Hey everyone. Quick question for y'all. I'm looking into solo solar mining for Bitcoin but can’t find good info. My main goal? Decentralizing mining, not really chasing profits. If I make a bit here and there, cool. Plus, I don’t want anyone knowing about it, so solar seems like a solid choice.
With around $2000, you can set up a small solar system, but your mining time will be limited. If decentralization is what you’re after, go for it! Just keep an eye on sunlight efficiency, battery storage, and how seasons change.
When you say solo solar mining, do you mean you wanna mine Bitcoin solo? Just so you know, solo miners don’t rake in profits daily. Sometimes it can take weeks or even months to solve a block. If you’re okay with that, then cool, but forget those power-hungry ASICs like the S19pro with your budget.
FWIW your statement is true when the solo miner have tens or hundreds of latest generation ASIC. But with single Canaan Avalon mini 3, it would take longer than human lifespan according to https://solochance.com/.
I tried using the calculator, and it shows that it would take 408 years for a miner with 37 TH/s to solve a block. Interestingly, a Bitaxe miner with 1.2 TH/s successfully solved a Bitcoin block a few days ago, which was covered in the news, and several BTC mining YouTubers created content about it.
The Canaan Avalon Mini 3 has performance comparable to that of 35 Bitaxe miners, making it a better option for solo miners. However, it's important to note that solo mining is primarily based on luck, so it's best suited for those who are willing to take the risk.
Anyone considering these options should also think about power consumption: the Bitaxe miner uses only 25 watts, while the Canaan Mini 3 requires 800 watts.