@ModernMiningHub easiest method is to not use grid tie inverters, but build a small backup system. And then use a transfer switch so that at night it switches back to the grid. That way you can use as many cheap panels as you want and just throw it together whenever you feel like it
@@ModernMiningHub what's your current electricity cost. You can make some really cheap systems nowadays luckily
@WillProwse would that setup require my panels to cover the full 3500w usage of my rigs when switched to the backup system? Ideally I’m looking for something that just offsets what I’m pulling from the house at any given time but maybe grid tie is the only way to do that.
.11kwh
You should not ever be set up to back feed into the system a better option would be set it up as off grids with the power feeding into the inverter as shore power
I have 3000 watt solar for GPU mining only. But as of current situation I am not sure when I will get to ROI 😂😂😂
Solar and batteries itself are very expensive and I could not run mining for more than 8 hours daily.
actually some meters might take in what is exportet as a use
so you would end up paying for it (probetly a safety feature, i doubt it´s a bug)
Only reason I would mine is solar. I'm a solar installer, so it's a cheat anyway.
You have either grid tied or off grid. It's not the best way, you can do DC to DC which will get the power to your miner.
The issue you have is is power from solar to battery to miner.
But you don't need a big battery as that becomes a buffer.
Down side is best in the sun and no night mining. Over panel by 35-65%
I've a 850w system it's not always that great even with one miner at 525watts (499w)
GTi are fine, some you can get with zero export, but you'll pay a lot for one.
Batteries are not expensive, go to the main supplier. You'll save over 60%.
You'll want to add panels, so that they face the sun over the day, in summer it's a wide span, so have enough panels facing the right way, about 30 degrees sets ;)
Half answered /noted response sorry
Long term yes .and buying it from crypto gains is big yea
The power company has zero clue if you are backfeeding into the grid, it simply goes to your nearest neighbor or "metered service." The average house uses 30kWh per day, do you really think the 2-3kWh you're exporting daily is going to do anything? The grid operators Ive been employed by (PJM and CAISO) see loads in the Gigawatt range, in fact anything into the realm Megawatts is simply margin for error. Permitting is simply a way to get your to pay for the upkeep of infrastructure. Trust me, the goal posts will continue to be moved where net metering won't make sense, so if you can swing the 30kWh or more of recycled EV batteries and a split phase inverter that's probably the way to go.
Grid tie or nothing. Batteries are way too expensive and last only 10 years or so.
Here's the easy way. Figure out how many hours of sun you get in your area, let's say it's 6 hours of solid sun,
Next what's your load? Let's say 10kw of rigs,
24 hours ÷ 6 hours = 4
The number 4 is your multiplier. You would need 4x 10kw= 40kw of solar panels to average out.... assuming a grid tie with no fees etc
That's 100x 400w panels. Not a small amount of panels, but the going rate for bulk solar panels is about 65 cents CAD$/W, so that's about 35000$ taxes in with peripherals.
LOL