Mining cryptocurrency can be a profitable endeavor, but it takes a lot of time and energy. One way to offset some of the costs is to use solar power to run your mining operation.
But does the end justify the means…I mean, crypto can be very profitable as we’ve seen play out over the last several years, but solar is also quite expensive to get installed. Sure, solar should pay for itself in the long run…but that upfront cost is a doozy!
I decided to make a sort of “FAQ” for mining cryptocurrency by using solar…so I’ll start with a few of the bigger, more obvious questions and then get into some more nuanced topics.
Is It Possible To Mine Cryptocurrency With Solar Power?
Mining cryptocurrency with solar power may be an option for people who have installed solar in their homes. However, it is important to note that mining cryptocurrency with solar power is not as profitable as it once was.
Currently, it is estimated that miners would need at least a 50-kilowatt solar system in order to mine bitcoin profitably. This number may change in the future as the difficulty of mining increases.
Many miners are now using solar power to run their mining operations. This is due in part to the high cost of electricity in many areas, as well as the increasing popularity of cryptocurrencies.
Solar-powered mining can be a viable option for those who want to get into cryptocurrency mining but want to avoid the high electricity costs associated with traditional mining methods. It can also be a good option for those who live in areas where there is ample sunshine and solar power is readily available.
Solar-powered miners can expect to see a return on their investment within a few years, depending on the cost of solar panels and the amount of sunlight available.
Is Solar Crypto Mining Profitable?
In general, solar-powered miners can expect to see a return on their investment within a few years. The profitability of solar-powered cryptocurrency mining depends on a number of factors, including the cost of solar panels and the amount of sunlight available.
However, as the difficulty of mining increases, it may become more difficult for solar miners to remain profitable. In addition, the amount of cryptocurrency mined may not be enough to cover the cost of solar panels and other associated costs.
One of the most significant advantages of having a solar panel system is that once you have paid for the system itself, the cost of mining is basically free. You’re going to have to put a lot of investment into the system upfront to get all of these solar panels, power controllers, batteries, and processors. However, once this system is fully operational, you can make about $18 per day.
The most profitable crypto mining is Bitcoin which has a reward of 2.5 BCT per block for an estimated daily profit of $6 to $11. This is far more profitable than other types of crypto, but whether or not it will depend on how much mining you can perform per day and how big of an operation you have.
It’s not only about getting a cheap system set up so that you can start crypto mining right away, but you also need to be able to make a profit. For mining to be profitable, something like Bitcoin needs to stay above $2,000. Considering that many cryptocurrencies are very volatile and that significant drops can occur throughout the day, it’s a risky venture.
You will have to think about how much wattage you will get from each of your panels compared to the price and then compare that to how much you’re going to make per day with your mining setup compared to the initial setup costs. Below is a table of some of the popular companies that sell solar panels and their prices and power output.
| The Market Club | 200 W | $199.99 | $0.9999 / W |
| FAZCORP Solar Energy | 385 W | $379 | $0.9844 / W |
| Adventure Kings | 160 W | $109 | $0.6812 / W |
You’ll have to do your research into companies that provide solar panels in your area to see what kind of wattage they should get at their Peak moment and what their cost per watt is.
However, the above chart can at least give you a rough estimate to start with as you make calculations of how many solar panels you will need in regards to your Hardware needs.
Finally, here is a table that goes through the different cryptocurrencies and their market price and block reward so that you can get an idea of what kind of investment and return you’re going to be getting for the cryptocurrency you decide to mine for. Remember that these stats are likely to fluctuate significantly, so these are more of a guideline than set stats.
| Ethereum (ETH) | $2,370 | 523 Th/s | 13.57 s / block | 2.38 coins |
| Doge (DOGE) | $0.1967 | 292 Th/s | 62 s / block | 10,000 coins |
| Decred (DCR) | $128.91 | 278 Ph/s | 274 s / block | 7.375064 coins |
| Ergo (ERG) | $5.40 | 11.8 Th/s | 113 s / block | 67.51 coins |
How Many Solar Panels Does It Take To Run A Crypto Miner?
On average, assuming you want to mine Bitcoin, you will need about 30 to 50 panels, but it also depends on your location and how much electricity your mining drawers have. Most mining rigs draw about 3000W, which comes at daily consumption of about 72 kilowatts. It’s essential that you consider how much sunlight your location gets, which will impact your panels’ efficiency.
However, other sources discuss needing at least 6,000 Watts or solar panels, which would double the amount listed above to 60 to 100 solar panels. Ensuring that you have a property that can get the most out of your solar panels is the best way to cut back on how many you need while still getting the correct wattage.
Keep in mind that you will need to mine Bitcoin with the above number of solar panels because it is the most popular and profitable of the cryptocurrencies. Still, other cryptocurrencies take less and more wattage, so you are going to decide on what exactly you are mining for before you can decide on how many panels are going to need.
Below are a few of the average peak sun hours per state in the United States with the most peak sun hours. You can find an estimate of the peak sun hours in your area regardless of your country by doing a quick internet search or by contacting a solar panel company in your area.
- New Mexico: 6.77 hours
- Arizona: 6.57 hours
- Nevada: 6.41 hours
- Wyoming: 6.06 hours
- Hawaii: 6.02 hours
- Kansas: 5.79 hours
- Florida: 5.67 hours
- Oklahoma: 5.59 hours
- California: 5.38 hours
- Utah: 5.26 hours
Why Are So Many Solar Panels Needed To Mine Cryptocurrency?
In general, you need a large array of solar panels because the amount of sunlight available directly affects the rate at which cryptocurrency can be mined. Cryptocurrency mining is a process that requires significant computational power.
