How much energy does it consume to mine cryptocurrencies at home?Cryptocurrencies have been in the spotlight this past year due to their skyrocketing growth in value.
Bitcoin and Ethereum are the two most popular cryptocurrencies in the world and it is no wonder that people like you are interested in the world of mining to generate profitability.
If you want to start mining cryptocurrencies you need a computer with enough power and know how much energy it will consume to make the investment profitable.
How much power does a mining computer consume?
Using a wall meter is the fastest and most efficient way to know the power consumption of your computer.
For example: if you have a computer with these specifications it will consume a total of approximately 0.2 - 0.3 kWh.
Processor: Ryzen 5 3600X 3.6GHz
Graphics card: RTX 3070 12GB
Ram: 32GB DDR4
Power supply: 650W
Motherboard: Gigabyte B450 AORUS Pro
The above configuration is the most common for mining Ethereum or other cryptocurrencies, except bitcoin unless you have hundreds of computers like that.
The consumption will depend on the characteristics of your computer. Note that it can vary between 0.1 and 0.6 kWh.
If you want to know the price per kWh in Spain check this page.
If you want to know the consumption and profitability of your graphics card you can go to this website.
On this website you will also find:
A calculator to know the consumption and mining power of ASICs.
A ranking of the best ASIC models according to their profitability, power, hash rate, and cost.
Ranking of the best GPUs.
But is it really profitable to mine cryptocurrencies at home?
Quick answer: Yes, except Bitcoin. This is not profitable if you want to do it from home unless you have hundreds or thousands of powerful computers to compete against super mining farms.
Other cryptocurrencies can be a good option.
Extensive answer: It depends on the cryptocurrency.
Bitcoin (BTC): The world's most famous cryptocurrency is not profitable due to high competition and mining farms spread all over the world. The more people decide to mine bitcoin the more complicated the algorithm becomes, so more and more computational resources are needed to obtain a hash.
1) Algorithm: Proof of Work (PoW)
2) Reward: 6.25 BTC
Ethereum (ETH): The second cryptocurrency with the largest market capitalization. To this day it is still a good option for mining but you need a computer with a minimum of power.
1) Algorithm: Proof of work.
2) Reward: 2 ETH
Monero (XMR): This cryptocurrency has a high level of privacy and decentralization. The advantage is that you can use it to mine both CPU and GPU.
1) Algorithm: Proof of Work
2) Reward: 2.47 XMR
Litecoin (LTC): Litecoin is an option for mining because it is a fairly stable coin, (although in the crypto world this is no guarantee) and does not require a large investment to make a profit.
1) Algorithm: Proof of Work
2) Reward: 12.5 LTC
Dogecoin (DOGE): This cryptocurrency was born as a meme but has currently become quite popular. Elon Musk and other influencers have promoted this coin with the goal of making it reach 1 USD in value.
1) Algorithm: Proof of Work
2) Reward: 10.000 DOGE
Now. If what you want is to get bitcoin, one option is to mine the aforementioned cryptocurrencies and then exchange them for bitcoin. This way you can mine more affordable cryptos with cheaper hardware and get bitcoin just the same.
Use renewables to save energy.
If you have a roof or a balcony where the sun shines for long periods or it is very windy you can choose to put solar panels or wind turbines.
These options are expensive but in the long run, you can save electricity and run your mining computers on clean energy.
Conclusion:
Energy consumption for mining cryptocurrencies ranges from 0.2 to 0.6 kWh depending on hardware power.
Bitcoin is not a profitable coin but there are alternatives like Ethereum, Monero, Litecoin, and Dogecoin that are profitable and with less hardware cost.
If what you want is to get bitcoin, you can always mine the cryptos mentioned above and exchange them for bitcoin.
Alejandro O. Asharabed Trucido
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