It's crucial that when your planning on building a bitcoin mining rig that you properly calculate your power consumption.
In this post, I'm going to tell you exactly what you can expect to pay in electricity costs and how much power is needed by a GPU mining rig.
The maths are easy - all it takes is how to work out how much wattage your system draws and the current cost of your electricity.
I've yet to receive my first electricity bill since I've started mining. At first, I was a bit hesitant about how much I am going to be billed but with some clever hardware and a bit of math, I've easily managed to figure how much my 3 GPU mining rig operation is going to costs me.
I am of course quite lucky in the fact that I'm running a 3 GeForce 1080ti's - these cards give an excellent hash rate and don't draw too much power
Not all GPUs are the same.
The main component that's going to draw power is obviously the graphics card. For the example, in this post, I'm going to choose the GeForce 1080 TI- mainly because I have 3 of these already running but also because I know exactly how much power they draw.
To figure out what our costs are going to be we need to find out what the wattage draw of the GPU's we are using is going to be.
This table outlines some of the most common GPUs wattage consumption is - crucially under load.
Original Source: https://www.ocaholic.ch/modules/smartsection/item.php?itemid=4036&page=13
If your card is not on the list I would suggest a power monitor device (more on that further down).
Other factors (hardware)
Of course, there's not only the GPU(s) that are going to be consuming power - you've also got the base build- that is the RAM, CPU, motherboard, and PSU.
There's no real easy way to calculate all of these figures accurately without a proper power monitor. Just too many variables.
How I measured
For my test I used the TP-Link - HS110 - this smart device allows you to control a wall socket with your smartphone, with the added benefit as it also monitor's how much power you are consuming at that socket.
Just be careful to purchase the right monitor - there's a very similar named TP-Link smart plug but does not have the monitoring capability.
I was stupid enough to order this one first! If in doubt click here for the to see Amazon pricing on the plug that monitors usage.
The other cool thing about the TP-Link device is that it tells you the daily average kilowatt hours (kWh) usage. This is by far the most common way that electricity companies specify their charge to you.
Calculate kWh with just watts
If you don't have the TP-Link device then to calculate the kWh use the following:
1 kilowatt is equal to 1,000 watts, calculating how many kWh a particular device uses is as easy as dividing by 1,000.
If I knew that my GPU, RAM, Mobo & CPU combined to eat up 750watts. All I have to do is divide that figure by 1000 to get the kWh - 0.75kWH.
However, for this example, I'm using the daily average of my TP-Link device. Which states I am using 15.3kWh.
A quick look at my electricity bill and I clearly see that I am charged 15.370p (21 cents) per KWH.
So that's 15.3kWh times 15.370p = £2.35 ($3.26) per day.
Let's say there are 30 days in a month (30x3.26) - the cost of my 3 GPU mining rig will be $97.80 in electricity costs.
6 GPU Rig
If I had 6 GPU's then that cost almost doubles to around $190 in electricity costs per month.
Then we get into the realms of multiple GPU mining rigs - where every penny counts. 10 rigs that's almost $2k a month just in electricity.
Reducing power consumption
One of the best solutions to all of this is of course to undervolt your graphics card. It's something I've already talked about in a previous article but you can reduce the power consumption of your GPU by up to 20% at the same time increase the hash rate for mining.
This is a win-win situation and well worth doing especially if you have multiple GPU's mining.
Move to a different country
Other ways to reduce your electricity bills include moving to a different state or country.
Here's a table on who has the cheapest and most expensive electricity costs.
India looks to be one of the most competitively priced places for electricity- but remember - you got to cool all those cards and in a hot climate like India there's a tradeoff!
Cryptocurrency Solar Mining Farm
Other ways to get avoid the cost of electricity for mining is to move to solar and wind power for your electricity generated.
VoskCoin has an excellent video on some dude (Crazydane) that runs mining operations using 100% solar energy. The only thing I can think of that might potentially be a problem here is the upfront cost of solar panels and installation. Depending on the price of bitcoin and other cryptocurrencies a $10k-$20k solar panel install may be a bit of a risk.
If you've not built your rig yet - do an estimate on your power consumption - it will be worth it as you don't want to be left out of pocket due to bills needing to be paid.
As part of your rig build, I would highly recommend the TP-Link power monitoring device. Not only can you use this to monitor the power of your mining rig, in the event of a fire you can get something like a nest smoke detector hooked up and run the two together so if smoke is ever detected from your rig you can remotely power off using the TP-Link plug.
Thanks for reading!
I'm just a poor crypto miner trying to make a living. If you enjoyed this article show your support by using our Amazon links or sharing this on social media. Papa bless!
SCOTT MILLAR // IT Rockstars