Open letter to Will Prowse

[Zil]

Will = "Right now I am using my driveway array power to run GPU and ASIC crypto miners, and I will probably add more solar, so I can make more money faster. I am trying to push as much money out of this system as possible. It is very addicting to see how much money I can make in a day with pure solar power."

I would like to see more of this story. Could you cover some details? How much is the cost of the equipment? How long does it take to "mine" how many fractions of a bit coin? How long did it take to recover the cost of equipment and software? Did you put any value to your time and education about the subject? How much is a "lot of money" earned from this system? What size is the solar array? The size and spec of the solar power system dedicated to this project? Thaks, Will.

 

[Short_Shot]

Yeah I'm gonna be honest. This isn't really an "open letter" lmao

 

[740GLE]

Seems like a comment that should have made directly to the posted video.

Did YouTube shut down the comment sections?

 

[BMcL]

C'mon, it's an "open letter." We're ALL reading it, yes ?
But does Will want more competition mining Bitcoin ? LOL

 

[curiouscarbon]

Purposing the Joule Heating thermal energy from a computer for heating a living space is very smart. Just be sure to be able to vent excess heat when the living space is at desired temperature. Even better than venting to atmosphere, use it to heat water.

 

[vadadofthr33]

I think you need to break down your question in to a two sections, 1 - you need to educate yourself more on mining. 2 - How do I use my solar system to help cut opex costs. Plenty of information out there on mining. It is a nice passive income stream with what appears to be a relatively low risk. Not that hard to figure it out if that is what you are asking. Much more money made the early part of the year prior to some changes that were made. I am though earning about 350-600/month after electrical costs personally. Earlier in the year there were days where I was earning 50-100/day. I have paid back about 2/3 of the equipment that i have purchased to mine and purchase more graphics cards as I find them at a reasonable price. I look mostly for payback less then about 260 days as an arbitrary number. I am running 3 computers (2 desktop with multiple graphics cards and 1 high end laptop) and use roughly 1kw of power continuous. I would love to move things off grid to a solar shed and get it out of my house and off of my main property, but that is a work in progress. More money to be made mining than worrying about electrical costs right now, so investment goes towards mining equipment.

 

[740GLE]

You’re local utility agrees, focus on mining.

Between mining and pot grow houses businesses is booming ?

 

[Ntrain2k]

One issue with the video is that he did not address difficulty increases.

When it goes up it will significantly increase ROI.

 

[madsci1016]

One issue with the video is that he did not address difficulty increases.

Or the planed Ethereum bomb and switch to POS that 'could' radically shake up everything we currently experience in cryptomining....

 

[Zil]

Yeah I'm gonna be honest. This isn't really an "open letter" lmao

Sorry. I do not like to hijack any thread going off topic.

 

[Zil]

I think you need to break down your question in to a two sections, 1 - you need to educate yourself more on mining. 2 - How do I use my solar system to help cut opex costs. ....

Thank you for the response. I have no desire to bit mine. I am curious about the process, but need the personal energy I would lose researching the intimate details. The little googling I have done didn't indicate 10 to 20 $ per day profit with only 1000 watts.

 

[madsci1016]

The little googling I have done didn't indicate 10 to 20 $ per day profit with only 1000 watts.

I'm personally doing $6-7/day with 500 watts. So yeah that's reasonable. But no, I'm not interested in educating you about it. There are plenty of resources online (it's how i learned).

 

[JoeHam]

I'm personally doing $6-7/day with 500 watts. So yeah that's reasonable. But no, I'm not interested in educating you about it. There are plenty of resources online (it's how i learned).

Can I ask a few questions that would take a minute to answer?

Feel free to answer here or over at a new thread I started:

Cryptic Crypto- How can I make $5 per day efficiently?

Like tens of thousands of other folks who viewed Wills latest video on crypto it got me thinking. I noticed a mention of NiceHash by him and thought of starting there. In a few minutes, I set up an account and put to work a computer that is not being used during the week. The computer is a...

diysolarforum.com

The questions are:

Are you mining with a GPU (non-ASIC) based rig?

How many GPU's ?

What currency ?

Thanks in advance for any info you are willing to provide.

 

[NwCali]

The idea that people will use solar (or any energy source) to "mine" bitcoin (or any "currency") saddens me....

If solar isn't about reducing our dependency on non renewable resources then why bother?

For me "money" represents x minutes of your life for someone elses. Regardless if its the $ or some other currency.

As is we blew that big time, and will be the next crisis humanity will face since WW2....

