• 2 days Iraq Begins To Rebuild Largest Refinery
  • 2 days Canadian Producers Struggle To Find Transport Oil Cargo
  • 3 days Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 3 days China's CNPC Considers Taking Over South Pars Gas Field
  • 3 days BP To Invest $200 Million In Solar
  • 3 days Tesla Opens New Showroom In NYC
  • 3 days Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 3 days Venezuela Sells Oil Refinery Stake To Cuba
  • 3 days Tesla Is “Headed For A Brick Wall”
  • 3 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 3 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 3 days Goldman Bullish On Oil Markets
  • 4 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 4 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 4 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 4 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 4 days Colombia Boosts Oil & Gas Investment
  • 4 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 4 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 5 days Aramco On The Hunt For IPO Global Coordinators
  • 5 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 5 days India Feels the Pinch As Oil Prices Rise
  • 5 days Aramco Announces $40 Billion Investment Program
  • 5 days Top Insurer Axa To Exit Oil Sands
  • 6 days API Reports Huge Crude Draw
  • 6 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 6 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 6 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 6 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 6 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 6 days Exxon To Start Reporting On Climate Change Effect
  • 6 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 6 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 7 days Forties Pipeline Could Remain Shuttered For Weeks
  • 7 days Desjardins Ends Energy Loan Moratorium
  • 7 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 7 days Russia May Turn To Cryptocurrencies For Oil Trade
  • 7 days Iraq-Iran Oil Swap Deal To Run For 1 Year
  • 9 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
  • 9 days Mexico Blames Brazil For Failing Auction

Breaking News:

Iraq Begins To Rebuild Largest Refinery

Alt Text

The Electric Truck Revolution Is About To Accelerate

Cargo transport companies have begun…

Alt Text

The Stunning Energy Cost Of Tesla’s Semi-Truck

Tesla’s electric trucks could require…

Alt Text

The Secret To Replacing Fossil Fuels

Renewable skeptics cite low efficiency,…

Tesla Owners Are Stealing Power To Mine Bitcoin

Tesla

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

(Click to enlarge)

As EcoMotoringNews.com reportssome 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. Related: IEA Boss Sees Oil Markets Tighten In 2018

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 percent 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.

By Zerohedge.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment
  • Philip C Branton on November 29 2017 said:
    The reason this article was written and published (while informational and educational) is strictly about timing. There is a reason that Bitcoin is over 10k.

    In actuality some Bitcoins by their very own crypto currency identifying markers make them far more valuable than others. Value is in the eye of the beholder. How do you kill the profit value of war...? Make oil poison to the value of Bitcoin or any crypto currency generation. Anyone can "mine" for Bitcoin but can anyone setup their own printing press without an IRS "approval"..?

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News