Cryptocurrency mining profitability is often linked to whatever coin you’re mining. Usually, this means Bitcoin, Ethereum or other alt coins. When the price of these go up or down, so too do your profits.
However, there are some ways to create value from crypto mining unrelated to the coins. These require creativity and willingness to try new things. These ways involve using the heat wasted from mining to profitable uses. Mining rigs can get very hot from mining crypto. This requires energy, which obviously costs money. The solutions involve putting this wasted heat and energy to use. Wasting heat is costly, especially when better solutions can be found. These are solutions that can supplement your existing income and help the bottom line. While they may seem strange at first, these have been tried and tested methods for generating supplemental income. As the cryptocurrency markets are still in a bear trend, any boost to cryptocurrency mining profitability is helpful. Of course, any wasted heat generated can only be from mining Proof of Work coins. These are coins which require investment of your resources to validate transactions. In this post we’ll look at some ways that you can boost your profitability. While some may not be possible in your circumstance, they are surely interesting.
Cryptocurrency Mining Profitability Boost Method #1: Heating Homes
The first ways to boost cryptocurrency mining profitability is through heating your home. Often, heating costs soar in colder conditions. In some areas of the world, these conditions can continue for many months, not just winter. For these reasons, you can boost your real income by using waste heat from crypto mining. This waste heat will dramatically lower your heating costs. As you heat your home, you can also mine crypto. This effectively kills two birds with one stone and increases your profitability. As you’re using less of your crypto profits on costs, you have more money at the end of the day.
Not only can crypto mining keep a house warm, it can also heat water. There have been examples of individuals and businesses proving that waste heat from mining can heat water. This water can be put to many uses, including showers and baths. Heating water is power intensive, so putting waste heat to this use could be extremely profitable.
Cryptocurrency Mining Profitability Boost Method #2: Growing Crops
A start-up has shown it’s possible to grow tomatoes with crypto mining heat. The company grows “cryptomatoes”, which are 100% safe to eat. These tomatoes are grown with otherwise wasted heat from mining. Depending on your size of operations, it may or may not be possible to heat a greenhouse. However, this is an interesting use case for mining heat. Tomatoes are grown in hot environments. This heat serves a valuable purpose for the crops. These are planned to be sold for profit. Perhaps growing certain foods that could be sold locally would be a way of generating increasing cryptocurrency mining profitability. This tart-up created a five-acre greenhouse full of tomatoes which can then be sold for profit.
Cryptocurrency Mining Profitability Boost Method #3: Farming Crickets
Another ingenious way that miners have boosted their cryptocurrency mining profitability is through cricket farming. A group of miners in Canada have recently created their very own cricket farm from their mining operations. Crickets require a warm environment to thrive. The wasted heat from mining crypto provides the perfect source to keep the crickets warm. Crickets are packed with nutritional value. Cricket based snacks, protein powders and other foodstuffs are an emerging market across the world. This is because crickets are seen as a more environmentally friendly source of nutrients. As the concerns around global warming increase, it’s clear that this market will expand in the coming years. For any entrepreneurial crypto miner, cultivating crickets could be extremely valuable for this emerging industry. It’s clear that as the focus on sustainable living increases, crickets may become a trendy and healthy food source in the future. These miners have seen profit as a result of putting their wasted heat to good use.
It’s clear that the wasted energy caused from crypto mining has been extremely controversial. The power and natural resources sunk into mining cryptocurrencies has been questioned by authorities around the world. The vast amounts of resources needed have shut down mining operations around the world. By using waste energy, you can boost your crypto mining profitability and help the environment. No longer will you have to concern yourself with the by-products of crypto mining. Through putting this energy to use you increase your bottom line. In this post we looked at some of the most creative ways of boosting your cryptocurrency mining profitability. These will help your long run mining operations and boost your success.