Bitcoin has become wildly popular in the last year as the cryptocurrency continues to skyrocket and break records. Ever since the cryptocurrency broke the $10,000 barrier and upped its market cap to $170 billion a few weeks ago, the bitcoin craze has only gotten stronger.
Millions of people are now looking to get in on the action, whether it’s in the form of investing or being part of the underlying technology innovation. It is perhaps this craze which recently inspired a Tesla owner to build a functioning cryptocurrency mining rig to fit in his Model S.
For the reader unfamiliar with bitcoin, the cryptocurrency was launched in 2009 and is based on blockchain technology. The technology relies on crowdsourced computer processing power in order to process and store transactions while simultaneously maintaining the larger blockchain. The blockchain network as a whole also serves as a ledger of the cryptocurrency.
Those individuals who play a part in maintaining and contributing to the crowdsourced computing power are referred to as “miners”. Miners get rewarded in the same cryptocurrency proportionate to their input efforts. However to be a miner requires a vast amount of technical and computing knowledge, not to mention the high costs involved with obtaining the correct complex hardware systems as well as the high electricity costs. Electricity costs have been the main obstacle for miners, as high electricity costs often render the mining process not profitable.
This has caused several people to look for alternative electricity resources which led Tesla owners to start suggesting using Tesla’s Autopilot computer system for mining Bitcoin.
However, this also has its own obstacles. Using Tesla’s Autopilot system would require the company to allow access to the system, something which could become compromise once users are allowed access. Considering that the Autopilot computer is responsible for several of the models’ key safety features, most users have been discouraged by this venture.
However, a member of the Tesla Owner Worldwide Facebook group recently mentioned that perhaps one could use the car electric resources, rather than its computing system. While this suggestion was mostly made in jest, another member took the suggestion to heart and continued to build a mining rig that fit snugly on the back of his Model S. However, since the mining rig does not hold certain key pieces of hardware, it is unlikely to be used for bitcoin, but can be used for other mining other cryptocurrencies.
So far, it is not yet clear how this mining rig is more beneficial than a regular mining rig. Initially, this mining rig was created so that the miner could utilize the Supercharger network's free electricity. All of Tesla's Model S and Model X vehicles have access to unlimited electricity via the Supercharging program. The concept behind the mining rig was to use the power from this program, however, the specifics of his design is still unclear.
While innovative, the design does pose several issues of its own. First of all, there is the ethical concern that the Supercharging system is being abused. In addition, the strains of cryptocurrency mining on the Models’ battery pack is likely to damage it. Lastly, a cryptocurrency mining rig is known for overheating. Most cryptocurrency mining rigs are equipped with complex cooling systems. This would be no different for a mining rig built inside a Tesla. The car is likely to overheat, and considering the other obstacles faced, it appears that the latest mining rig does not offer its miner enough incentive to actually pursue it.
Millions of people are now looking to get in on the action, whether it’s in the form of investing or being part of the underlying technology innovation. It is perhaps this craze which recently inspired a Tesla owner to build a functioning cryptocurrency mining rig to fit in his Model S.
For the reader unfamiliar with bitcoin, the cryptocurrency was launched in 2009 and is based on blockchain technology. The technology relies on crowdsourced computer processing power in order to process and store transactions while simultaneously maintaining the larger blockchain. The blockchain network as a whole also serves as a ledger of the cryptocurrency.
Those individuals who play a part in maintaining and contributing to the crowdsourced computing power are referred to as “miners”. Miners get rewarded in the same cryptocurrency proportionate to their input efforts. However to be a miner requires a vast amount of technical and computing knowledge, not to mention the high costs involved with obtaining the correct complex hardware systems as well as the high electricity costs. Electricity costs have been the main obstacle for miners, as high electricity costs often render the mining process not profitable.
This has caused several people to look for alternative electricity resources which led Tesla owners to start suggesting using Tesla’s Autopilot computer system for mining Bitcoin.
However, this also has its own obstacles. Using Tesla’s Autopilot system would require the company to allow access to the system, something which could become compromise once users are allowed access. Considering that the Autopilot computer is responsible for several of the models’ key safety features, most users have been discouraged by this venture.
However, a member of the Tesla Owner Worldwide Facebook group recently mentioned that perhaps one could use the car electric resources, rather than its computing system. While this suggestion was mostly made in jest, another member took the suggestion to heart and continued to build a mining rig that fit snugly on the back of his Model S. However, since the mining rig does not hold certain key pieces of hardware, it is unlikely to be used for bitcoin, but can be used for other mining other cryptocurrencies.
So far, it is not yet clear how this mining rig is more beneficial than a regular mining rig. Initially, this mining rig was created so that the miner could utilize the Supercharger network's free electricity. All of Tesla's Model S and Model X vehicles have access to unlimited electricity via the Supercharging program. The concept behind the mining rig was to use the power from this program, however, the specifics of his design is still unclear.
While innovative, the design does pose several issues of its own. First of all, there is the ethical concern that the Supercharging system is being abused. In addition, the strains of cryptocurrency mining on the Models’ battery pack is likely to damage it. Lastly, a cryptocurrency mining rig is known for overheating. Most cryptocurrency mining rigs are equipped with complex cooling systems. This would be no different for a mining rig built inside a Tesla. The car is likely to overheat, and considering the other obstacles faced, it appears that the latest mining rig does not offer its miner enough incentive to actually pursue it.