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Bitcoins / Breaking News / Mining

Tesla Owner Mining Bitcoin For Free!

A Tesla owner claims to have come up with an environmentally friendly solution to mining Bitcoins, something that is becoming increasingly difficult as the popularity of the cryptocurrency soars.

This solution could be the perfect answer to all mining problems, as the current mining rigs use so much power – they are accountable for using 0.13% of the world’s total energy consumption. This equates to more than the whole of Ireland!

So how have they done this, and is it really the perfect solution?

According to a Facebook post on the Tesla Owners Worldwide page, the owner has installed a Bitcoin mining rig in the boot of his Tesla Model S, which supposedly uses the free energy, which has been supplied by Tesla’s Supercharger network, allowing them to mine the Bitcoins completely free of charge.

This particular software can be installed on anyone’s computer, with the aim of identifying a sequence of data which is known as a ‘block’, which then generates a pattern when the Bitcoin ‘hash’ algorithm is applied to the data. The first computer that does this will then win the Bitcoins.

New Bitcoins are uncovered using the ‘Proof of Work’ algorithm. There are a total of 21 million Bitcoins in the pot, and as we move ever closer to that number, the energy consumption is simply going to keep on rising.

Despite claiming that there is in fact a free way to mine Bitcoins, it has sparked a lot of controversy since the post went viral, with many experts questioning its legitimacy. Daniel Oberhaus from Motherboards has branded the solution “stupid”, as he points out that the rig is missing the specialised computer chips needed to perform the repetitive calculations in order to verify the Bitcoins. He delves further into the possible problems, explaining that the number of GPU’s in the boot will make the vehicle “unbearably hot”, and that the solution would simply be costly and unfeasible.

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Frances is a writer for Crypto Daily, and she is responsible for bringing you the latest news on everything that is related to the Crypto world. She has a keen interest in Cryptocurrencies, and has many years of experience writing in all different roles. She is incredibly passionate about writing, and this combined with her interest into the finance, and virtual currency sector means that you are kept up to date with all of the latest news and information regarding all cryptocurrencies.