Is the energy required impractical for business?
As the icons above will tell you, the energy required to power rigs to mine one single Bitcoin is not worth the time or effort for business – simply because the odds are so low. If any business ventures in the industries listed above decided to shelve their current activities to pursue Bitcoin mining, the odds still don’t stack up anywhere near in favour of such a decision.
And, across a full year, only those industries that do not already have a high energy outlay would make a profit worthwhile the effort. It’s also key to consider that high numbers of electronic power working all day, every day, for a full year, would need a means of cooling – further increasing the energy usage.
The more mining rigs that you could power, the greater the possibility of successfully receiving Bitcoin from your efforts. But yet again, that showcases a higher energy usage that would be required to power more rigs.
While the prospect of striking it lucky on a £170,000 windfall would entice some, the reality of it is that the security, regularity of income and much higher success probability in regard to making a profit, outweigh the benefits of what Bitcoin mining could provide – unless of course you were successful in your mining. Sticking with current business ventures not only makes more sense from a business standpoint, but also an environmental one too – with the carbon footprint of cryptocurrency currently higher than countries like Argentina.
If you’re interested in attempting it yourself, or simply would like to lower your annual electricity costs, get a competitive electricity quote today.
To estimate annual energy usage for each industry, we took average monthly usage from our own data.
The pricing for energy usage/how much it would cost to run those rigs for a year is based on a rate of 12p per kWh.
For the probability of success, we applied the OR rule – these are independent events and are mutually exclusive, so the probability of getting one successful event out of all of them is calculated by the addition of the individual probabilities: P(A or B or … or N) + P(B) + … + P(N)
At the time of writing, 6.2 Bitcoin was worth £169,512.89.