The home mining panel at the Bitcoin 2022 Conference was a gathering of longtime Bitcoiners: Matt Odell hosted Econoalchemist from Upstream Data, John Stefano from FutureBit, Coin Heated and Diverter. The topics of discussion were why people should consider mining at home and what challenges they might face.
Econoalchemist opened by saying, “Mining at home solves a lot of problems. It solves problems with censorship, it solves problems with not getting a bank account, and it solves the problem with the risk that comes with using KYC (Know Your Customer) services.” Mining at home helps smaller miners, distribute the hash rate, and in many cases can mine bitcoin cheaper than buying it outright.
Diverter started using hashing as a way to acquire KYC-free bitcoins when exchanges started demanding more and more personal information. Being able to mine at home gave him more privacy. He realized he could mine for profit, which was an added benefit for him. Diverter was one of the first to write about his experience and share the pros and cons of home mining with the community. I would guess thousands have been inspired by his work; I was. Acquiring mining ASICs can be a daunting task. There are many scammers out there. If the reader is interested in home mining, reach out to others for help and do plenty of research before purchasing the equipment required.
ASICs are industrial machines; They are not designed for home use. These machines require a lot of power: typically 240 volt operation from a 20 amp breaker. They generate heat and are extremely noisy – ask a miner’s family how noisy they are. Imagine something loud and then multiply it by two. Coin Heated relates it to a large shop-vac that runs 24/7. That’s a good analogy: I can hear my ASICs howling from the kitchen table, even if they’re in the garage.
Noise and heat are two big issues with mining at home. Panelists shared ways they tried to solve these problems. Two new products and immersion cooling technology were discussed at length. Bitcoiners find solutions to these problems; that’s what we do.
Stefano has developed FutureBit, a miniaturized version of an ASIC that can be operated in an apartment on a bedside table. However, home miners using FutureBit will not get big rewards can Join the network and avoid people complaining about the noise.
Upstream Data created the black box. This product is designed to sit outside and keep the ASIC weatherproof while still dampening noise.
Coin Heated discussed the benefits of immersion cooling. At home, he kept his pool heated all winter and is now designing other immersion systems for home use.
Econoalchemist and Coin Heated both discussed cases where their power supply went off. Econoalchemist melted his wires off the shelf and Coin Heated said he “cracked his transformer five times”. Someone has to make sure the electric company updates its aging infrastructure. Speakers emphasized that it is best to hire and consult a licensed electrician when home miners plan to add hashing to their homes. It’s all fun and games until the house burns down. In summary, the benefits of mining at home include KYC-free Bitcoin, strengthening the network by decentralizing the hash rate, and supporting Bitcoin censorship resistance. In many cases, mining can be cheaper than buying. Challenges include power consumption, heat and noise.
Diverter encouraged listeners to participate in the entire ecosystem by running nodes and hashing with their own miner. Whether you’re running a FutureBit in a Brooklyn apartment, heating a house or pool with immersion cooling in the winter, or air-cooling an ASIC outside in a black box, the hardware, tools, and resources are available.
We need millions of participants around the world to distribute the hash rate. Don’t let the megamines control the overall hash rate; You are ripe for censorship. It only takes a quick stroke of the pen and these fiat-backed mega-mines could start censoring transactions. The goal is to introduce ASICs to millions of homes and small businesses. Get hashing – but hire a licensed electrician so the house doesn’t burn down.
If readers are interested in home mining, there are numerous resources available. The guests of this panel have written numerous guides. They take the time to answer questions or point people in the right direction. My DMs are open too. Feel free to sign up. I will be happy to answer you unless you ask me how my trade is going.
This is a guest post by Barnminer. The opinions expressed are solely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.
