Miner said that solar energy has reduced Bitcoin mining costs by 75%

The market has long been in a bear market environment, and the high cost of traditional electricity has greatly reduced the profitability of cryptocurrency mining. In China, due to the relatively low cost of electricity, large miners can barely maintain operations, while in some places abroad, Traditional electricity costs are very high, so some small miners are forced to switch to cheap renewable energy to reduce mining costs.

Miner's voice: solar mining can reduce costs by 75%

Since the advent of Bitcoin (BTC), cryptocurrency miners have been working hard to reduce costs, and this effort has become increasingly important under the pressure of the market environment.

As a result, some miners are now using solar energy to run their businesses. For example, the Reddit user "cadese" claims that he is using solar panels to significantly reduce the cost of mining, he mentioned:

Bitcoin mining forced me to use solar energy. I installed solar panels to power the mine during the day. Not only did my house warm up, but I also reduced the cost of mining by 75%. Why? This is not only The cheapest form of energy, and I also got rid of grid transfer costs and taxes (=75%!)

My solar mining site is on fire at Reddit.

The use of renewable energy to dig up bitcoin has become more common than previously thought.

Renewable energy drives the cryptocurrency revolution

In November 2018, Coinshares Research released a report on bitcoin mining trends, costs and energy consumption. According to the authors, the study shows that most bitcoin mining areas tend to use renewable energy, and the report also emphasizes that about 80% of mining is driven by renewable energy.

Using solar panels to power mines is becoming more cost effective than using standard power. For example, according to the Azultec Cube300, miners can generate cryptocurrencies by selecting "Use renewable energy and recover up to 72% of heat."

For small-scale miners, more and more solutions are becoming available.

Perhaps one day, the idea that Bitcoin mining will pollute the environment will be completely forgotten.