What have solar panels to do with crypto mining?
If Bitcoin was a country on its own, it would make Top 40 of the global energy consumption right now. And the insatiable leader of the crypto market will become even hungrier every year. So, as great as it can be with the wide range of opportunities coming with it, the digital coins projects are in desperate need for a more sustainable solution regarding the power usage. The issue was foreseen a few years ago and the invention of Proof-of-Stake type of crypto which demands much less electricity provide an alternative. Still, you cannot wipe out Proof-of-Work currencies led by BTC, especially when there are millions of coins to be mined and the profit is waiting to be claimed.
Here comes the solution with the solar power. Except for being more environmentally friendly, employing photovoltaic panels for the sake of crypto mining make good financial sense. The solar plants can provide cheaper electricity than grid power if the site of construction is set in a sunny location and has overall low costs for building the entire complex. The grid power is not necessarily excluded from the system — it might be used as a back-up if the clouds appear in the sky and lower the output of the solar panels significantly.
Practically everyone can build a home grid using 8–10 m2 solar panels to power several GPUs. But the most widespread type of renewable energy is certainly suitable for the building of the so-called mining farms. Such facility has a capacity of 1–2 MW or more, so it needs a significant initial investment which will anyway probably pay-out after two years. So MyCoinCloud is being innovative and looking forward to ensure the success not only in the sense of ROI but to make it work in the long run.
It’s a long period to foresee every roadblock. But since the cost of solar power has dropped by more than 60 percent in the past half-decade it is expected to decrease even further down from the average level of $0.05 per kWh. By 2050 photovoltaic panels will become the largest source of electricity on the planet in the words of the experts. While there is much to improve to the efficiency of the solar power technology, the concept it isn’t about to step back.
So it goes with the crypto mining. Or with the development of the cryptocurrencies because not every coin is minted like Bitcoin. But as it is already known, the BTC cycle to create all 21 million coins will need about 135 years. So it needs a long-term solution and the energy from the sun looks like the best answer to the equation so far.