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Solar Mining: Does It Work?

21.08.2018 — 0

There are lots of people out there who are sure mining with solar plants is possible. There are even more sources claiming the same.

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Solar DAO‘s CEO Dmitriy Solodukha on real possibilities of solar mining

Today, I will explain if mining with solar is profitable and how it really works.

Let me be straightforward with you, saying it is possible to mine with solar energy. But one needs to realize what is left behind the scene. So, here we are.

First and foremost, the cost of production of photo electricity is still rather high. The mining though, requires minimum electricity costs. For example, in summertime a regular solar power plant produces electricity in the period from 9 to 16. The point is it does so during only one hour and a half at the peak of its day activity per day. In winter, the amount is even less.

What Real Impact Does It Have on a Mining Rig?

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Connected to a Solar Plant, a 1 MW miner works productively about 1 hour a day. For the miner to pay off, it must work out in a 24/7 mode until it malfunction, which is about 2-3 years.
The area of a 1 MW Solar Plant is about 2 hectares, the size of 2 international rugby fields!

“Well, okay, but you can build a solar plant with some additional capacity” you might say.
Sure, you can. By taking into account the amount of grid power that a miner needs.

Let’s Do Some Math

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Solar Farm’s day peak production

As an 1 MW miner operates 24 hours a day. It needs 24h 1 MW which equals 24 MWh per day.

Let’s say we take the average energy output per year. In order to get 24 MWh per day, we need 24 MWh/3 h = 8 MW. Meaning for one 1 MW miner, an 8 MW solar plant is needed.
And again, this is not to mention drastic ups and downs of solar activity. Given this, an accumulation system is required, which for 8 MW, will account for about another quarter of the field of storage containers. The price will respectively go up from $800 to $3000 per kW of installed capacity.

So you see, it can be done, but are huge energy bills worth it?

Being asked on a daily about solar mining companies, which are on the market, we want to address the Envion question here, too.
The company’s become known for using the power of sun in mining, but the mechanism they use is still not clear for most of us. Here is Solar DAO‘s guess to how it works.

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First, a miner must be connected to the grid, but we all know how expensive electricity usually is. The question appears: how profitable is it? Along with that, another miner is being connected to a solar plant so solar energy would replace regular electricity.

The good news is you can save up to 10-12% of your financial assets per year. 一 Not bad, but again is all the pre-work worth that? And no one can guarantee that energy gained this way will be cheaper.

“In what cases can energy be cheaper?" If, for example, it costs $160 per MW in grid power like in Israel or the Baltic States, and solar power it will cost about $90 per MW, as, for example, in Israel, Portugal, etc. Remember that in the Baltic States there is no solar option!

And last but not least, to solar mine effectively, a tariff must be about $60/MWh or lower, which is also a rather hard to get.

As you can see, solar mining is possible, but its successful and profitable implementation has numerous challenges to it.
To do it right, you must consider a bunch of tricky moments, and spend much money on maintenance 24/7.

Is it worth it? The choice is up to you.

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