Three months ago, a Facebook user on the Tesla Owners’ World Wide Group jokingly suggested that bitcoin miners could perhaps source power from their Tesla vehicles to mine bitcoins. Another user took the suggestion seriously and created a mining rig at the back of his car. The story created an online buzz that has since led to a serious discussion on whether Tesla owners could mine any bitcoins in their cars.
What is Bitcoin Mining?
Mining is the process of recording bitcoin transactions done worldwide on a ledge known as “The Bitcoin Blockchain.” Mining is an alternative way to own bitcoins as well. In recent years, bitcoin mining has become a global topic with a focus stressed on the cumbersome, high-cost use of electricity to mine.
Basics of Bitcoin Mining
Anyone can mine bitcoins- simply buy the right computer systems and you could mine.
Mining consumes a lot of power because bitcoin mining is all about computational power and speed.
Most miners work in groups known as “pools” to complete a blockchain faster.
Bitcoin miners are rewarded with bitcoins as an incentive.
Learn the step by step process of bitcoin mining, including how to maximize your profits here, https://www.abitgreedy.com/bitcoin-mining/.
Tesla and Bitcoin Mining: What’s the Relationship?
Although bitcoin mining came with great rewards a few years ago, mining competition forced bitcoin to toughen how the process works.
The algorithms used to validate transactions were hardened, making it impossible to mine bitcoins on normal computers.
Over time, miners moved to using GPU Graphics Cards before moving to the faster hardware known as “Application Specific Integrated circuits” or ASIC machines.
While the modern ASIC machines and cloud mining programs facilitate unprecedented speeds in mining bitcoins, they consume lots of power. This makes it difficult for average miners to keep their profit margins decent. To keep these costs down, miners are currently switching to the use of solar power. Those who can’t afford solar power look for alternative ways to keep their electricity bills low.
Tesla Power as an Alternative
Since the idea to mine cryptocurrencies with Tesla electrical power as a source was suggested, a lot of discussions have taken place. Tesla vehicles contain an autopilot computer that could facilitate electrical generation. But this is only possible in the Tesla Model S and Model X vehicles.
The supercharge network can generate enough power to mine some cryptocurrencies but not bitcoins.
Solves the problem of high power costs.
Ethical considerations-the supercharger isn’t meant for mining cryptocurrencies.
Would overwork the battery pack, declining its durability.
Would generate excess heat in your Tesla.
The feasibility of using Tesla’s electrical power to mine bitcoin is currently questionable. It’s also nearly impossible to mine other cryptocurrencies in a Tesla because of the heat the process would produce. Besides that, Tesla already capped the amount of free power new Tesla owners can use 400-kilowatt hours. These and many more reasons have proved difficult for anyone to mine any meaningful amount of cryptocurrencies on their Tesla vehicles.
The high energy costs required to mine cryptocurrencies will likely foster discussions of how to reduce the cost of mining bitcoins. But in the meantime, the dream to lower these costs by relying on Tesla super charge power is still not feasible. Stay updated on bitcoin mining by visiting our website regularly.