Why Bitcoin-Mining May Be Elon Musk's Next Big Problem...

Tyler Durden's picture

If you thought Tesla was burning cash now, wait until this latest scheme goes mainstream...

As EcoMotoringNews.com reports, some creative Tesla owners came up with a way to make a few bucks from their parked EVs: Cryptocurrency mining.

This raises questions that shouldn’t just be aimed at bitcoin mining, or even electric vehicles.

For those unfamiliar, cryptocurrencies only work because there is a network of distributed computing that processes the transactions. To reward those offering the computing power, cryptocurrencies give fractions of new bitcoins to those who did the work of running the network. This is referred to as “mining” bitcoins and other cryptocurrencies. This was an expensive and power-hungry task that could wear out computer components much faster than usual.

Initially, many doing this used high-end graphics processing units, but as the money earned per device diminished, miners turned to specialized computer units, called ASICs, to do the task faster with less electricity. But the units are still not free and they still can use kilowatts of electricity for a handful of them. To reduce the overall cost of running mining computers, some miners put the computers throughout their homes to act as small space heaters and reduce their heating bill. Others run their rigs on solar panels to avoid a monthly power cost.

Any source of electricity you don’t have to pay the normal rate for, or that you don’t have to pay for at all, is an opportunity for miners to increase their already thin profits. Teslas and other EVs have free access to power at many charging stations, so it was probably only a matter of time until somebody decided to plug their mining computers in.

One member of the Tesla Owners Worldwide on Facebook suggested the idea, possibly in jest. Then another owner went ahead and did it, posting a photo of his setup (above). Some members suggested that his setup could pull as much as 3 kilowatts of power and would probably require the vehicle’s air conditioning to be on for cooling. Other members raised ethical questions.

Is it stealing to use the power for something other than driving?

On the one hand, this could be a good way to offset the cost of owning an electric vehicle. On the other hand, it lowers the efficiency of the vehicle and increases the environmental impact. But then again, the mining was going to be done somewhere anyway, so does it really? Will many EV owners do this? Will they do it at places they were going to charge anyway, or will there be opportunistic fleets of EVs blocking up charging stations to make a quick buck? How will charging station owners respond?

But really, these questions shouldn’t just be aimed at bitcoin mining. Computing power is going to be in higher and higher demand going forward. Self-driving cars are already running on graphics processing units like bitcoin miners once all used. Infotainment systems are getting more and more powerful, and that power needs to come from somewhere. Mobile devices used by passengers are going to need more and more power to charge. Even beyond that, there are “V2H” systems that can run a house on an electric vehicle’s battery, and that goes far beyond the tiny bit of power needed to run a few mining computers.

And these questions shouldn’t just be applied to electric vehicles. Many of these power strains will apply to hybrid, regular gas and regular diesel vehicles. Alternators, the parts that charge most car’s 12v batteries, are already a big part of the car’s fuel consumption. Ecomodding hobbyists have gained as much as 15% fuel efficiency by removing them, and that amount is only going to grow as more demand is placed on it. Some companies are suggesting waste heat recovery to generate the electricity needed for the future.

When we look at these wider power issues, it becomes clear that bitcoin mining is just a drop in the bucket. Even if a large number of EV owners did it, it would still be nothing compared to the other computing future cars will eventually be doing. Where that power is going to come from is a good question we shouldn’t just be aiming at the odd bitcoin miner.

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warpigs's picture

He invented Bitcoin...

Shitonya Serfs's picture

I'm pretty sure Elon will just shut down these Tesla geniuses as soon as he reviews the next charging utilization data (per owner). Dumb ass in pic (above) should have kept his yap shut.

Solosides's picture

His only option would be to close the superchargers. The data only shows how many watt hours were consumed. There is no magical way it can tell that BTC was being mined.

Shitonya Serfs's picture

Tesla #12345 sitting at charging station #666 for 10 hours, would not be hard to find.

???ö?'s picture

Make it a felony offense.  Problem solved.

IH8OBAMA's picture

Someone is paying for the electricity at these charging stations.  Is it you and me as taxpayers subsidising Elon and his evil Tesla spawn?

 

Pandelis's picture

i suppose the indians working in Gulf countries have not heard of bitcoin yet ... it is free electricity over there

WTFRLY's picture

Lol Elon Musk is Starman and we just didn't know it.

MonetaryApostate's picture

They made drugs a felony too, how'd that work out?

Bryan's picture

In our increasingly self-centered culture, fame is more attractive than fortune, obviously.  Thus, the picture is posted and admired.

warpigs's picture

I love that my joke got trashed. What sensitive fucking vaginas some of you are! :-)

Donald J. Trump's picture

I thought Al Satoshi Gore did.

Twatter's picture

Bitcoins are on auto-pilot, Back up Bitcoin Bus and get rubber on Bankers. 

how long before brinks trucks are obsolete.

b-sugar's picture

you found a way to bash musk with a bitc argument, well fucking done! 

Secret Weapon's picture

Tesla. Ship withour a rudder.  All hat and no cattle.  Did I miss one?

Winston Churchill's picture

I feel like I'm locked into a padded cell in Broadmoor hospital for the criminally insane.

Probably the safest place to be with all the free range lunatics around here.

Spaced Out's picture

Useful, thanks for your input :D

Panic Mode's picture

Just send a computer to orbit the sun.

roadhazard's picture

The one thing I do know is that ZH will not bring Musk down. Whine on, bitches.

messystateofaffairs's picture

Yup, Musk is a bold doer, we are just basement whiners.

investor.gator's picture

Musk will do a fine job of bringing Musk down all by himself

E.F. Mutton's picture

"Next, I will cure cancer, invent a way for women to pee while standing, and give every man a 12" cock" - E.M.

RationalExuberance's picture

In fairness, this can be done with any EV... But this is ZH, so of course TSLA :)

coast1's picture

a 3 minute video from Mike Maloney about bitcoin and taxes...short but important.

Wise Gold's picture

How bitcoin may not be trouble for Musk should be the title here. 

DjangoCat's picture

How is it these EVs are getting free charges.  No road tax either.  Somebody wants to get ths done.

I Write Code's picture

Only mine for bitcoins with power recovered from regenerative braking.

Number 9's picture

hmmm.. we have a bank of ev chargers downtown that are hardly ever used....i wonder if the math will workout..they are not free

Kefeer's picture

Percentage of electricity being used to mine Bitcoin using "Tesla's" = 0.00000000000000051% - moving along.

DutchMadness's picture

When I buy Bitcoin I have to pay in old fashioned dollars or euro. Who is receiving them? Who is keeping them? Which banks? Where are all those billions of dollars people paid to get Bitcoin, hoarded? To me it is still a big Pyramid game.