At the start of the year we posted about Crypto mining with the excess in power that you may have from your solar, if you followed us that may have paid off right now earning you a massive £1.1794 kWh.
We have been tracking crypto mining and prices through the year and it has been reported that this is a bad year for crypto, what that means I do not know to be honest. We posted in May this year about crypto and the money that could be made from mining with excess solar power, however there was a dip in prices a few weeks later which made it “may be worth it” however since November the price has rocketed. in some cases the value has gone up 170%.
I think we can agree that if your earning £1.17 per kWh of solar that would be export, then turning this into “cash” at 10 times the “value” then you were on a winner! It was a gamble of course.
Crypto is a bit of a odd sausage, and I haven’t looked into converting this into real money as there are some costs involved in doing that, but we could never be sure if the value would go up or down.
The premise of the “value” was that the mining value had to be above that of the export payment.
Customers who choose Octopus as their energy supplier can typically gain 29.4p for every kWh (kilowatt-hour) of solar electricity they export between 4pm and 7pm, and 22.1p per kWh at all other times. This was the highest paying for export available on the market.
Below that is it’s standard Octopus Flux, which pays three rates: off-peak, day, and peak. The average rates you’ll receive are 4.6p, 13p, and 26p, respectively. So there wasn’t really a clear value to put on the kWh as many were around 4p and some were also lower.
Either way you would have earned 4 times more per kWh that export offerings at the best rate.
Equally, the reason the value is good, is due to the rise in the value of crypto, it had been 30% less than when we started, and dropped to a value where there was no break even (£0.03kWh).
For sure, investing in a battery would be more value, as it would be less risk and storing that power to use later would guarantee a return of £0.23kWh over a 10-15 year period. with export payments being between 8 and 15 pence, you would still be better off that the money on average from mining for money..
So there is your heads up, we got a little lucky and there was no losses made in this little experiment!
Would you take the risk? What was your return on export?
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