I keep hearing the crypto mining is dead and it’s no long profitable to mine crypto coins with GPU’s etc etc etc, but if you have ulterior motives then it can still pay to mine crypto with GPU’s in 2024.
Ok so I am only a hobby miner with a small rig, and I mine a shitcoin called Ravencoin which I then transfer to Binance and ultimately distribute it between Bitcoin and Etherium for long term storage, and I’m not looking to make millions, but putting away a couple of quid in Bitcoin cant hurt can it…
But my main reasons for still running my GPU miner in 2024 is very different, it’s a cheap heat source to keep my workshop warm in winter. Given I have an abundance of cheap / free electricity emanating from my Solar Panels which are mounted on the roof of my workshop and of course my Battery Storage system which stores up cheap rate electricity from my supplier for use when I need it or am not generating enough power from my panels, then it makes sense to put that power to work to heat my workshop.
Now the workshop does have two Air Source Heat Pumps one in each section which are capable of both heating and cooling the area, and in the summer I do have one of them running all the time to keep the place cool, even though the building itself is really really well insulated, there is a reasonable amount of heat generated inside it which does warm it up a bit too much in summer, although not enough to keep it warm in winter,.
So I have the choice, run the heat pump inverters in heat mode and use my electricity to just heat the place, or use a slightly less efficient heater in the form of my GPU miner and let that keep the place warm, whist of course topping up my bitcoin stash at the same time, and as it happens both routes use about the same amount of power.
So why not, and of course it makes my smile every morning when I get a notification from Binance to say that HivePool has deposited some shitcoin into my account, and then once a week Binance automatically sweeps that up and re-invests it into Bitcoin, BnB and Etherium, what harm can it do.
So yes Crypto mining with GPUs is still a viable option in 2024, but not if your only doing it for the coins, because that just doesn’t make sense, and is the reason I only run my miner 6 months of the year, (well with all the cards in anyway)…..
There is of course dedicated heat / mining hardware now available in the form of the Heatbit, which basically an Antminer S9 repackaged as an air filter / heater that uses the heat from the mining chips and circulates the air through a HEPA filter and over the S9 antminer chips to heat your room, and by all account its a pretty good heater / air filter, but it kinda fails as a miner mainly due to the S9 antminer being seriously outdated and the fact that it only allows you to mine the one coin from within the Heatbit pool, however if you do need an electric room heater and you can stomach the initial $799 price tag then it is probably a reasonably choice against something like a Dyson Blade Heater, and it wins over the Dyson in that it is in my opinion more ascetically pleasing and of course that its a great talking point, and of course it will earn you a couple of quid in the background, but its not going to be life changing amounts.
Personally i still the Heatbit both as a concept and as a solution to your heating woes if your looking to heat a single room over winter such as an office etc where you dont have more efficient heating systems. and I would love to try one out myself, but the $799 price tag is currently out of my range.
And of course if you do fancy buying a Heatbit I can sweeten the pill a little bith a 5% discount if you use the code: “RiderGSA72” at the checkout. And yes the image to the left is a paid affiliate link so if you do want to purchase one, please click the image, follow the link and help support my blog, who knows I might even be able to afford a Heatbit of my own one of these days.
