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I need to power equipment floating on 230V, device requires 5V 10 mA . I'm looking to as high efficiency power supply 230V -> 5V 10mA with price 5$ max.
In short, something with a higher efficiency than the source with capacitor.
I assume that you don't mind reactive power consumption of the circuit but want to reduce power dissipation in the series resistor and parallel regulator (Z-diode)?
They are related to surge strength and acceptable input voltage variation and thus can't be reduced in the present circuit without disavantages. I guess, it's no necessary to mention that a transformer supply for 50 mW will be very small and cheap. Alternatively, you'll possibly want to refer to a non-isolated buck converter.
Small transformer and inexpensive?
I do not know how with you, but here is the availability of small transformers and a very good price is definitely not small.
Get a transformer in size E10 or E13 is an issue price of approximately 2Eura for E13 does not get me as low https://uk.farnell.com/ferroxcube/ep10-3f3/ferrite-core-full-ep10-3f3-pair/dp/3056685
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