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

Phantom Power

Phantom Power

Phantom power: your home’s devices and appliances, when plugged in, continue to draw power even when they are off

It is called “phantom” or “standby” power, and it could account for up to 10 per cent of your home’s energy use. The average home has 25 or more electronic devices that use phantom power, costing approximately $200 or more a year in electricity. (in a 2,000 sq ft home)

Track your phantom power with the MyEyedro Phantom Energy plugin.  The MyEyedro software provides you with a 24 hour window of your phantom power usage.

hydro one energy vampires

How Do I Identify the “Phantoms”?
  • Appliances with remote controls (TV, Video and Audio Equipment)
  • Appliances with continuous digital displays (Clock on Stove, Coffee Maker)
  • Appliances with rechargeable batteries (Cordless Phones, Laptops)
  • Appliances with external power supplies (Cell Phone Chargers, Electronics)
How Do I Get Rid of the “Phantoms”?
  • Plug devices into power strips – and turn them off
  • Unplug appliances when not in use
  • Use clocks powered by rechargeable batteries

When buying new appliances, choose appliances with low standby power and look for the Energy Star symbol

For more information on Home Energy Monitoring please visit https://eyedro.com/

Big Savings with LED Lighting

Big Savings with LED Lighting

Big Savings with LED Lighting

 

big savings with led lighting

*Based on 2 hours per day @ 0.10/kWh

Which Type of Light Bulbs Should you Choose?

 

In these days of rising electricity prices it may be time for a whole home light bulb retrofit.  With a quick look at the above infographic it quickly becomes apparent that significant savings are to be had by swapping out incandescent bulbs for LED lighting.

Incandescent bulbs are inexpensive to purchase but tremendously inefficient as they dissipate most of the energy they consume as heat.

The cost of running one 60 watt incandescent bulb for 2 hours per day at 10 cents/kWh, would cost $4.38 per year.  The 15 watt compact fluorescent equivalent would cost $1.10 per year and the LED version comparable to the 60 watt incandescent would only cost $0.66!  Now multiply that by the average number of bulbs in a home.

The average number of light bulbs in a home is 24 according to Natural Resources Canada’s Office of Energy Efficiency 2007 statistics.  When you multiply the yearly dollar figures of the incandescent and LED bulb by 24 that’s when the savings opportunities really become obvious:  $105.12 vs. $15.84!

While initially LED bulbs were quite expensive to purchase, they have in recent years come down in price and are now very affordable.

 

The advantages of LED lighting are clear:
  • Extremely energy efficient compared to traditional light bulbs
  • No toxic mercury risk like CFL
  • Affordable
  • Very long life if you purchase good quality bulbs (this may or may not apply to dollar store finds – caveat emptor)

Try a little experiment!  Install each type of bulb one by one in a lamp and check how much power is being consumed using your Eyedro Real-Time Electricity Monitor.  Saving electricity can be fun, saving money even better.

 

Ready to dig a little deeper into your energy usage?
New MyEyedro Peak Electricity Demand Plugin

New MyEyedro Peak Electricity Demand Plugin

Prompted by popular “demand” for a means to capture electricity demand, Eyedro is pleased to announce the addition of the new Portfolio plugin to our MyEyedro electricity monitoring platform.

The Portfolio view allows the MyEyedro user to determine 30 Day Peak Demand selectable by date, Instantaneous Peak Demand, 24 Hour and 30 Day Consumption.

In order to activate the Portfolio plugin the user’s MyEyedro account must have at least 2 display groups. In the case where a user has only one Eyedro device, a duplicate display group can be created.

For more information on the Portfolio plugin see page 58 of the MyEyedro User Guide.

Electricity Demand Explained

Electricity Demand is the maximum amount of electricity being used at any given point in time. Demand fluctuates throughout the day. For example, in the morning as people get up and get ready for work, take showers, run their cappuccino machines, hair dryers or waffle makers, electricity demand increases. In the early evening there is a second period of peak demand as people arrive home from work, turn on lights and appliances, cook dinner, fire up computers, etc. The greater the electricity demand, the greater the strain on the electrical grid to supply that demand, which is why many utilities will charge the consumer more during times of peak demand (Time-of-Use electricity rates). Time-of-Use rates are intended to take some of the strain off the grid by encouraging conservation at times of peak demand.

30 Day Consumption View:

MyEyedro Electricity Usage Metering 30 Day Consumption Data

30 Day electricity Consumption Data

 

24 Hour Consumption View:

MyEyedro Electricity Usage Metering 24 hour Consumption Data

24 Hour Electricity Consumption Data

 

30 Day Peak Demand View:

MyEyedro Electricity Usage Metering 30 Day Peak Demand Data

30 Day Peak Electricity Demand Data

 

Instantaneous Demand View:

MyEyedro Electricity Usage Metering Instantaneous Peak Demand Data

Instantaneous Peak Electricity Demand Data