Market conditions and electricity costs have substantially lowered cryptocurrency mining profitability. As a result, big and small-scale cryptocurrency miners are forced to turn to renewable energy to reduce operational mining costs.
Future of Crypto Mining Lies in Solar Energy
Cryptocurrency miners have been trying to lower their costs since the advent of Bitcoin (BTC). Now, due to adverse cryptocurrency market conditions, this endeavor has become increasingly critical.
Consequently, some miners are now using solar energy to run their operations. For example, Reddit user “cadese” claims he is using solar panels to reduce costs significantly — stating:
Bitcoin mining is forcing me to go solar power. I just installed solar panels to run my miners during the day. Not only does my house get heated but I cut the mining cost by 75%. Why? It’s not just the cheapest form of energy, but I get rid of the grid-transfer cost and tax (=75%!)
My solarpowered mining-rig went viral on Reddit https://t.co/yUWLDR5NDJ