Bitcoin mining from home makes a strong comeback

Key facts

:

  • Mining bitcoin on a small scale requires practice, discipline and knowledge.

  • The residential price of electricity is higher than industrial consumption.

Mining BTC from home seems to be catching on and more and more people are undertaking such projects, although successfully operating a mining farm is a task that takes time, skill and dedication, trial and error.

Zack Voell, director of content at Compass Mining, an American mining company, asked his followers to share images of Bitcoin mining setups

they had in their homes, receiving dozens of responses on August 22, 2021.

The miners

participated with some modesty because of the disorder or the somewhat chaotic arrangement of some equipment, but also, creative and ingenious ideas abounded to mine bitcoin from home efficiently.

One of the most surprising cases was Coin Heated

, a startup that has several miners in the basement of a house and also uses the heat generated by the mining equipment to heat a family pool, located upstairs in the backyard. Bitcoin mining from home makes a strong comeback Bitcoin mining from home makes a strong comeback A piping system allows heat to be exchanged between several bitcoin miners and the water in a pool, in an ordinary domestic setting. Source: CoinHeated

In a video posted on YouTube, you can see a garage with multiple mining rigs submerged in dielectric oil or coolant, connected to aheat exchanger

, which heats and redirects water through a system of pipes to the pool.

Another miner

had WhatsMiner M21S equipment connected to ventilation pipes to extract the heat generated from his house. During the winter, the pipes are removed so that the heat is not released and serves as heating for the whole house

Back to the origin: bitcoin miners return home

When Bitcoin’s Proof of Work (PoW)

algorithm was not so difficult to solve, the first users of this protocol could mine bitcoins from their PCs and laptops, individually.

Today’s bitcoin mining “farms” consist of huge sheds and even <a href=”https://www.criptonoticias

.com/mining/mining-bitcoins-containers-new-way-to-leverage-surplus-energetics/” target=”_blank” rel=”noopener”>commercial containers

, which house dozens of pieces of equipment that generate high levels of noise and heat.

However, for the past few years Bitcoin mining has been done on highly specialized equipment

, known as ASICs (Application Specific Integrated Circuit), hardware that has companies like Bitmain, MicroBT and Canaan among its main manufacturers.

In addition, users can no longer mine bitcoins individually, due to the enormous competition in mining power or hash rate, which is distributed among various players around the world.

Therefore, miners have to join so-called mining pools, so that with the power of all participants, they can confirm blocks on a regular basis and get bitcoins for this activity.

Energy incentive and Bitcoin price make mining at home profitable

After Satoshi Nakamoto, the anonymous creator of Bitcoin, the second miner of this network was also the first person to receive a transaction: Hal Finney

.

Both mined for a while from their homes, while Bitcoin became popular on internet forums and mailing lists, as the difficulty and thus the energy expenditure of Bitcoin mining increased.

This was something that even as far back as 2009, when the Bitcoin network was launched, Finney pointed out. The pioneer raised, for example, the need to reduce CO2 emissions

that would bring a massive implementation of Bitcoin in the world, a debate that remains very much alive today.

In fact, the industry has found energy alternatives, which it has been able to take advantage of to operate efficiently, as part of its business model. The forecast is that by 2030Bitcoin will be mined with 100% renewable energy

, according to experts. Bitcoin mining from home makes a strong comeback Bitcoin mining from home makes a strong comeback The same cellar that you take with cold drinks to the beach can work to install a Bitcoin miner inside, isolating the sound and temperature. Source: JesusOverAll1 / BItcoinCoderBob In

the same way, people are approach

ing

Bitcoin mining from

an energy sustainable approach, making your home’s energy consumption more efficient, but also participating in the operation of the world’s most secure monetary network.

On the other hand, the rising price of BTC could contribute to miners not having to sell all their funds to pay for their operations, and increase their reserves or savings, projecting this activity to continue operating stably in the future, according to Econoalchemist.

I think most people can mine bitcoin from home profitably. There is a wide price range where miners will continue to be profitable from home paying electricity at a residential rate. Mining from home is safer and more private than using a KYC (Know Your Customer) service to accumulate bitcoin.

Econoalchemist.

If you want to keep up to date with the most relevant Bitcoin mining news, be sure to read Noti Hash, the CryptoNews Bitcoin mining newsletter, now in its second issue.