In our last article we compared the investment appeal of Bitcoin mining and real estate investing. Unlike real estate and most cash generating businesses, Bitcoin Mining can be scaled down without sacrificing economies of scale. When mining Bitcoin on a smaller scale, like at-home, individuals can pursue synergistic opportunities to lower the perceived cost of operating ASICs.
Bitcoin mining ‘by products’ mainly include heat and noise. A single ASIC hashing produces about as much noise as a household vacuum. However, the Bitcoin mining community openly shares their solutions. For example, Steve Barbour’s DIY Black Box provides a detailed step-by-step guide on how to make an ASIC enclosure (see image 1) that reduces noise audible noise production to 20db (rustling leaves) for “$150 and some elbow grease”. With the ASICs enclosed, noise vastly reduced, and heat escape controlled and capturedable, ASICs can now be used at-home for a myriad of domestic solutions.
In this article, let’s explore different ways you can leverage your at-home mining setup to easily save a couple thousand dollars a year on household expenses.
Heating Homes:
Directing the heat vented off from a hashing ASIC can reduce or remove the need to operate a conventional furnace. If the ASIC operates near where a furnace is stationed, little work is needed on changing the air duct in the home. Folks in the northern states spend an average of $130 a month in the winter to heat their homes. Using the excess heat from an ASIC can save hundreds in annual furnace costs.
Heating Water:
Another usage for excess ASIC(s) heat is warming water. For example, Constellation Heating offers ASIC enclosures that can house up to 3 ASICs (see image 2) to capture their heat production to heat water. Heating a water tank is especially good for frugal at home miners who toggle their machines, as the natural thermic properties of water allow the heat energy to be retained for a long time, extending the lifespan of the ASIC’s byproduct. With average water heating costs reaching $500 a year, heating water with ASICs is a great way to stretch more dollars into sats.
Using the excess heat to warm water for household use, such as bathing, washing dishes, or heating a swimming pool are great ways to save fiat and stack SATS
Greenhouse Warming:
Inflation, shrinkflation, questionable production practices and decreases in nutritional content have forced many Americans to question their relationship with the corporatized grocery sector. The answer for many Americans, especially younger generations, is turning to farming on a small scale to save up to $600 a year on their grocery bills. As Americans expand their appetite for domestic food production, many are turning to building greenhouses, which are costly to heat. Average heating costs for a modestly sized greenhouse of 1,000 cubic feet surpasses $750 in Kansas, not even the coldest of american climates. By capturing the heat from an ASIC (see image 3), there is no need to pay for additional heating.
Drying Clothes:
An infamous NYT article from a few years ago criticized Bitcoin mining’s energy production. In response, members from the Bitcoin community countered by pointing out that American tumble dryers consume more energy than the entire Bitcoin mining industry. While securing the network for an emerging monetary asset may be more useful than drying clothes slightly faster in a machine than they would air dry for free, Bitcoiners can rejoice as they no longer have to choose. At-home Bitcoin miners can even dry their clothes with the hot air vented off from their ASICs. Drying clothes only runs the average household back about $70 a year, but if an at-home miner can stack these savings along with their furnace and water heating costs, then before you know it that next ASIC is paying for itself. At-home Bitcoin miners enjoy a unique business – a dense cash productive asset that can easily operate out of one’s garage, backyard or laundry room. At-home miners don’t have to commute or spend any marketing money to operate their cash generative machine. Instead, miners can spend their time and energy improving their at-home mining setup and utilize excess heat production to lower the cost of living expenses and even groceries. As miners continue to enhance their setups and share their tips online, mining Bitcoin at-home becomes increasingly cost effective and financially appealing, making it easier for anyone to mine Bitcoin.
