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.
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.
Enter your utility rates to keep track of daily peak energy costs such as in the time-of-use rate configuration below.
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?
Why a Homeowner Should Monitor Their Electricity Usage
Some benefits of monitoring your electricity usage:
Electricity bills are a significant part of any household’s monthly expenses, but people make little to no effort to manage them. This is because it is thought of as an entity that just can’t be managed. However, this isn’t true.
You can monitor your electricity usage and manage it. In fact, over a longer period it will be beneficial for you.
Consumption Awareness
When you install an Eyedro energy monitor in your home, you will become more aware of how you are consuming electricity.
Keep an eye on your data wherever you are with Eyedro’s full featured MyEyedro cloud software.
In this way, you can keep track of your daily consumption to better understand your expenses. You’ll also get an understanding of which of your appliances and devices consume the most energy.
Energy-Efficient Alternatives
Once you have your daily numbers, you can begin to gauge how much usage is necessary. Based on that, you can plan and keep the usage of certain pieces of equipment to a minimum. For example, you may want to run large energy consumers like dryers and ovens during off-peak hours if you are charged time-of-use energy rates.
You’ll also know which devices are consuming way more electricity than they should. This can help you switch to better options that are more energy efficient. As a result, you’ll save a significant amount of money.
Eco-friendly Habits
When you minimize your electricity consumption and switch to energy-saving options, you automatically become more mindful of your environment. You can reduce your carbon footprint and create an eco-friendly energy consumption pattern for your home.
Conclusion
Energy consumption monitors are seen as an additional expense in any household. People think about how much money will be spent buying and maintaining one and thus choose not to purchase it. Good news! Once your Eyedro is installed it is virtually maintenance free.
However, what they don’t realize is how much money can be saved with an energy monitor. It significantly brings down your monthly electricity bill.
Besides helping you save money, energy monitors bring a significant change to your mindset. You learn to save energy, understand the effect your equipment has on the environment, and curb its usage. In the end, these things make you follow a more mindful and healthier lifestyle.
Energy Monitoring is like watching your weight if you don’t track what you eat on a daily basis and see how on paper how much you’re taking in you can’t cut your weight or in this case cut down on your energy bill. The Easiest way to start saving is with an Eyedro Home Energy Monitor.
An Eyedro Home Energy Monitor is your best option to help you identify what is wasting the most energy in your home. The Eyedro EHEM1-LV is the economical solution that will allow you to make practical, data-driven changes that will help you cut down on your energy usage.
MyEyedro Compare Plugin
Features:
Easy Installation
The EHEM1-LV can Identify Power Hogs
Compare your home energy usage with previous months to see how much you’re actually saving
Real Time Energy Data – instantly see when you turn a light or appliance on or off
Within a few months of saving energy, you’ll see that your Eyedro will have paid for itself and you’ll be helping the environment as well!
Eyedro Home Energy Monitor EYEDRO-HOME
An Ethernet Connected Home Energy Monitor that is easy to install. Once connected to MyEyedro to provide you with a better sense of your energy usage so you can start to save money right away. MyEyedro cloud software is included with no subscription fee. The EHEM1-LV includes a Module, Two Current Sensors, a 10ft Ethernet Cable, and a 120V North American Power Adapter.
The Eyedro EHEM1-LV, your economical solution to shocking energy bills!
All Eyedro products meet North American Safety Standards and are helping to create a greener energy environment. For more information on the rest of our product line Click Here.
