Feasibility model for solar-powered cryptocurrency mining setups

Abstract

This paper presents a model for assessing the financial viability of cryptocurrency mining setups powered by off-grid solar photovoltaic (PV) systems. The model considers the features of mining hardware, the network attributes, the price of virtual currency and the solar potential of the installation site, to predict the payback period of the investment in months. As a case study, the feasibility of mining using various state-of-the-art Application-Specific Integrated Circuits (ASICs) and Graphics Processing Units (GPUs), powered by PV installed in New Zealand has been investigated. The results show that for ASICs setups, the initial cost is very high compared to GPU setups. However, considering the best-performing cryptocurrencies, the payback period for ASICs is much shorter than for GPU setups. This work will help to improve the sustainability of cryptocurrency mining businesses by reducing their dependence on exhaustible energy resources and their impact on the environment.