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Topic: Bitcoin mining in Texas - new trend - will Tesla follow (Read 368 times)

legendary
Activity: 2142
Merit: 1012
There is actually evidence out there that 80% of all Bitcoin mining activity is performed by Chinese companies. I saw an article today that stated between 40-60% of the power needed for this purpose in China is using dirty coal energy - that is a very bad thing for the environment and feels extremely wasteful, even if a large chunk is also coming from cleaner forms. It is highly unlikely that companies based in a country like the US will be able to mine Bitcoin at a competitive rate compared to the cost of electricity. Even while keeping at the cutting edge of technology and using renewable energy sources like solar/wind power I am not sure if companies would be able to operate at similar margins with the extra costs like property and staffing.
In general, it is ungrateful to talk about profitability in bitcoin mining, given the huge volatility of bitcoin Wink The Chinese energy industry has historically used more coal for its activities, but in recent years, the share of thermal power plants has been falling, and the share of wind and solar plants is growing rapidly, so there are also environmental-friendly changes. Here much depends on the position of the regional authorities, because there was information that not all the authorities of the Chinese regions are happy with the presence of mining capacity and would like to use electricity for other purposes, so the current share of Chinese miners may become less in the future, although of course now Chinese miners are ready for lower profitability than, for example, American miners.
legendary
Activity: 4270
Merit: 4534
need we forget texas's power cuts not so long ago

texas needs a hell of alot of investment to upgrade its current electrical infrastructure
im guessing they done alot of good deals to offer cheap electric contracts to big miners to get some big money flowing into the electrical companies
sr. member
Activity: 1918
Merit: 370
Texas companies should pioneer the use of green energy in mining bitcoins. Most of the bitcoins mined nowadays come from nonrenewable resources that further deteriorate the integrity of our environment. This act could spearhead the use of renewable sources in the future not only for mining bitcoin but for everything else that runs on electricity. Since the US holds a certain power over the planet, it's undoubtedly s move that coulf inspire other countries to join in.
legendary
Activity: 2688
Merit: 1192
There is actually evidence out there that 80% of all Bitcoin mining activity is performed by Chinese companies. I saw an article today that stated between 40-60% of the power needed for this purpose in China is using dirty coal energy - that is a very bad thing for the environment and feels extremely wasteful, even if a large chunk is also coming from cleaner forms. It is highly unlikely that companies based in a country like the US will be able to mine Bitcoin at a competitive rate compared to the cost of electricity. Even while keeping at the cutting edge of technology and using renewable energy sources like solar/wind power I am not sure if companies would be able to operate at similar margins with the extra costs like property and staffing.
legendary
Activity: 3724
Merit: 1217
Renewable energy such as wind or solar power cannot create stable reserves. Mining t in Texas is risky because it could be shut down.
The problem of Tesla mining Bitcoin is unlikely because Tesla has a mission to protect the environment.

I don't think that Tesla will try their hand with cryptocurrency mining. They don't want to deviate from their core domain (i.e the EV sector), and even when a part of the reserve funds were converted to Bitcoin, there was a lot of protests from some of the investors. Fortunately for the management, the Bitcoin investment returned profit for them. If it was the other way around, then they could have been in big trouble. The anti-Bitcoin investors were even planning to file lawsuits against the move, but the rally in BTC exchange rates discouraged them.
full member
Activity: 532
Merit: 104
Renewable energy such as wind or solar power cannot create stable reserves. Mining t in Texas is risky because it could be shut down.
The problem of Tesla mining Bitcoin is unlikely because Tesla has a mission to protect the environment.
sr. member
Activity: 448
Merit: 251
Futurov
Because texas provides inexpensive electricity costs that no other place can provide, it was such an opportune moment for bitcoin miners to use this as a place to conduct operations. Bitcoin miners will definitelt benefit from the renewable energy, such as solar panels or windmills, that could further cut costs. Tesla on the other hand, is working on a new project in texas, not bitcoin related but it has something to do with lithium hydroxide. I dont know if Tesla would follow in bitcoin mining, but knowing Elon Musk, it is possible.
legendary
Activity: 2156
Merit: 1151
Nil Satis Nisi Optimum
~snip

If crypto miners in texas can contract tesla to build more megawatt batteries for the grid, it could give them a greater advantage in reducing electrical costs.

good point, electrical power from wind is not cheap, but Texas has natural resources to have it as cheap as possible, and that could be accumulated in mega batteries, to be used as renewable source for mining

there is an initiative to use renewable energy for BTC mining, and some investors are claiming that would not buy BTC mined in China, without renewable energy
legendary
Activity: 2562
Merit: 1441
Tesla appears to be constructing a 100+ megawatt battery for the powergrid in texas.

