Is Bitcoin Mining Energy Theft?

Is Bitcoin Mining Energy Theft?

Is Bitcoin Mining Energy Theft?

bitcoin

Energy Monitoring Made Easy

 

What Defines an Acceptable Amount of Energy Usage?

Is Bitcoin mining energy theft when the burden of paying the electric bill typically falls to the landlord?  When a tenant decides to set up a Bitcoin mining operation the electricity bill can skyrocket. This is why landlords should monitor tenant electricity usage. If you’re a landlord then you understand how costly it can be to provide power for your tenants. Most landlords set the rent amount based on “typical” electricity usage and they tend to have a clause in the rent agreement that requires an additional fee if the tenant installs an air conditioner (another energy hog).

With cryptocurrency prices rising each year and the general excitement of a new “currency” it is no wonder that so many people are joining the Bitcoin mining craze. This is especially true if the electricity required will be paid by someone else. It seems unfair that the landlord should foot the bill simply because they didn’t better define the rules around what is an “acceptable electricity usage” amount.

The Unexpected Cost of Mining Cryptocurrency

 If the electricity bill increase is minimal then it’s unlikely that the landlord will notice, but a single computer running full speed 24 hours per day 7 days per week can easily run up $1000/year in additional costs for the landlord. That doesn’t even factor in the extra air conditioner costs in the summer to remove the heat the computer generates. Now imagine that the tenant has several computers in their Bitcoin mining operation!  Using some easy numbers, if we assume that a single computer power supply consumes 1000W and the average cost of electricity is $0.20/kWh that works out to $4.80/day and $1,752/year!

It’s unfortunate these days that a tenant can easily use a massive amount of electricity with impunity. Electricity theft has almost become an epidemic! Monitoring tenant electricity usage is a great way for landlords to save money, and ensure that they don’t fall victim to energy theft. Many tenants are misusing electricity and it’s hard to catch them. 

Energy Monitoring Solutions for Landlords

Fortunately for landlords in this situation there is a simple solution. The first step is to install an Eyedro Electricity Monitor on each of your tenants’ electricity feeds.  Typically, there is a main electrical panel in the building that has a separate breaker for each tenant so installing a sensor for each tenant is simple. Although installation can be inside the tenant’s unit it is easiest to install in the main electrical room for the building. We suggest configuring the MyEyedro monitoring service so that each tenant can see their own electricity usage at any time. It certainly removes any question about usage because the tenant can easily turn their appliances and lights on/off and see the results in real-time. Finally, it is a good idea to update rent agreements to clarify what is considered “acceptable electricity usage” vs what crosses the line and may require an additional fee. This last point is better left to the lawyers but you get the idea.

If you’re a landlord and have experienced “energy theft” from a tenant we’d love to hear your story. 

Give us a call and we will help you select the electricity monitoring solution that is right for you!

Want to Learn More?

Contact us today to set up a free demo of the Eyedro system, and let a member of our team walk you through the entire process.

888-440-7610

Energy Saving Rebate Tools

Energy Saving Rebate Tools

Energy Saving Rebate Tools

 

Energy saving rebate tools when and where you need them!  MyEyedro cloud software includes a comprehensive suite of tools that will simplify your rebate submission reporting.

When the Director of Energy Management at a leading automotive manufacturer was tasked to reduce energy used by the large compressors, they turned to their Eyedro energy monitoring system.

The Eyedro Energy Monitoring System provides you with:

    • Easy-to-understand energy reports,
    • Advanced Alerts* when operations go astray
    • Peace of mind to know that your business and equipment are being monitored by MyEyedro, Eyedro’s advanced cloud-based system

By simply using the Comparison plug-in found in the suite of included software tools, the Director was easily able to see the savings that switching to a more energy efficient compressor had on the bottom line and was able to submit the data to the local Utility for rebate funding.

*Contact Eyedro Sales for details

Cloud-Based Intelligent Software & Reports

MyEyedro Billing History

Comparison Tools for Rebate Submission Reports

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Energy Monitoring Made Easy

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Machine Utilization – Predicting Failure

Machine Utilization – Predicting Failure

Machine Utilization – Predicting Failure

 

Using a cloud-based energy solution in real time identifies inefficiencies in daily and seasonal operations.

 

Typical Application:

 

  • Mixed lab equipment on many floors and buildings

  • Comparing like-machines and ranking them

  • Looking for inconsistencies in human reporting

  • Saving time due to equipment stoppage or failure

  • Understanding energy usage per machine

machine utilization for the pharmaceutical industry

machine utilization for the pharmaceutical industry

The Objectives:

 

To provide a detailed profile of the energy use of Machine Operations in each department throughout the facility and identify efficiency opportunities.

Meet machine up time targets while tracking energy signatures and by provide Computerized Energy Monitoring and Advanced Reports.

Understanding the run-time hours and how the machine is utilized to help with production planning and key performance indicators.

 

The Solution:

 

By installing the Eyedro Green Solutions ™ Energy Monitoring System on every piece of lab equipment and critical loads it allows Operations to “See” the Daily, weekly and monthly energy trends by each department and looking for energy waste and run-time reports in daily operations.

Operations can now monitor each piece of equipment in one simple dashboard while at the same time compare readings with historical information to predict failure based on increased energy usage as a key indicator. Advanced Reports allow them to rank equipment by usage to compare product and employee output while knowing the energy cost per machine.

 

MyEyedro Compare Plugin

MyEyedro Compare Plugin