Power Cost For Mine Cryptocurrency

Power cost for mine cryptocurrency

1080Ti Gaming PC Mining Crypto For 24 Hours - How Much Profit?

How to Save Electricity Costs on Mining Cryptocurrency

Hi Steemit Guys,
This is my first post on Steemit and I decided to start with some electricity saving tips with you, since a lot of miners are having very high overhead costs on electricity and just saving a penny can help you to buy new coins.

Specially here in North America average per KW electricity costs are around 10 cent or more so the cost cutting is very important for the production.

Crypto miners use a lot of electricity and hence small saving can make big difference, though you can save anywhere between 1 penny to 5 penny per kwh sometimes, which is a great since you don't have to do any investment or spend anything to reduce your electricity costs.

I will explain everything in short since, no one has time to read long posts.

Deregulation of Electricity:
In north America, Most of the states have deregulated electricity, so what that means?

Power cost for mine cryptocurrency

many of you are not aware of it, deregulated means, you can choose your electricity supplier, even though your current meter is connected with current supplier. Basically there are two types of charges in your electricity, First one is called supply charge and second one is delivery charge, they both are two different charges combined together and totals your per month bill and are charged as per consumption kw/h and charged to you, the more you consume, the supply charge is higher and delivery charge is less.

Delivery charges:
The delivery charges are the charges for delivering electricity to your door step(Like Pizza Delivery).

The delivery charges are for connecting your home to the electricity grid, read your usage meter, Fixing the delivery issues and raising you the invoice and taking care of the payments, Most of the area have single delivery company and you don't have alternate option, though some area, like NY can choose multiple electricity delivering company as well, though there are multiple supplier for the same grid.

Supply Charges:
Supply charges are for supplying the electricity to your home through the electricity delivery company.

Power cost for mine cryptocurrency

A supply company can be your delivery company or any other independent electricity supplier who is registered to supply in your area or state. Well most of the people get confused at this point and myself was as well, it took me some time to completely understand the process, though I will explain this here as easy as possible, Choosing supply company is like Choosing the same brand gas (example Shell) with different gas stations having different gas prices, the electricity can also be chosen like that as well, I will explain these in the actual electricity bill with real examples.

Your State's electricity bill can be vary in format, though most of the components are same.

Understanding your Electricity Bill:
Here is attached the Ever-source Company electricity Bill in which supplier is zoom energy, before the zoom enegy, the supplier was ever source and which was expansive then the alternate supplier.

Power cost for mine cryptocurrency

There are two different companies working together to reduce the electricity costs, one is working for delivering the electricity (ever-source) and other one is supplying the electricity to the place at 0.095 cent per Kwh. (Xoom Energy)
The bill is split into two parts, supply and delivery charges both combines to single bill, which needs to pay to the delivery company, (like you pay the amount of pizza to delivery man for for ABC pizza)
The delivery and supply charges are indicated with red arrow and circles in the bill so that you can understand them easily.

Page 1 shows the total amount of supply charges and delivery charges

Page 2 showing detailed charges of supply costs and delivery costs.

How can you choose the cheap Electricity suppler;

To choose the alternate supplier you have to first find out the current electricity supply rate in you bill and compare that rate with alternate supper, remember even a penny diffidence in the supply in 1kwh can make big difference in your monthly invoice, in aboveinvoice, the supply is 0.095 per kwh and total of 290 Kwh used, in that case 1 penny difference can save another $2.90 per month (0.01x290=2.90) without spending 1 penny, sometimes the rate difference is 5-7 cent or more.

To sign up the alternate supplier what I have used is Zoom energy which have great plans for 12 months to 3 years fixed rates (depends on location) so that it will be good for the long run,
to sign up your alternate Electricity supplier at fixed rare, to enroll, I will provide you the link I have used and you need your electricity bill in front of you to sign up.

Power cost for mine cryptocurrency

you may need the service reference no and key in some states to enroll, every state has different option, to start you have to enter your zip code and follow the on screen instructions, here is the link to enroll;

https://acn.xoomenergy.com/en/residential?p=03180596

Type the link in your internet browser and follow the instructions, read the the terms and condition and accept if you agree with it.

Since this is my first post and thought this can be helpful to miners as well as the home owners/users, please like and comment so that I can know it is helpful to you, comment me if you have any issues with signing up or what type of content do you want to see in future?

I will assist you in my best knowledge and resources.

Thanks and best wishes !

Cryptopizza