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Maximize Your Crypto Mining Profitability

Maximize Your Crypto Mining Profitability

Maximize Your Crypto Mining Profitability

Cryptocurrency coins on computer

Energy Monitoring Made Easy


So, You Mine Cryptocurrency…

You’re a part of a very exclusive group of people. It’s estimated that just over 100 million people are holders of crypto, with 1 million of them being miners. That puts you in a group of individuals that amounts to 0.0001% of the earth’s population. If you don’t mine cryptocurrency and would like to know why someone would even bother being a part of something so new and theoretical, I can tell you why – it’s profitable!

How is Cryptocurrency Mining Profitable?

To answer that, let me explain what crypto currency mining is. Unlike Fiat currency (government issued cash), cryptocurrencies are decentralized and use blockchain technology; this means you don’t have to go through a bank to send money, and makes it impossible to hack or cheat transactions. In order for this to work, someone needs to verify the transaction and record its occurrence. To make these transactions a part of the blockchain, multiple computers race to solve a very complex math equation involved in verifying the legitimacy of the transaction. The process of competing to solve the equation first prevents any one entity or bank from monopolizing a crypto network. The computer to verify the transaction is rewarded with cryptocurrency, often Bitcoin (BTC), Ethereum (ETH) and many other coins. In short, your computer will do math work for a network, and if successful, you’ll be rewarded with money. As more computers battle to solve the equation first, the more difficult the equation becomes, preventing monopolization of a network. Unfortunately, as the difficulty increases, so does the need to have better, faster equipment capable of processing the information it’s trying to solve. This equipment often involves owning multiple graphics cards (GPU), or ASIC miners, which are not cheap to buy, and use a lot of electricity. This is where the profitability comes into play.

Electricity costs can eat away at your profits, but even worse, not knowing how much power your rigs are using can be detrimental to your whole operation.


How Can I Track and Log My Power Usage?

Purchasing and installing an Eyedro monitoring system is your first step to maximizing your profits.

Below is an example of my 9 gpu rig. I installed an Eyedro device using an inline power splitter. Looking at my MyEyedro data, I could see that my rig had a drop in power usage, which could only mean one thing; I was losing money! After seeing this visualization of money loss, I tried to solve my issue immediately; I was having vram overheating issues. I wouldn’t have realized this without having my energy monitor connected.

Maximize your crypto mining profitability

Keep Track of Peak Energy Costs and Monthly Bills

Monthly utility bills data including monthly and daily totals can be viewed in the MyEyedro Bills plugin.  Billing History allows you to view a year’s worth of monthly totals at a glance. You’ll be better able to determine your overall crypto mining profitability using these MyEyedro tools.

Monthly Electricity Bills Data in MyEyedro

Enter your utility rates to keep track of daily peak energy costs such as in the time-of-use rate configuration below.  

Time-of-use rates in MyEyedro

Monitor Your Rigs

If you’re a crypto miner and want to maximize your profits, make sure you get an energy monitor connected to your rigs right away. Your hardware could be having issues you don’t know about, and that means you’re wasting money. Why would you want to waste money?

– Darren Morrison

Shop for Eyedro EYEFI-2

Want to Learn More?

Give us a call: 888-440-7610

Is Bitcoin Mining Energy Theft?

Is Bitcoin Mining Energy Theft?

Is Bitcoin Mining Energy Theft?


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.