Solar power and battery system are providing power independence and security for millions of people around the world. Cryptography also offers a way of creating independence and security for the future digital currency system.
Cryptocurrency is a peer to peer transaction mechanism using cryptographic blockchain technology. The blockchain is a decentralized network which requires computers to verify transactions and record them on a blockchain ledger. Processing these transactions can require lots of energy, and solar power can help increase the profitability of the mining application.
We expect crypto currency and more specifically blockchain technology to become the breakthrough invention of our time, enabling a decentralised social order, backed by renewable energy.
Bitcoin is the original cryptographic blockchain technology developed by Satoshi Nakamoto, but there are thousands of different cryptocurrencies, using different types of cryptographic algorithms, designed for different applications, most of which can be mined for profit.
GreenPowerCo can assist you purchase and setup the appropriate mining hardware and software to build your mining operation.
How Cryptocurrency Mining Works
Different types of cryptography use different types of hash verification processes for approving transactions, which is then suited to particular mining hardware. The speed at which you process a solution, is measured in hashes per second. The greater the computing processing power you contribute to solving the hash codes, the greater the chance of solving a block and increasing your rewards.
How To Start Mining Crypto Currency
We can design and size specific mining equipment suited to your particular blockchain application. Some crypto applications may only require the processing power of a personal computer (CPU), however, more established and popular coins require higher speed processors, such as graphics cards (GPU) or even custom processor chips (ASIC) cards which can increase performance up to 100X that of a CPU. Usually, the greater the processing power, the greater the energy usage, which opens the door to solar powered mining rigs.
Solar Powered Mining Rig
It is advantageous to utilize the suns energy via photovoltaics to mine cryptocurrency. After the pay back period of a solar power system (usually a few years), the cost of producing solar electricity for mining is basically free. Then you can realize the huge potential gains of mining the ‘right’ currency.
If you already have a solar power system, it becomes more profitable to use the excess solar power to mine cryptocurrency, than to export the solar power back to the grid, especially if we realize gains like we did in 2017.
A solar power system can reduce the cost of electricity over the 25 year warranty life of the solar panels to under 4cents per kWh. The equivalent daytime cost of utlity power in Australia, is around 20-30 cents per kWh, with off peak rates between 10 and 20 cents per kWh. The idea of a solar mining rig, is to use the suns power when available and off peak rates at night. The mining rig should be operational 24 hours per day to maximize returns on investment.
Solar Mining as a tax offset
Bitcoin for example, has been the most rewarding investment in the market since its inception in 2009. Based on the historical performance of the cryptocurrency market, your business can generate considerable income from allocating otherwise taxable profits toward a solar mining rig and the subsequent generation of cryptocurrencies.
It is worth considering that the potential upside of a burgeoning new decentralized digital currency system, backed by the now proven strength of the blockchain, may in fact be the future of the global monetary system. Can you afford to miss this boat? Most coins may amount to nothing, but the ones that succeed will reward you very well.
Bitcoin Mining Hardware Comparison
Based on the electrical efficiency of the equipment in comparison to the price per hash, the best mining hardware on the market include:
- 4.73 Th/s
- 0.25 W/Gh
- 13.5 Th/s
- 0.098 W/Gh
- 3.5 Th/s
- 0.29 W/Gh
Crypto Mining Software and wallets
Once your crypto mining system is set up, you will require the specific mining software to start to produce coins. These coins will then need to be safely stored in a wallet. There are many types of wallets, and we recommend storing your cryptocurrency on a secure offline wallet.
Mining pools operate via a centralised network of miners working together to collectively verify transactions. Rewards are distributed according to the hash processing contribution of each party within the pool.
In the case major coins like Bitcoin for example, the competition for solving a hash code is ultra competitive, so the only effective way to sustainably mine Bitcoin, is thru one of many Bitcoin mining pools. There are many to choose from, all with their own incentives and structures.