Thanks to this high computational demand, the high electricity costs associated with traditional cryptocurrency mining methods can be prohibitive for some miners.
Solar-powered cryptocurrency mining can be a more cost-effective way to mine cryptocurrencies, as solar panels can provide the necessary power at a lower cost than traditional methods.
It is important to note that the cost of solar panels and other associated hardware will need to be taken into consideration when calculating whether or not solar-powered cryptocurrency mining is profitable.
How Much Crypto Does The Average Person Mine Per Day?
Bitcoin has a block reward of 6.25 BTC per block mined, which amounts to an estimated $25 day-to-day revenue.
Ethereum miners can earn around $0.50-$2.00 every day with a hash rate of about fifteen MH/s.
Litecoin miners can make anywhere from $0.50-$1.00 each day with a hash rate of around two hundred KH/s.
These are simply examples and your profits may vary depending on the cryptocurrency you mine, the hardware you use, and other factors.
It is important to remember that these earnings can change based on market conditions and mining difficulty…also, these earnings do not take into account the cost of electricity, (whether power grid or solar) or hardware.
Luckily, mining cryptocurrency has taken on a bit of a passive hobby status for many people. Parents and kids have fun building a mining rig together and watching their operation slowly churn out some bitcoin and watch its value grow over time.
Sure, the price may fluctuate, but the long-term growth of bitcoin is rising exponentially and the return on investment is often worth it.
What Hardware Is In A Solar Crypto Mining Setup?
What hardware you need for your crypto mining setup will be determined by what kind of coin you want to mine for and what type of budget you have to use.
Below is a chart of some of the common pieces of hardware for you to use, along with the kind of coin they will mine. All of the prices for the hardware are in US currency and company estimates made by a case study done by the Southern Institute of Technology Journal of Applied Research.
The cost and power requirements for the GPU miners do not include the cost and power requirements of the computer, as this can vary.
| HARDWARE | CURRENCY | COST | HASH RATE | POWER REQUIRED |
| Antiminer E9 | ETH | $30,000 | 3.0 Th/s | 2,600 W |
| Antiminer E7 | DOGE | $12,800 | 9.5 Gh/s | 3,425 W |
| StrongU STU-U1++ | DCR (Decred) | $1,253 | 52.0 Th/s | 2,200 W |
| NVIDIA GeForce RTX 3090 | ETH | $3,395 | 114 Mh/s | 320 W |
| NVIDIA GeForce RTX 3080 Ti | ERG (Ergo) | $2,639 | 230 Mh/s | 280 W |
| AMD Radeon RX 6800 | ETH | $2,143 | 64 Mh/s | 150 W |
Keep in mind that these are only a few of the pieces of hardware to give you an idea of what is available, what kind of price range you are looking at, and what is the power requirements are like. If you are going to use a GPU type minor, then you’re going to have to ensure that you have a computer that has powerful enough Hardware of its own.
What Are The Pros Of Using Solar Power To Mine Cryptocurrency?
The pros of using solar to mine crypto include the lower cost of solar energy compared to traditional methods, the potential for passive income, and the reduction in greenhouse gas emissions.
If you go into using solar to mine crypto with an open mind and realistic goal, then it can be a great way to make some passive income and track an investment.
Solar technology is also progressing and prices are coming down. Most of this article has focused on bitcoin, but there are other cryptocurrencies being developed that aren’t as energy-hungry so those might be worth exploring too.
- It is a renewable energy source.
- There are plenty of locations for people who want or need cryptocurrency mining that have the perfect amount of sunlight year-round.
- It is a “passive hobby” for some people and they enjoy the extra time that mining bitcoin takes up.
- Solar powered cryptocurrency mining can be a more cost effective way to mine cryptocurrencies, as solar panels can provide the necessary power at a lower cost than traditional methods.
- The price of Bitcoin and other cryptocurrencies are often on the rise, which can result in significant profits for miners.
- Mining cryptocurrency with solar power can help reduce greenhouse gas emissions from traditional methods of mining.
What Are The Cons Of Using Solar Power To Mine Cryptocurrency?
The cons of using solar to mine cryptocurrency include the initial investment in hardware, the potential for lower profits than traditional mining methods, and that some cryptocurrencies are not as energy-hungry as others.
With the good comes the bad…and there are some pretty glaring negatives you should consider. Bottom line, the average person isn’t going to use a standard solar array and their desktop computer to “get rich quick.”
- The initial investment in hardware for a solar cryptocurrency miner is high when compared to traditional methods.
- As the price of Bitcoin and other cryptocurrencies fluctuate, the profits from mining can go up or down.
- Cryptocurrencies that are not as energy-hungry might not be as profitable to mine with solar power.
- Solar powered cryptocurrency miners may not always have access to the same amount of sunlight.
- You may not be able to use your solar powered miner in cold environments.
- You have to use solar panels that are made for heavy-duty usage or else they won’t produce enough power for your equipment’s consumption rate.
Right now, it seems like there are more cons…or at least BIGGER cons…to using solar power to mine bitcoin, but I think that’s mostly dependent on how much crypto you home to obtain.
Sure, most people would say “as much as possible,” but there are still several people that just want to let it slowly build over time…the perfect passive hobby that can pay for itself and be profitable over time.
Final Thoughts
This article is by no means meant to offer any sort of financial advice, especially in something as new and ever-changing as cryptocurrency.
I mainly wanted to point out that using solar power to mine crypto is possible and can even be scaled to be profitable in a fairly short amount of time…but again, the scale to be profitable quickly is HUGE.