Quote
Tesla Is Plugging a Secret Mega-Battery Into the Texas Grid

A Tesla subsidiary registered as Gambit Energy Storage LLC is quietly building a more than 100 megawatt energy storage project in Angleton, Texas, a town roughly 40 miles south of Houston. A battery that size could power about 20,000 homes on a hot summer day. Workers at the site kept equipment under cover and discouraged onlookers, but a Tesla logo could be seen on a worker’s hard hat and public documents helped confirm the company’s role.

https://www.msn.com/en-us/money/companies/tesla-is-plugging-a-secret-mega-battery-into-the-texas-grid/ar-BB1emHXQ

They previously built a 129 megawatt battery in south australia which saved $116 million in power costs over two years.

Quote
World's biggest battery developed by Elon Musk's car firm Tesla is powering 30,000 homes in Australia and has saved residents $116 MILLION in energy costs over two years

Elon Musk owned Tesla installed a battery farm in South Australia in 2017 and has since helped residents save $116 million in energy costs, Bloomberg reports.

The company installed the world's biggest lithium-ion batter to help reduce the risk of blackouts as the country moved to renewable power generation.

Operating via the Hornsdale Power Reserve, it has helped to restore stability to the network and lower the costs of running the power grid, according to reports.

https://www.dailymail.co.uk/sciencetech/article-8082841/Elon-Musks-Tesla-battery-farm-saved-South-Australia-116-MILLION.html

Its been said that the boom in texas crypto mining is fueled by a surge in wind farms being constructed there.

If crypto miners in texas can contract tesla to build more megawatt batteries for the grid, it could give them a greater advantage in reducing electrical costs.
hero member
Activity: 2002
Merit: 535
Why should we think that Tesla would jump into a space where they are not interested, they invested heavily in bitcoin but that does not mean that they are willing to invest billion to set up a mining farm. The big mining farms that are active now might migrate to Texas and continue their mining process and we might see other miners showing interest as well.
legendary
Activity: 2142
Merit: 1012
Texas uses self-sufficient energy and that is risky. Or look back at how the blizzard in February exhausted the state. I am not in favor of bitcoin mining in Texas as it could cause a severe energy shortage in the state.
Bitcoin mining should be located in areas close to hydroelectricity or nuclear power facilities because these places have a large capacity and are more stable than other forms of energy.
No one bothers to attend to the construction of their own wind or solar power plants for mining tasks, given some of Tesla's environmental preferences, as well as participation in the production of solar panels and accumulators. Although I have great doubts that mining is among the priorities of Elon Musk due to its relatively low marginality and the claims of environmentalists to mining due to the large consumption of electricity.
legendary
Activity: 3248
Merit: 1128
This is very interesting information, I would never think that it would be feasable to main BTC in Texas or i nUS in general . I tought that the electricity costs are way higher than in other places like Russia, India, China...

Regarding Tesla, no way, it is not their bussines , they have too much on their plate. The best case scenario could be that they would do something with tesla roof + btc as a marketing trick . otherwise, no way.
Texas is one of the most oil rich places in the world and that is why electricity is cheaper there. There is also a lot of winds and a lot of sun there as well so you can always get your own energy source without needing anything, when you have those type of personal energy production, you do not really care where you are because you are doing it yourself, of course it matters because you do not do solar panels on Iceland to get a lot of sun, you do it on Texas, but that is about it because if you can do it you can do it on Africa or Texas and it is the same since all you need is sun.

