Crypto miners installed rooftop solar units to cut electricity costs

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These mining cryptocurrencies in India just got smarter. In an effort to tackle the high energy costs involved, most miners install rooftop solar power units and battery backup at their residential facilities. There are also more enterprising countries that are evaluating nearby cold countries to install system infrastructure to save on heat issues and subsequent operating costs.

Cryptocurrency is a virtual currency that uses blockchain technology for its existence and secure online transactions. Famous cryptocurrencies are Bitcoin, Ethereum, Lightcoin and Darkcoin and etc.

Cryptocurrency mining earns cryptocurrency by solving crypto equations using high-end computers. The highly secure problem-solving process involves checking blocks of data and these transaction records are added to a public ledger using blockchain technology. Solving complex math problems in a decentralized online environment secures cryptocurrency to users.

Ajay K., 48, from Hyderabad, who was once an active stock trader, has been seriously engaged in crypto mining (Bitcoin and Ethereum) for the past two years. To reduce electricity costs, Mr. Ajay installed a solar unit on the roof a year ago.

My 5 KVA rooftop solar power system with battery backup saves over 60% of the cost. Air conditioning and motherboard with multiple graphics cards consume a lot of power. We are looking for ways to reduce these costs, said Ajay.

Cost of electricity, equipment

The hardware infrastructure consumes high power, and this is the major cost and a big challenge in crypto-mining. On average, the energy consumption for crypto-mining could be in the range of 30,000 to 50,000 per month. While a basic cryptocurrency mining system starts at 50,000, the professional system with a high-end motherboard and eight graphics cards costs around 4,000,000.

Mr. Ajay is not the only one to install solar power plants on the roofs. It has fraternity group companies in WhatsApp and Telegram in India and abroad that have already set up solar power units. It is estimated that there are a few hundred thousand crypto-miners in India, while the states of Telugu, Andhra Pradesh and Telangana have a few thousand.

Offshore offices

Cost reduction is not limited to solar power units. Better ideas apparently evolve in social media groups. There are smarter miners who want to move abroad, especially in colder countries, to save energy. We have a group of like-minded people in our WhatsApp group who aim to install our systems in Ukraine and other cold countries nearby. We will probably do so shortly, Mr Ajay said.

Equipment company

Meanwhile, supplying crypto mining equipment has become a big business in India. Demand for equipment is growing, according to Krishnam Raju, based in Bhimavaram, which serves markets in Andhra Pradesh, Telangana and Tamil Nadu.

The business matures quickly. Now, the import time for custom motherboards and graphics cards from China and Singapore has been increased to seven days. Customs clearance is processed instantly. Previously, importing took about a month, Raju said.

The booming market segment is also aimed at those who do not believe in cryptocurrency but are interested in the lucrative equipment trade. Like Warren Buffett, I am also a cryptocurrency non-believer. But, the equipment business works for me and I’m happy to do it, said Hyderabad-based businessman Anil Kumar.

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