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Hello folks. I am a all in on Bitcoin as a store of value and as a means of exchange. I think I am ready to step up to running a mining rig or two. Here is my situation.
I live in Brisbane Australia. We have an imbalance of the supply of solar and energy demand at the times when solar is most abundant - during the day. When energy supply exceeds demand folks like me, who use a wholesale energy retailer, get hit with what is called a Negative Feed-in Tariff (Fit).
A negative FiT means I actually get charged to supply my solar power to the grid. Or put another way I get paid to use electricity. It is not uncommon to see a -2c to -6c per kwh. I have seen it even go up to -8c.
My idea is to hook up one or two bitcoin miners and every time the FiT goes negative I just turn the miners on. Then any bitcoin mining reward would just be icing on the cake.
Napkin math time (prices in AUD).
Antminer S19 Pro chugging 3.25kW running for 8hrs for 6 months works out at about 4700 kWh. Assume average FiT of -$0.04 I would save about $190 in electricity costs over those 6 months.
Setup costs: best guess about $3000.
So my questions to those of you kind enough to be interested:
Is my plan practical, in the sense that I would have a reasonable chance of breaking even in a couple of years?
I would have to sell perhaps 0.01BTC to cover some costs of setting up. I suspect I would be better off (financially - in the short term) just buying Bitcoin and holding. However the money isn't really an issue, I don't really want for too much in a material sense. Are there other out there that think I have an obligation to facilitate decentralising the network by running my own rig?
Any advice on getting in touch with someone that can help me get the tech side of things up an running here in Brisbane?
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- 1 month ago
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