Mining crypto

E-cars mining crypto while parked. Could Tesla do this? By DailyCoin

E-cars mining crypto while parked. Could Tesla do this?

Bitcoin has experienced a crisis, affecting both price action and public perception. Following an announcement by Elon Musk that Tesla (NASDAQ 🙂 would no longer accept BTC payments due to “environmental concerns,” the rhetoric resurfaced around the compromises of Bitcoin mining and of its use cases. Therefore, attention has shifted to the concept of vertically integrating carbon neutral reforms in the mining sector.

Mining requires high power consumption in order to maintain the ability of the network to validate and add blocks accurately. Proof of Work (PoW) is becoming obsolete, and alternative consensus mechanisms have produced validation mechanisms that have been shown to increase transaction throughput, while adding similar security features. and TRON have turned to PoS (Proof of Stake), with the aim of bringing blockchain closer to mass adoption. Daymak, a Canadian manufacturer of light electric vehicles (LEV), has developed a hybrid mining mechanism capable of mining Bitcoin, Dogecoin, and other cryptocurrencies.

Mining on the go!

The automaker has announced the integration of Daymak Nebula into its “Spiritus” electric car, which will include unique, patent-pending technology that enables cryptocurrency mining. They said, “We have positioned our Daymak Avvenire series as the ELVs of tomorrow, and tomorrow’s vehicles will feature an array of technological systems. “

According to their press release, Spiritus will be “the first car in history with mining hardware and cryptocurrency technology programmed into the user interface.” The mining process will use a built-in GPU and mine the cryptocurrencies directly to Nebula Wallet when the car is parked, turning the LEV into an “eco-friendly crypto miner node”. In addition, Daymak will integrate the Nebula Wallet application, allowing drivers to collect, store and transact with their earnings using the Spiritus interface.

Spiritus will launch in 2023 and will use solar panels to harness solar power for “trickle charging”. The two-seater coupe is different from contemporary electric cars in that the layout has two wheels at the front of the car and one wheel at the rear. With an entry price of $ 19,995 and a range of 300km, Spiritus has amassed $ 350 million in pre-orders alone. Aldo Baiocchi, President of Daymak, pointed out that while “most vehicles depreciate when they are left in your garage, the Nebula Miner will earn you money while your Spiritus is parked. The potential applications are limitless.

The innovation brought by Daymak is revolutionary and could shift the attention of car manufacturers towards new technological innovations. The “Documenting Bitcoin” Twitter page pointed out that while using a car for mining might be unnecessary, the idea is “amazing at the same time.” Consider this, with over 70 million car units sold worldwide, it’s worth imagining just how plausible green mining could become if all cars were individual Bitcoin nodes. It is certainly an intriguing thought!

On the reverse

  • Daymak does not mention the type of mining protocols that will be in place at launch.
  • Regulatory measures regarding mining in China could prevent Daymak from entering the Chinese market.
  • Bitcoin mining value for Daymak will decrease when the last Bitcoin is mined.

The environmental story

The global agenda centers on renewable energies and carbon neutrality. Elon Musk’s announcement regarding Bitcoin’s carbon footprint is another part of the growing attention to cryptocurrency’s effects on global warming. On January 25, 2021, Bloomberg reported on Bitcoin’s high energy consumption, although most of the attention has been on financial gains, making the water appear to be under the bridge. .

The advent of the use of renewable energies in mining is being analyzed; although reports to date have underscored the difficulty of the task. Hive Blockchain has reportedly sold its Norwegian mining farm due to a lack of tax subsidies, while The Times reported that solar farm power generation is unsustainable. Further compounding these concerns, Bitcoin’s demanding energy process may have reached its limit according to the CEO of Landsvirkjun, who told Bloomberg that there may be “little excess energy in 2021 and 2022”.

As the solar energy market expands, the prerogatives of discovering mining innovations may become increasingly in demand to meet ambitious goals. Elon Musk and CEO of Twitter backed an ARK Invest research study which highlights that cryptocurrency encourages the development of renewable energy. Additionally, automakers such as BMW and Ford are studying, and in some cases already working to integrate, blockchain initiatives. Integrating blockchain mining into cars could be the push the industry needs to reinvent the way mining should be done.

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