10 sats \ 2 replies \ @moneroshill 10 Sep 2022 \ parent \ on: Bitcoin Transaction Wars: Why we need to decentralize mining with home mining bitcoin
Gas furnace works independent of electrical grid so you don't freeze to death in blackout, but more importantly gas furnace does not have same initial investment as mining hardware. In order to get greatest return on your investment, you need to run the miner as much as possible.
The hashrate-per-watt of the rest of the network will continue to increase as newer hardware comes out, so bitcoin miners depreciate very fast:
https://paulbutler.org/2022/the-problem-with-bitcoin-miners/
Compared to something like a heat pump, resistive heating does not provide as much Watt-indoor-heating per Watt-electricity-consumed. But realistically the bitcoin-miner-heating is competing with other forms of resistive heating which are way cheaper to produce (basicially just resistive wire).
In any case, depreciation cost of mining hardware can't be overlooked.
the bitcoin-miner-heating is competing with other forms of resistive heating which are way cheaper
No. A $200 S9 (which could fall further ... maybe back to early 2020 pricing of $50), which is essentially equivalent to a very loud 1,400W space heater, produces income. Maybe $30 / month at the current difficulty and exchange rate.
Bitcoin mining for heat won't work for everyone, but it can work for many.
reply
A gas furnace uses anywhere from 150 to 800 watts to run the pumps or blowers. You don't get to heat with a modern and efficient has furnace without electricity.
reply