Tesla is known for burning cash. They reinvest almost everything they make and are attempting to dominate the market. Well, this cash bleed is about to get a lot larger if they do not figure out the problem around their cars and Bitcoin.
As I am sure you are aware, and as we covered, Bitcoin has been on a truly historic rise. When we wrote this article just two weeks ago, the cryptocurrency was at a record $7,756. Today Bitcoin went above $9,900, on it’s way to $10,000. This rise is a lot of fun to watch for crypto fans, but Tesla is watching in horror.
Now mining Bitcoin isn’t a straightforward profitable experience. The process is extremely resource heavy adding a lot to your electrical bill, and is only profitable when using optimized machines (or if the price keeps doubling every month). If you don’t have a solar panel setup with the most optimized computer, you may end up paying more money than you receive in Bitcoin.
This is where Tesla comes in. A minority of Tesla owners have figured out how to hack their Tesla’s to mine Bitcoin while they are charged in. Normally this wouldn’t be a problem for Tesla, but they have free access to power stations. I have seen them all over the place here in Southern California and it works as a great marketing ploy to influence people to buy their cars. You can charge up your car instead of filling it with gas, and it can actually be free.
The idea came about on the Tesla Owners Worldwide on Facebook who suggested the idea, possibly even as a joke. Then another owner went ahead and tried it, posting the photo shown above. Some members said they think that his setup could pull as much of 3 kilowatts of power and would probably require the car’s air conditioning to be on for cooling.
While this isn’t a problem right now, since this only just happened, but with the information being spread out to the public, and with Bitcoin continuing to hit amazingly high amounts, it’s no doubt that Elon Musk will have to address this at some point.