In this video & article I explain how I was able to make more profit from mining Cryptocurrency by installing Solar panels on my roof. There is a few reasons why I decided to get solar. The first is to reduce my carbon foot print. We all have to do our bit to try and make the world a better place and there are some really easy ways to do this. That was the first reason.
The second reason was that I like to support the Solar industry. This is an industry that can solve allot of problems for humankind rather than burying it. Other industry’s out there are not so friendly towards out future.
The last reason was that I could use some of the power to mine Cryptocurrency. The panels will pay of the mining rig and the mining rig will pay off the Solar. This will happen at a much faster rate then if I was able to get some money back on my power bill from the energy company.
How does it work?
The sunshine hits the panels and then flows down into the house first, so you use the power before it goes out to the grid. And you can get a refund of power supplied by your energy retailer.
The current feed in tariff in Australia is not much something like 12cents per kilowatt hour on a good day you can put in about 4 kWH to the grid.
This is middle of winter figures so this would be higher in summer. You need to also take into account that you are using the power first before it goes out to the grid. Fridges will use that power before it goes out. The actual figure would be higher then 4 kWh. Because the feed in tariff is not much its important to use the power before it goes out to the grid. In this case I am using it to mine Ethereum.
You could go one step further and install a battery. That way any power would be stored in the battery and used at a later time. The problem with this at the moment is that the battery’s cost far outweighs moneys saved. Buying a battery would be money wasted pretty much.
The KraKen Triple miner is my latest build where I try to get the most out of the mining rig by using a more expensive CPU i7 7700 to mine Electroneum ETN or Monero XMR.
The KraKen Triple miner is my most ambitious mining rig yet which uses 8 GPUs as well as a high end CPU I& 7700 to mine Electroneum. At the time of the build GPUs were really expensive and hard to get. But since the video I have been able to get enough cash together to complete the whole rig. I will do an update to this rig in the coming days.
The big challenge which rigs this size is knowing exactly what size power supply size to buy.
In this video I used the AeroCool 850 and 750 watt power supply which wasn’t enough to power a full 8 set of graphics cards. But it got me started. In hindsight I probably should have gone for the 1600 watt EVGA power supply. However the prices of this power supply are massive so I tired to go cheaper. In the end the AeroCool 850 power supply failed on me so I took it back and got the 1200 watt Thermaltake Power supply.
Once the power supply’s were in it ran pretty well. Currently I have 7 x RX 570 cards and 1 x GTX 1070 card in the rig. And getting around 210 Mh/s of ETH mining and around 300 h/s of ETN mining. In the end I got rid of LBC Library mining as the coin had very low value and the power consumption goes up with the extra mining. I might move back to an Ethereum ETH, Decred DCR mining shortly once to market turns around.
This setup was and is very challenging. For newer miners I suggested starting with one card mining rig and then move to a 6 x GPU mining rig. Actually I think the best solution is 6 x mining rig and these will be the ones that I build in the future.
In this video I got over CPU mining and I give examples of this by showing a old HP z800 Xeon computer that I was given for FREE. Actually I was given two of these computers. How did I get that? Well I asked for it, see in Australia allot of people are moving away from the older desktop style computers and moving towards laptops and mobile computing. So allot of these old boxed just get dumped in the street from time to time.
In this video I use this computer as a example of how you can use them for CPU mining. Something to be aware of is this would only be a great option for people who have access to free or almost free power. The reason for this is that this model shown is actually not very power efficient so just be aware that you might actually spend more money than you make on power costs. And actually I only ever use this computer for video editing as the cost to running it is high.
However lets say you have access to Solar power then running one of these rigs might be an option. Shortly I will be getting Solar installed. But even then it will only offset my rig The KraKen during the day still it will make mining even more profitable and at some stage I will do a video on the install of my Solar setup.
If you are new at Mining this video will give you some help choosing a coin and help you to get started in the world of Crypto coin.
I get allot of people on the 123myit YouTube channel asking me about what coins are good coins to mine. Really you should always do your own research and make up your own mind on what coin is right for you. But in this video I go through a few tips to help people gain some knowledge about the coins and hopefully make some great investment choices.
This video assumes you have built a mining rig and you are ready to start mining coins for a profit.
I personally use the website www.cryptocompare.com for allot of my information about the Crypto Coin. And this website is a really good place to start getting familiar with Crypto coins.
I started out mining Bitcoin via Nicehash miner but more recently I have switches from Nicehash to mining Ethereum via a pool called Nanopool. Check out the Nanopool and claymore miner setup video here.
I also talk about Electroneum (ETN) coin, which will be available to mine on Android phone.
This coin has been as cheap as 3 cents USD!!! This coin is a bargin in my mind if the developers can get it working it will be very interesting and I think well worth at least a small amount of investing at the very least install the app and setup the wallet and get it ready for when you can start mining Electroneum ETN with your android phone. You can also earn free coins or refer friends through the Earn FREE coins menu inside the Electroneum ETN wallet. If you want to refer me my code is C2C4DD shameless plug 🙂 Thanks for your support.
Hopefully trying to get as many videos up as I can I have loads to show you guys but its just getting the time and effort to make these things happen.