Is Crypto Mining an endeavor worth pursuing?
I been contemplating a lot on how to make some serious passive income, passive income meaning making money while being a lazy butt. Since I hate working for my money.
So I got in to Cryptocurrency and started investigating in whether I can create a Crypto mining rig but there are some obstacles in regards to this.
1) There are some skeptics saying cryptocurrency won't last to long or is not a stable investment venture compared to buying stocks, bonds or investing in a IRA.
2) Energy consumption of a mining rig is ridiculous, for a Antminer S9 pro it uses around 1,375 watts, equating between 0.13 cents to 0.30 cent per hour.
there are other objectives to this to but I am mostly trying to focus on just the energy problem and how to maximize my profitability by eliminating the middleman which is the utility bill.
What first comes to mind is Solar panels and is it possible to produce 3000Kw energy per month or more. And pretty much achieve getting my house off the grid where it is totally self sufficient.
Assuming I got my rig set up where I am making at least $15 per day from crypto mining.
Next thing is the noise and heat problem so I wondered if I can build a shed in my backyard with solar panels, making it possible to power the devices and the AC unit without taking a hit from the electric bill.
like a self sufficient island.
Like this but imagine a bunch or Antminer S9 and GPU mining rig with a AC unit to keep the devices cool.
Building a Solar Powered Workshop
https://youtu.be/xnSew-tCuPo
What other ideas can you share to minimize cost on energy?
So I got in to Cryptocurrency and started investigating in whether I can create a Crypto mining rig but there are some obstacles in regards to this.
1) There are some skeptics saying cryptocurrency won't last to long or is not a stable investment venture compared to buying stocks, bonds or investing in a IRA.
2) Energy consumption of a mining rig is ridiculous, for a Antminer S9 pro it uses around 1,375 watts, equating between 0.13 cents to 0.30 cent per hour.
there are other objectives to this to but I am mostly trying to focus on just the energy problem and how to maximize my profitability by eliminating the middleman which is the utility bill.
What first comes to mind is Solar panels and is it possible to produce 3000Kw energy per month or more. And pretty much achieve getting my house off the grid where it is totally self sufficient.
Assuming I got my rig set up where I am making at least $15 per day from crypto mining.
Next thing is the noise and heat problem so I wondered if I can build a shed in my backyard with solar panels, making it possible to power the devices and the AC unit without taking a hit from the electric bill.
like a self sufficient island.
Like this but imagine a bunch or Antminer S9 and GPU mining rig with a AC unit to keep the devices cool.
Building a Solar Powered Workshop
https://youtu.be/xnSew-tCuPo
What other ideas can you share to minimize cost on energy?
Comments (4)
It's hard to guess the future, though the problems you mention about Crypto contaminating a lot and that its value is subject to wild fluctuations are correct.
One thing is near certain about it, and that's that it's a fad. Most fads tend to die down considerably. You could dable in it if you wish, but I'd be extremely careful to get too enthusiastic about it. I have a strong feeling that these things will end up not working as intended: "democratic control of the money supply".
Someone eventually comes up on top and dictates rules others wouldn't agree with.
Don't forget that food is energy consumption too. And given that it is one of the most expensive things we buy on a daily basis, you can investigate if you could lower your food bill too. You can choose healthy, but inexpensive food, or unhealthy and expensive alternatives.
Now I am wondering about BitCoin, Ethereum and LiteCoin. Than keeping in mind how Elon Musk bought 1.5 billion dollars worth of BitCoins when it was $32,610 per coin. And now is worth $61,697 USD per coin and how it effected TESL stocks jumping from around $500 when I sold it last year to now $1114 per share.
God I wish I had kept my TESLA shares.
But anyway, I have a strong feeling is not a fad especially since TESLA are accepting BitCoins to sell there TESLA vehicles.
Now I am wonder about whether I should invest in the EV market again.