Minimizing the Energy Cost of Your Crypto Mining Operations
Cryptocurrency is taking the world by storm—and whether you are skeptical of it or spending your kid’s college fund for more, there is no denying a new crypto-industry that is surpassing a $2 trillion market cap and can consume over $100 worth in electricity per transaction— including your Papa John’s pizza order. The purpose of this blog is to briefly summarize some of the recent data on minimizing the cost of mining for cryptocurrency and specifically highlight methods to reduce the energy cost of your crypto mining operations. The nature of cryptocurrency mining requires electricity, and often a significant amount. Accessing cheaper electricity is one of the most effective ways to reduce the cost of virtual mining. As we are coming from the perspective of power generation technology, the simple assumption that crypto mining requires electricity tells us that the cheaper electricity we can provide, the cheaper we can make mining for our customers. With this in mind, our research in this paper has focused on the specific power needs of virtual mining and how miners can reduce their electrical bills.
