Instead, mining now requires special computer equipment that can handle the intense processing power needed to get bitcoin today. And, of course, these special computers need a lot of electricity to run. Proponents of bitcoin say that mining is increasingly being done with electricity from renewable sources as that type of energy becomes cheaper, and the energy used is far lower than that of other, more wasteful, uses of power. The energy wasted by plugged-in but inactive home devices in the US alone could power bitcoin mining for 1.
But environmentalists say that mining is still a cause for concern particularly because miners will go wherever electricity is cheapest and that may mean places that use coal. According to Cambridge, China has the most bitcoin mining of any country by far. While the country has been slowly moving toward renewable energy, about two-thirds of its electricity comes from coal.
Since there is no government body or organization that officially tracks where bitcoin is being mined and what type of electricity miners are using, there is no way of knowing whether miners are using electricity that is fueled by renewable energy or fossil fuels.
Mining rigs can move from place to place depending on where energy is cheapest, which makes mining particularly hard to track. A single transaction of bitcoin has the same carbon footprint as , Visa transactions or 51, hours of watching YouTube, according to the site.
Especially since all heat and warm water in my low-energy house is made with electricity. I do have 4. Nilan Compact P. Heating air and also has a L boiler. My house is heated and cooled with a central ventilation system powered by a heat pump. Basically my heat pump is pulling in fresh air from outside, heating it and blowing it in all rooms and making hot water. Also I have infrared panels in every room for the really cold days. Central heating. It's pretty smart and even uses the absorbed heat of the house before venting it out to warm the fresh air but it has a major downside during cold days:.
Heat exchanger in the Nilan Compact P. Many heat pumps take heat from the ground to pre-heat in winter or pre-cool in summer the outside air before sending it to the heat pump but that would have been too expensive for me so I chose the simple method of just using the outside air as-is. Since laying about half a kilometer of air or salt tubes in my back yard was not an option I was looking for better solutions and I found it in the world of crypto currencies.
Crypto currency miner. Some crypto currencies don't call them "crypto", that's lame and wrong are generated by thousands of people who run dedicated hardware to basically calculate random numbers until one cryptographically correct one is found. Read more about how it actually works. Never mind how it works on a technical level, the main takeaway is that you can put some device in your house that uses electricity and produces heat.
In exchange you get shares of that crypto currency coins like Ethereum or Bitcoin which you can sell on a trading platform. Mordern cards would perform much better. To see if they could still make a profit I checked the Cryptocompare Mining calculator , put in my electricity price, the consumption and the hashrate of these cards and was surprised by the results. So at the time I was making about 3. Meaning on cold days I'd half my power bill even after paying for the electricity the miner is using.
But that's just step one of the plan. I can just harvest this heat and send it to my heatpump so it would need less energy warming the outside air. Basically I had two options. My 4 GPUs in a 4U server case. The central ventilation system does not only push fresh air into the house, it also sucks out the used air and uses this air in the heat exchanger to pre-heat the outside air. Sucking vent before going to the heat exchanger.
Placing the miner in this room will cause the warm air to be sucked in and pushed directly into the heat exchanger together with the used air from the house. This is the lazy method because I don't really have to do anything but put the miner in the same room as the heat pump but of course there is a downside. Since I'm only running the miner when it's cold outside and the price is high enough I can use the cold, dry outside air to cool the miners and also recycling the warm air they produce to feed into the heat pump.