Re: Bitcoin Miners Face Leanest Month of 2024: August Earnings Hit Year’s Low
solar is great for normal household power utility.. especially if you plan to live there for many years to ROI the solar investment.. after all a few led room lightbulbs, a tv and a fridge freezer only uses say 1kwh so dont need many panels for basic minimalist living(candlelit nights)
but a asic is over 3kwh so need 9x1kwh panels to be a 1asic hobby miner (average EFFICIENT sunlight is 8 hours meaning 3x power draw to take in enough to use on demand and store for use later of the other 16 hours without good efficient sunlight).. then you look at the limited roof and backyard space to fit them.. and then look at the cost of panels and installation and delivery to remote islands, and suddenly the math shows that you are not going to ROI that panel investment in 2 years at todays bitcoin prices either
researching and mathing things out is great.. try it
i'm not sure its absolutely necessary to do the 3x power draw. just run your miner for 8 hours per day and that reduces the cost of your solar system and the size they take up. if you can't make money doing that then i doubt you can make any money by scaling that up. but you are right, hawaii is probably a better place to vacation or buy bitcoin than try and mine it.
its not just electric.. its hardware cost too
if the 2 year ROI on asic hardware expectation is based on 24hour of sat acquiring.. reducing mining time by 3 means hardware ROI of the asic takes 3x longer because you are getting 3x less sats per day (if doing your 8 hour mining)
to recoup that expense
but now you see why some places like hawaii will just buy coin at any price even to the ATH premium
Plus there's mining hardware depreciation and obsolescence. Turning off and limiting your miners to mere eight hours a day loses its opportunity to breakeven on the hardware cost which must be done as quickly as possible. In this industry, cheap electricity is the biggest requirement to succeed. No access to cheap electricity means losing against the other more efficient miners who do have access. It would absolutely be more profitable to buy the DIP, and HODL with the capital and relax by being a passive investor.