GiGadgets | GiGadgets | Tesla’s Free Supercharging is not the answer to Bitcoin’s mounting electric bill

Tesla’s Free Supercharging is not the answer to Bitcoin’s mounting electric bill
Tesla has been pushing purchase via a number of incentive programs.
Chong Li
By Chong Li
Dec 10, 2017
1482

credit to Tesla Owner Worldwide

Tesla has been pushing purchase via a number of incentive programs. The company may be slow in delivering orders due to low production capacity (many have accused Tesla of selling “Futures” ), it grants many customers instant free charging at Tesla’s Supercharger stations. Not the best way to collect interest lost in waiting but still better than nothing.  Some genius Tesla owner came up with a brilliant idea of using this “free lunch” to power his/her mining rig and rack up Tesla’s electric bill.


A Model S owner appears to have installed a set of 4 GPUs, which are common gears in cryptocurrency mining circle, in the back of the trunk. For folks unfamiliar with the business, “miners” profit from using their computing devices to solve cryptographic puzzles to verify virtual transactions on blockchain as they are rewarded a certain amount of “fees” for performing that task. In the meantime, enormous amount of electricity is being consumed as the machines around the globe are competing day and night to verify transactions. According to a latest study by Powercompare, Bitcoin mining is now consuming more electricity than 159 countries in the world, let alone Ethereum, Litecoin and other forms of cryptocurrencies. With increasing difficulty of solving the mathematic problems to acquire additional Bitcoins, the power consumption will continue to grow and profit margins left for miners will be thinner and thinner.


Credit:PowerCompare

As electric bills persist to rack up for miners, it is no wonder people are getting creative on minimizing cost. But Motherboard points out the rig may seem more like a joke rather than a feasible actuality. The setup can’t really carry out Bitcoin mining as it requires specialized computer chips (ASICs) to continuously process millions of calculations per second to verify transactions, compared to the GPUs in question that is more suitable for lighter tasks such as Ethereum mining. Moreover, even it were true and functional, the rig will literally turn the $70,000 Model S into a driving oven, as GPUs under that working load will generate an enormous amount of heat.

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