The current regulations, conditions and the cost of electricity have proved to be quite disastrous for the bitcoin miners across the world as these have led to the profits in bitcoin mining being lowered and even NIL in some cases. Some miners have even shut down their bitcoin mining operations, however, others have adopted a profitable method of bitcoin mining by using renewable energy especially solar energy to mine bitcoins.
Solar Energy: The Future of Bitcoin Mining
Due to the current market conditions, it has become very essential for miners to think proactively and start using resources that lower the cost of mining. As such miners have started using solar energy powered bitcoin mining machines for running their operations. According to some miners who have already adopted this method, using solar energy not only helps them in cutting their bitcoin mining cost by over 75 percent but also helps them to keep their homes heated.
Solar Energy is bringing hopes to small and medium-sized bitcoin miners who were being shattered away from the industry due to the market conditions. In the advertisement of Azultec Cube 300 which has the option of using renewable energy for bitcoin mining, they show that it can recover around 72% of the heat generated.
Large companies like Solar Alliance Energy which were leaders in commercial, residential as well as industrial solar installations are now trying to focus on the use of such energy in the bitcoin mining industry. The company even signed a contract with NuYen Blockchain for developing a crypto mining station in Murphysboro, Illinois.