Oddbean new post about login | logout https://i.nostr.build/yVEG.jpg Those that say home mining isn't profitable aren't thinking about the yields home mining can offer. Owning and operating Bitcoin miners at home is like buying transaction fee insurance. Another undiscussed yeild of Bitcoin mining for pleb miners. As fees go up, my miners yeild more sats for the same work they do providing me heat to dry my laundry, dehydrate my produce, heat my home, ect. All while keeping the network decentralized, and participating kyc free. #bitcoin #bitcoinmining #homemining #plebminer
We need an e-course for permies. I’d promote it for you
I'm still waiting for my S9 to arrive.
But a heat pump has a COP factor of ~4, and a miner of ~1. So the two should be combined.
I totally agree, heat pumps are great! I have an air source heat pump that makes up for what the miners can't handle. However, the best form of heat available to me is biomass produced on my property and burned in a rocket mass heater. When I'm heating with wood, I run the miners as space heaters, trying to get closer to the concept of heat the person not the space. Each heating situation is dynamic and situationally specific but if you have miners there is a high incentive to figure out the best ways to use them.
IMO in the bitter cold of winter you just can't beat an old cast iron wood stove.
Very hard to beat wood heat! We use a rocket mass heater to do the vast majority of the home heating here. nostr:nevent1qqsxlrvat999wlsqh44lf69nvqwd60d0gstakzy0fw2mesveazx0fycpremhxue69uhkummnw3ez6ur4vgh8wetvd3hhyer9wghxuet59upzqngz8n5al4660uc8tw8guzzqpzlp0g0h2rrrkh08y8nwlzp6m3m9qvzqqqqqqyvuqyww
My calculation for mining profitability takes the following into account: 1. Value of heat recovered 2. Current and future value of block reward 3. Value of non-Kyc sats 4. Value of satisfaction in participation in securing the network For me profitability is not exclusively calculated in monetary terms.
Could you elaborate on what you mean by “yield” and “transaction fee insurance” for someone who is skeptical but open minded to home mining? I think when you say “yield”, you are referring to either newly issued bitcoin and/or transaction fees earned by a mined block. I also suspect “transaction fee insurance” may either refer to lowering the effective transaction fees one pays over their lifetime due to block rewards offsetting the costs, or just the fact that when you successfully mine a block that contains your transactions you effectively pay no transaction fees. I think you are arguing that if a home miner makes use of energy sources that are already expended in their living space such as heaters then you can effectively get free bitcoin lotto tickets (ie chance to win block rewards). My concern is that to use such energy sources in a way that does not increase energy demands (significantly or at all) then the probability of successfully mining blocks will be too small to matter of a long period of time. I want to be wrong, so I would love to hear your thoughts to why this is not the case.
I like bank rail insurance and stacking option.....I am not mining profits...still can stack cheaper elsewhere.
Have you started making hot water with your setup yet?
I use immersion getting hot water to pool in summer and hot air to. house in winter. https://i.imgur.com/KwgnASO.jpg
Your home mining will always cost you more than normal stacking rails unless you are getting very cheap energy....0.04 per kwhr total bill.
I’m curious how much it costs to have a 5000 watt solar homestead setup. I’ve met some people that have paid someone to install one for them and the cost blew me away. Ballpark of $10k -$25k without much for batteries. I don’t know anyone personally that has worked through it themselves.
I did mine myself. Not very hard to get a basic setup going. It was expensive, but most of that was the inverter which is much larger than I initially need. I intend to slowly expand the system. The system is 1200w and I will be expanding to 2500w for the next step.
How much should I expect to set aside to get started with a 1200 watt basic startup with a battery similar to yours? I’d do it all myself. Do you find that there is actually good used available components, or were they not worth the headache in your experience?
I don't remember how much it all cost exactly and I'm sure prices are different that a couple years ago. A few thousand for sure. I have a used inverter that basically fell into my lap for a good price, everything else is new. I built the panel racking out of what I already had and I already had a box for the components. Basically you need panels, charge controller, batteries, and inverter plus breakers, wire, panel racking, and some other stuff depending on what you want. Lightning arresters for example. The wire and connectors added up to more than I expected so if you can scroung around you might be able to save some money.
Depending on your needs, if you can run some or all of your stuff straight off of dc, you can save/eliminate your need for an inverter. Lights on dc are easy, and you can get fridges and freezers they run straight dc.
Ok, so it is a bit of an investment off the rip. Aluminum or copper wire? Thanks for the thoughtful response.
That way I think about off grid solar is that you are purchasing the power all at once in advance. That part might cost more today that what you can get on the grid but eventually it will pay off especially if the grid power prices go up. Another consideration is the sovereignty. When the grid power goes down it's very likely I'll still have power from my solar power system. Not to mention once you interact with a solar power system you start to value the electricity much more and will likely be more efficient in the way you use it. I use copper wire. I don't know about aluminum one way or another.
Is there any project instructables, or DIY guides for that?
If you’re somewhat handy (or are willing to learn) it’s much more cost effective to build it yourself. Depending on your needs and budget, you can start small and expand as your means and needs change.
I would not consider paying someone to do this work for me. I’d want to be the only one who knows about it due to future regulation concerns.
We’re on the same page.
I would not consider paying someone to do this work for me. I’d want to be the only one who knows about it due to future regulation concerns.
It depends. Used panels? New panels? On the roof? Separate solar installation? Wind/snow load? 5kW is not a lot.
I don’t know the practical lifespan of panels in midwest climates. I’m open to using whatever works. I’d probably lean toward used panels. I imagine the savings is significant.
Make sure you produce your own electric for it tho, either DIY windpower or diesel generator using DIY biodiesel
fucking 💯 . This high fee nevoronment has changed my perspective on plebs interfacing with mining, we have to all be in on this part of the cycle as a producer not just a user. You dry your clothes ? Is it hooked up to a dryer ?
Any suggestions on a model that is not loud AF and cheap to buy? The noise is the main reason I know people don't mine at home, and up front cost isba close second. What should I tell people to look at?
As far as I know, there isn't a miner that you can buy off the shelf that's not loud without modifications or building some sort of muffler. My goals were to prove the concept of utilizing the heat from the Asics now I have to work on reducing the noise. Especially the clothes dryer.
Noise was a concern for me so I removed stock fans on s19 replaced with ac infinity fan cloud line series( very quiet) but they cost couple hundred.
I would are that it isn't profitable. Profit implies selling and your sell your bitcoin. You mine an amount that you don't need to sell. Most working people can choose mine an amount that doesn't affect their lifestyle if they don't spend on things they don't need.
Running three S9’s, underclocked with fan upgrades, as space heaters. We have a natural gas furnace and I calculated at my current rates for gas and electricity it is 3 times for expensive to heat with electricity. There is the benefit of some non-KYC sats, and setting back the temperature on the thermostat for the natural gas furnace. Helping secure and decentralize the network with a minuscule amount of hash power not included in the top three mining pools. The best part is the ability to talk about bitcoin when people come to our B&B as ask; “What is that?”
I helped a few of Bitcoiners in our meetup group get their own S9’s with the fan upgrades and Braiins OS. They are living in apartments with electric heat, baseboard heaters. So it is a no brainer for them to run S9’s for heat and turn off the baseboard heaters. Same cost factor and they earn some non-KYC sats. Win win!
