Quote:
Originally Posted by red-beard
Here is a chart showing the cost per bitcoin depending on the cost of electricity.
https://powercompare.co.uk/bitcoin-electricity-cost/#:~:text=List%20of%20Electricity%20Cost%20Of%20Min ing%20One%20Bitcoin,%20%20%243%2C627.78%20%2074%20 more%20rows%20
At 5 cents per kWh, my cost would be similar to Uzbekistan at $4,245.28 per bitcoin. I'm not sure if this includes the cost of the equipment. And more modern equipment will produce bitcoin more efficiently than older equipment. Not sure if that is properly factored in.
I think the $22K per bitcoin is off.
Towards this point, I was approached to help build mining buildings for use in Canada. There is associated gas that is flared because it is impossible at this time to get it to market (no gas pipelines). This was also going on in the Permian, but they have now built pipelines since gas is over $7 MMBTU.
The cost to make electricity with "free" associated gas is about 3.5 cents per kWh. The cost of a remanufactured genset (1.6MW) is under $500K. The bitcoin system to use ~1.6 MW dwarfs the genset.
Bitcoin Mining Calculator
Using the above calculator, this system should generate $62,406.22 per day. Availability is about 97% for the gensets. It should generate $22,094,922 per year. At $6M for the rig, it should pay for itself in about 125 days |
Greenridge Generation recently bought and started operating a shuttered 44 MW power plant in Central NY State with the express purpose of powering their 23,000 mining machines and selling the excess power to the grid. Free market in action. How this affects the coin industry I have no idea but this is an interesting hedge. "Blockchain resources for the future" is their slogan.