Ask HN: I have free electricity, should I mine crypto? | Hacker News Reader

Ask HN: I have free electricity, should I mine crypto?

7 pointsrishikeshs14 comments

I’m looking at an apartment to move in and it comes with free electricity and water as part of the contract.

Considering this and a budget of $1000, is crypto-mining profitable in 2024?

Some concerns are: budget limit of $1000, noise, heat!

does it concern you that someone will be paying for the electricity you use? Neighbors, landlord, town?

If the building had a swimming pool, would you think it ethical for you to sell tickets to the public to use the pool? Is what you propose different?

That's a very good analogy. You'd essentially be taking a free perk provided to you, and turning around and selling it. If the landlord is providing your electricity, would you be splitting the profits with him?

I understand the ethical concerns. It's not like government is paying electricity, but the rent is calculated in a way that electricity is accounted for!

My biggest concern ethically is climate and also the extra load on the grid due to this unnecessary task!

That sounds like an excellent way of encouraging the apartment complex to start individually charging for electricity.

This is in your price range no?

https://www.aliexpress.us/item/3256806964200030.html

With a similar device (the above is an S21) it is claimed you can earn about $5 a day with NiceHash (I think a Bitcoin miner pool)

https://www.nicehash.com/profitability-calculator/bitmain-an...

the device then pays for itself in 4-5 months.

It looks viable, but bit concerned about the sound though!

Another concern is your landlord might wonder why you're using so much electricity and have a word with you about it

I did not mean running a big ass crypto farm, just something that run on a normal plug point without causing a surge!

Read your lease carefully, there maybe a clause that restrict mining or other abuse of "free" electricity. They may not have individual power meters but they may have other means to determine if one of their tenants is using too much power.

I suggest not doing that because it would violate the spirit of the perk. This is likely to result in you ultimately losing that perk, and losing favor with the lord, who may not wish to renew your contract.

Also, crypto in 2024? Come on, dude. That ship has sailed. If you want to grift, AI is the current thing for that.

Hi as I said before, the rent is inflated with electricity cost considered. They assume that all the ACs in the room are always turned ON and then the rent is decided.

I do agree with the AI thing!

Dedicated bitcoin ASICs are too loud for an apartment complex. Also they require (edit) 220v instead of the normal 110v.

I think you mean 110 and 220 volts.

I strong recommend you to do not start doing this without talking to your landlord first.

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