With cryptocurrencies like Bitcoin, Litecoin, Ethereum, Dash and many others showing significant growth and being used more and more in real-world applications, cryptocurrency mining is a very important factor.
Without all of the proof of work miners humming away in the background, transaction speeds would slow to a halt and the currencies would become unusable for real-world applications.
If you're involved in cryptocurrency mining, you would be well aware of how much power bills can cost and the importance of utilising low-cost power to run both ASIC and GPU miners.
One smart and sustainable option to maximise profitability and to also reduce the negative environmental impact of using electricity produced by fossil fuels is the practice of cryptocurrency mining with solar power or other forms of renewable energy. This allows for users to essentially reduce their power costs to zero meaning there is no need to sell a percentage of mined cryptocurrency to pay for the associated power costs.
The Smappee Infinity cloud-based energy monitoring and control platform allows for automated control of loads (the cryptocurrency miners) by monitoring solar production and only providing power to equipment when the it reaches a certain level. For example, the automation in the Smappee app would be 'when export power is above 2,000w turn on cryptocurrency miner 1'. There would then be a secondary rule 'when export power is less than 10w then turn off cryptocurrency miner 1'.
It really is that simple, install the Smappee system to monitor power and add a Smappee Switch to the ASIC or GPU mining rig for wireless control. Alternatively, whole circuits can be switched with the use of the Smappee Output module connected to an electrical contactor (relay) in the switchboard. Considering that it is possible to install electrical contactors in sizes rated up to many hundreds of kW it is possible to even control large banks of ASIC miners with one switch.
With a typical Smappee system capable of monitoring solar production including grid import/export and controlling the switching of loads costing less than a single ASIC miner, it really is an investment that can pay for itself quickly.
Another smart cryptocurrency mining application includes signing up to an energy retailer that provides wholesale spot pricing for electricity and controlling when the cryptocurrency miners operate based on the cost per kWh of electricity. There is currently Amber Electric (for residential customers) and Flow Power (for commercial and industrial customers) that provide this type of electricity plan. We'll go into more detail about cryptocurrency mining using wholesale spot pricing rates in a future article.
For more information on how Smappee can help you optimise your cryptocurrency mining operation, check out the Smappee Infinity overview Smappee Infinity Energy Management System.