 

[madsci1016]

Can I ask a few questions that would take a minute to answer?


The questions are:

Answered in your other thread.

The idea that people will use solar (or any energy source) to "mine" bitcoin (or any "currency") saddens me....

If solar isn't about reducing our dependency on non renewable resources then why bother?

For me "money" represents x minutes of your life for someone elses. Regardless if its the $ or some other currency.

As is we blew that big time, and will be the next crisis humanity will face since WW2....

Yeah i get it. Personally I'm hoarding a handful of GPUS to get through the chip shortage and putting them to work in the meantime. I only started this to "bank" excess solar production I was loosing when my battery got full and couldn't feed the grid with (not allowed too).

 

[Samsonite801]

I might actually consider buying some ASIC miners to mine Bitcoin if I lived in the arctic climates, would be great to plumb the miners through the central heating duct work and heat the whole house

But where I live, it gets hot in the Summer too, so perhaps would require a lot of A/C cooling energy to dissipate all the excess heat. I might look into staking Cardano ADA since it is more efficient, don't need ASICs or GPUs, and actually does something for the world other than waste energy. Cardano ADA is titled the 'green' crypto (with Proof-of-Stake transaction verification) and new Alonzo release supports smart contracts now so it could eventually overtake Ethereum and potentially even Bitcoin once people start catching on to the benefits, like super low transaction fees, DAPP and DeFi support ecosystem, and strong cross-language developer support...

 

[curiouscarbon]

The idea that people will use solar (or any energy source) to "mine" bitcoin (or any "currency") saddens me....

If solar isn't about reducing our dependency on non renewable resources then why bother?

For me "money" represents x minutes of your life for someone elses. Regardless if its the $ or some other currency.

As is we blew that big time, and will be the next crisis humanity will face since WW2....

Please hear me out,

What if someone has an all solar off grid thing, and they are as warm or as cool as they want to be (HVAC big draw), and their battery is full, and it’s 11am? And wasting solar potential.

---

Or, the heating aspect of living space can be entirely achieved or supplemented from a computer.

But since computer heat is resistive heat from Joule Heating, it will be Coefficient of Performance = 1. Whereas with a heat pump CoP>1 can be achieved.

Basically, a living space that uses solar power first for charging battery, critical loads, hvac, hot water.

The heat from computer can be used first to heat air of living space, then water, then vented, in that priority. Many domestic buildings are not set up for dynamic intelligent HVAC. But from what I gather, some large scale apartments have fancy HVAC. And office buildings and any industrial space of course to be expected.

Basically, if it’s “mining” or “rendering cool computer graphics”, what is the harm if all the power is sourced from solar? And if the heat is used to make a human comfortable?

The largest possible downside to using excess solar potential for doing random hashes that I can think of is that it might motivate other people to do it with dirtier energy sources.

Just to mix things up a bit, here’s a “miner” network that actually just renders CGI in a distributed manner, and you are part of making art a reality: https://www.sheepit-renderfarm.com/

Running that program will use power, help people, warm whatever space the computer is in, etc.. or in the old days, use SETI!

 

[Samsonite801]

Basically, a living space that uses solar power first for charging battery, critical loads, hvac, hot water.

That's true, you could convert the heat into heating water too, suppose even storing it underground in the Summer (like geo-thermal battery) for heating the house during the winter...

 

[madsci1016]

Please hear me out,

What if someone has an all solar off grid thing,

To be fair that is a strawman you are setting up and should be acknowledged. Yeah it makes sense in that case to bank power (thats what i do) however Will's video referenced here is advocating for crypto mining by adding excess solar for no reason other than profiting off crypto when he could alternatively be feeding the grid and off-setting carbon emissions of real loads. It is a prime example of the (rightful) hate against crypto-mining for massive resource consumption without any tangible result. Heating by heat pump is less resource wasteful in alot of cases so heating by mining is not easily forgiven. It's just a convenient excuse.

The fact at a global scale crypto mining consumption has surpassed solar production is alarming and counter to the ideals of green energy. NwCali is right.

 

[Zil]

I'm personally doing $6-7/day with 500 watts. So yeah that's reasonable. But no, I'm not interested in educating you about it. There are plenty of resources online (it's how i learned).

I have no desire for you nor did I ask you to educate me. I still do not believe the profit figures. No one takes into account the whole sum of their expenses. That is why I attempted to start a dialog with Will. That didn't work so I'm 'outahere'. If any moderator wishes to close this thread I will be good with that decision.