Market conditions and electricity costs have significantly reduced the profitability of mining. As a result, large and small crypto miners are forced to use renewable energy to reduce the cost.
Now, due to the unfavorable market conditions, new methods are needed.
Some diggers now use solar power to manage their operations. For example, the Reddit user “cadese” claims to use solar panels
Bitcoin extraction forces me to focus on solar energy. I just installed solar panels to manage my dips during the day. Not only did my house heat up, but the mining costs fell by 75%. Why? This is not just the cheapest form of energy, but I’m getting rid of the cost of electricity transfer and the tax.
My solarpowered mining-rig went viral on Reddit 🌞😎https://t.co/yUWLDR5NDJ
— Christian Ander (@nderchris) March 13, 2019
Renewable energy yields are more widespread than previously
In November 2018, CoinShares Research published a whitepaper reviewing trends, costs, and energy consumption
According to the authors, the study shows that most bottlen extraction takes place in global regions containing available sources of renewable energy. The report also highlights that about 80% of digging is fed by renewable energy.
Renewable energy to power the Crypto revolution
Using solar panels becomes more cost-effective than standard electricity. For example, the Azultec Cube300 advertises that diggers can mine with the option of “using renewable energy and recovering up to 72% of the heat generated”.