bitcoin mining

Swedish Miner Uses Solar Power to Reduce Costs by 75%

A Swedish miner claims to have cut mining costs by approximately 75% after opting to install solar panels on his home as a measure to keep his business afloat without having to pay high electricity rates or overload his local grid.

In a Reddit post, the miner identified as Candese explained that he decided to purchase and install 78 solar panels at the cost of $100 each. In addition, he bought an optimizer and SolarEdge inverter.

The Swedish miner also revealed that he is considering the possibility of getting a Tesla Powerwall to accumulate energy and mine during the night without the need to connect to the electricity grid. This equipment has a price of about $5000 which would imply sacrificing a good ROI in exchange for the possibility of keeping a continuous mining in case of some blackout.

Candese has a small homemade farm with “a bunch of S9’s.” He is aware that these are not the most efficient machines, but they have generated good profits over the years. He explained that he is contemplating the possibility of upgrading his equipment, but his priority seems to be the investment in an autonomous mining farm, independent of the local electrical service.

In addition, living in a cold country, the miner explained how he solved two other problems: The heat generated by the miners serves to heat his house (saving electricity consumption), and he does not need to invest in refrigeration systems since the good ol’ “mountain cooling keeps a steady 7 degrees all year round” in his basement.

Solar Power: The New Friend of Crypto Miners Around the World?

Candese is not the only one that has used solar energy as a tool to reduce costs. In the same thread, another user identified as BMore_original explained that he got a reduction of “only” 25%. He comments that “Really it all depends on which direction your house faces and how much sun you receive.”

Currently, Sweden is one of the most expensive countries in Europe to mine Bitcoins due to the high cost of its electricity. Data obtained from Eurostat 2018 show that prices have increased by more than 10% during the last decade.

Swedish Miner Uses Solar Power to Reduce Costs by 75% 10