The Bitcoin network is indeed power-hungry, but that barely shows the entire picture of its environmental impact. Some Bitcoin miners worldwide are coming up with novel ideas on how to get more out of their mining units; be it through powering them using off-grid renewable energy resources or recycling excess energy.
Per a Bitcoin subreddit post, a Bitcoin miner was forced to turn to solar power considering the dwindling profitability of Bitcoin mining amid the bear market. Candese said the solar panels helped reduce mining cost by 75%. “It’s not just the cheapest form of energy, but I get rid of the grid-transfer cost and tax (=75%!),” the poster explained.
“They are actually not profitable when running on the grid. I’m also getting a battery to be able to run 24/7, that’s the next phase,” Candese responded regarding the setup.
Installing solar panels to power miners is not the only energy-saving measure being utilized by Candese. The environmentally-conscious Redditor said thanks to a pretty sizable collection of hardware being utilized at the undisclosed place “in a cold country,” using heating on the property is no longer necessary. Candese also does not use air conditioning to prevent equipment from overheating as the basement “keeps a steady 7 degrees all year round.”
Candese is not the only Bitcoin mining operator exploring the idea of recycling surplus energy from high-power computer chips. In 2017, Russian entrepreneurs have reportedly invented a heating system powered by Bitcoin miners which, at the time, was producing profits of $430 monthly. The property leverages low-cost hydroelectric power and, with the location’s climate, the heat produced from the units is necessary during the nine months every year when central heaters are an absolute must.
Similarly, one Czech entrepreneur tried to extend the tomato growing season by heating his crop using the energy from his mining operation.
Ultimately, crypto price drops during the bear market have led to large scale miners addressing their energy consumption. It has prompted many to explore clean energy resources instead of depending on electricity generated by fossil fuels. Several mining operations have relocated to small industrial towns in Canada which are known for their abundant low-priced hydroelectric power.