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Tesla Owners Are Mining Bitcoins With Free Power From Charging Stations (vice.com)
dmoberhaus writes: Someone claimed to use their Tesla to power a cryptocurrency mine to take advantage of the free energy given to Tesla owners. But even with free energy, does this scheme make sense? Motherboard ran the numbers.
From the report: "...If we assume that each of the GPUs in this rig draws around 150 watts, then the 16 GPUs have a total power draw of 2.4 kilowatts per hour or 57.6 kilowatt hours per day if they ran for a full 24 hours. According to Green Car Reports, a Tesla Model S gets about 3 miles per kilowatt hour, meaning that running this mining rig for a full day is the equivalent of driving nearly 173 miles in the Tesla. According to the Federal Highway Administration, the average American drives around 260 miles a week. In other words, running this cryptocurrency mine out of the trunk of a Tesla for a day and a half would use as much energy as driving that Tesla for a full week, on average. Moreover, drivers who are not a part of Tesla's unlimited free energy program are limited to 400 kilowatt hours of free electricity per year, meaning they could only run their rig for a little over 7 days on free energy.
Okay, but how about the cost? Let's assume that this person is mining Ethereum with their GPUs. Out of the box, an average GPU can do about 20 megahashes per second on the Ethereum network (that is, performing a math problem known as hashing 20 million times per second). This Tesla rig, then, would have a total hashrate of about 320 megahashes. According to the Cryptocompare profitability calculator, if the Tesla rig was used to mine Ethereum using free electricity, it would result in about .05 Ether per day -- equivalent to nearly $23, going by current prices at the time of writing. In a month, this would result in $675 in profit, or about the monthly lease for a Tesla Model S. So the Tesla would pay for itself, assuming the owner never drove it or used it for anything other than mining Ethereum, Ethereum doesn't drop in value below $450, and the Tesla owner gets all of their energy for free." Motherboard also notes that this conclusion "doesn't take into account the price of each of the mining rigs, which likely cost about $1,000 each, depending on the quality of the GPUs used." TL;DR: Mining cryptocurrency out of your electric car is not worth it.
From the report: "...If we assume that each of the GPUs in this rig draws around 150 watts, then the 16 GPUs have a total power draw of 2.4 kilowatts per hour or 57.6 kilowatt hours per day if they ran for a full 24 hours. According to Green Car Reports, a Tesla Model S gets about 3 miles per kilowatt hour, meaning that running this mining rig for a full day is the equivalent of driving nearly 173 miles in the Tesla. According to the Federal Highway Administration, the average American drives around 260 miles a week. In other words, running this cryptocurrency mine out of the trunk of a Tesla for a day and a half would use as much energy as driving that Tesla for a full week, on average. Moreover, drivers who are not a part of Tesla's unlimited free energy program are limited to 400 kilowatt hours of free electricity per year, meaning they could only run their rig for a little over 7 days on free energy.
Okay, but how about the cost? Let's assume that this person is mining Ethereum with their GPUs. Out of the box, an average GPU can do about 20 megahashes per second on the Ethereum network (that is, performing a math problem known as hashing 20 million times per second). This Tesla rig, then, would have a total hashrate of about 320 megahashes. According to the Cryptocompare profitability calculator, if the Tesla rig was used to mine Ethereum using free electricity, it would result in about .05 Ether per day -- equivalent to nearly $23, going by current prices at the time of writing. In a month, this would result in $675 in profit, or about the monthly lease for a Tesla Model S. So the Tesla would pay for itself, assuming the owner never drove it or used it for anything other than mining Ethereum, Ethereum doesn't drop in value below $450, and the Tesla owner gets all of their energy for free." Motherboard also notes that this conclusion "doesn't take into account the price of each of the mining rigs, which likely cost about $1,000 each, depending on the quality of the GPUs used." TL;DR: Mining cryptocurrency out of your electric car is not worth it.
People will always take a mile when given an inch.
I guess Tesla realized this might happen, and that's why they stopped giving out free supercharger access. An alternate fix would be to deny supercharging if the number of miles drivenon the last charge is too low compared to the amount of energy that's been used.
If my eco-friendly place of employment offers free power for charging during my workday I don't have a 400-kilowatt-hours-per-year limit, I can make closer to $708.75 a month and run my rig for every workday of the month. I could also plug it in at home and run it some more during my evening if I wanted to, but at least this way, I cut my production costs by 1/3rd. And if my eco-friendly apartment complex also offers free power? Now I'm *really* making some extra coin (pun intended.)
Nothing like throwing REAL resources (coal, oil, gas) used for power generation into basically 1's and 0's that someone says are worth $10000 for each BTC. What the fuck? How broken do you have to be to chase NOTHING with something?
Has anyone actually tried to get $10k for a BTC? I'd really like to see someone post they actually cashed out BTC into US Dollars. Last YouTube video I watched on the subject has an fascinating conclusion: It was plenty easy to put cash into the BTC ATM in San Francisco and therefore get a BTC sent to your BTC wallet, but when the guy went to convert the remaining BTC to back to cash (US Dollars).. well... it never happened. He gave up.
When the revolution comes, bitcoin owners will be first against the wall. Actually, they'll be second against the wall, immediately after billionaire Treasury Secretary Steve Mnuchin and his trophy wife who took pictures of themselves at the mint rubbing fresh currency on themselves to get off.
And it will be easy to know who owns bitcoins, BECAUSE THEY CAN'T STOP TALKING ABOUT HOW THEY OWN BITCOINS.
You are welcome on my lawn.
Back with the Prius first came out, I read a story about how the battery voltage (somewhere between 100 and 200V DC) could easily drive almost any computer power supply DIRECTLY, no modifications required. This guy figured out that he could run his whole Ham Radio station and computers using his 2nd hand Prius as a source of backup power. Said it had a really nice battery capacity and you could just let the motor run to charge it now and then. I don't suppose a Tesla would be much different, except you won't have the backup generator part.
"File to fit, pound to insert, paint to match" - Aircraft Maintenance 101
I can sell you as many 16 GPU mining rigs for $15K as you want.
I hope you like the nVidia GT630!
#DeleteFacebook
Unless.... you happen to work at a shopping centre where there is a super charger. In which case it's money for nothing, and your chicks for free.
Really? Seriously, WTF people? What happened to "News for nerds"?
PRO-TIP: If you're using Power/Time as a unit, you're probably doing it very wrong.
Climate change and peak oil are huge problems, they're coming at full speed and we're still not able to write correct units for power and energy?