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Take your used coffee grounds and throw 'em in your compost pile..
If you work outdoors, you can spread them thinly on the ground in your garden beds and around your plants, and lightly rake 'em in just under the surface.
They will break down and provide N to your organic soil...They are also a favorite food to earthworms...
First of all coffee grounds are a very good addition to your composting efforts! They would be considered a "green" or nitrogen source. C/N (carbon/nitrogen) ratio about 20:1.
While it is widely thought that they are acidic it has been shown that most of this acidity is removed in the brewing process. Used grounds are essentialy neutral and composting them with other materials will buffer any minor residual acidity.
"Used grounds have essentially neutral pH, although the coffee beverage produced is rather acidic.
The measured pH of used coffee grounds was 6.9, with a significant amount of buffer capacity - adding the coffee to either acidic or basic solutions drove both towards neutral pH. The exact pH of used grounds will depend on the pH and alkalinity of the water used in brewing, but with any potable water, used grounds will be close to neutral pH.
Anecdotal evidence suggests that worms are very attracted to them so you can feel free to use them in vermiposting (worm bin) situations if you desire."
[Garden Web]
Big name coffee places often gave 10 lb bags of brewed coffee grounds away. We used to pick them up to throw in raised beds.
My grandma used to put used tea bags around house plants. I seriously gotta move the compost bin to my place. Far too much gets tossed into the trash. Banana peels (potassium) avacado peels and apple cores.
Like everyone is saying, it's a good idea to add them to your compost instead of adding them to potting soil. Worms go nuts for them and turn them into awesome poop in short order. If you just ad them to your plants they will likely not break down in time to have any benefit.
I would also caution their direct application as they are acidic.