IOEN Use Case: Mining on the Sun

One story that has reached mainstream media is power consumption of cryptocurrency mining, with claims to use as much as countries such as Ireland (this sentiment has been around for four years now). Mining is a compute intensive process to solve a mathematical puzzle. If your mining rig solves the puzzle first, you are paid a mining fee, which can be considerable. Mining pools have been created where your machine is part of a syndicate; if any rig in the syndicate cracks the code, the profits are shared with the others.

Why Is This a Bad Thing?

Cryptocurrencies in general get a bad rap because they are disrupting the status quo; in fact, the most powerful status quo, the financial industry. Large scale mining operations tend to set up near hydro dams, or in the case of Iceland, geothermal rifts, so the energy is effectively free. And cryptocurrency algorithms are moving to less power hungry approaches, such as proof of stake. However, for the crypto gold standard Bitcoin and other valuable coins, proof of work remains.

For the average person who wants to run a mining rig, they are probably not living next to free energy.

Or Are They?

The fact is that solar panel prices are plummeting, and even in cloudy old Germany, residential rooftops contribute 14% of total installed capacity. With the proper inverter directing energy into the house rather than back to the grid, the purchase will eventually pay for itself.

What if paying for the solar panels is done by cryptocurrency mining rewards? This is the basis of the IOEN Solar Mining Use Case. And it works: IOEN has conducted tests with 36 solar panels on a residential Australian home with an Antminer D3 using 1200W. Granted, Australia is sunny, but a small supplemental battery can fill in the curve.

The numbers are getting better all the time. Looks like crypto is here to stay.

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