Texas has all kinds, gas, oil, sun, winds and that is why it is a great place to start. I believe with these type of works, we are going to see a lot more places starting to manufacture new mining equipment as well, we will see a Texas based company trying to make something that is faster and have higher hash rate.
sr. member
Activity: 1246
Merit: 263
SmartFi - EARN, LEND & TRADE
Texas uses self-sufficient energy and that is risky. Or look back at how the blizzard in February exhausted the state. I am not in favor of bitcoin mining in Texas as it could cause a severe energy shortage in the state.
Bitcoin mining should be located in areas close to hydroelectricity or nuclear power facilities because these places have a large capacity and are more stable than other forms of energy.
full member
Activity: 882
Merit: 112
Your Data Belongs To You
This is very interesting information, I would never think that it would be feasable to main BTC in Texas or i nUS in general . I tought that the electricity costs are way higher than in other places like Russia, India, China...

Regarding Tesla, no way, it is not their bussines , they have too much on their plate. The best case scenario could be that they would do something with tesla roof + btc as a marketing trick . otherwise, no way.
legendary
Activity: 2142
Merit: 1012
Let’s see what’s going to happen in the years coming, if they are going to start mining bitcoin or not. But it’s not really necessary, we already have a lot of bitcoin mining companies. Though if they decide to go for it and become and Bitcoin mining company that wouldn’t be bad, I know very well that they are going to be among the companies that will be the biggest in the industry, because they already have lots of money to invest and build it to the level they would want.
I very much doubt that Tesla will start mining in the near future and here's why. Undoubtedly, Elon Musk, with his recent statements and responses, shows sympathy for the cryptocurrency, especially for bitcoin and dogcoin. But it is one thing to buy a certain amount of bitcoins and organize the sale of electric cars for this cryptocurrency, because these are quite interconnected things, and it is completely different to engage in mining. Still, I think that batteries and cars will remain the main business of the company in the near future and the company is unlikely to be sprayed on mining, because this is very far from their main profile of activity, I would rather believe in the new initiatives of the company about energy.
full member
Activity: 1848
Merit: 158
SpaceX spaceport is based in Texas that is the main reason why Elon Musk wants to build his Spacebase town there. However I won’t wonder if he would put their a lot of windmills to have cheap electricity and also make there a small (on several thousands of asics) BTC (and Dogecoin as well) mining farm like that did those companies. Texas has all facilities for this.

There is possibility that he is already thinking about this kind of venture. But of course, I believe, he will use a renewable energy source unlike other mining facilities. As Musk has investments in btc and doge, more than likely, putting up his own mining facility has passed in his mind. Let us see in the coming months or years, if he will announce putting up some of his investments in crypto mining. Elon wants clean power, and right now, bitcoin mining is giving off million metric tons of carbon dioxide emissions. So it is an irony of what he is preaching for.
legendary
Activity: 1946
Merit: 1100
Leading Crypto Sports Betting & Casino Platform
Sound a little bit radical but all I see is environmental pollution. Bitcoin mining is profitable and we need a farm so as to confirm transactions and my new block. But with this accelerate, soon, our world will become a big hot ball with electrical farms. Personally, POW is kinda outdated, and new alteration is needed to exterminate. Goss, people only care about money and profit. How will you use your money if one day our earth dies?


Tesla will definitely not join this farming race. He already had his electric car company and his space adventure career - SpaceX . And I believe space adventure will be the next innovation of humankind because there are immense resources in the big black blank space. An asteroid can provide enough power, mineral material for a whole country
sr. member
Activity: 728
Merit: 317
Crypto Casino & Sportsbook
SpaceX spaceport is based in Texas that is the main reason why Elon Musk wants to build his Spacebase town there. However I won’t wonder if he would put their a lot of windmills to have cheap electricity and also make there a small (on several thousands of asics) BTC (and Dogecoin as well) mining farm like that did those companies. Texas has all facilities for this.
hero member
Activity: 2408
Merit: 584
Let’s see what’s going to happen in the years coming, if they are going to start mining bitcoin or not. But it’s not really necessary, we already have a lot of bitcoin mining companies. Though if they decide to go for it and become and Bitcoin mining company that wouldn’t be bad, I know very well that they are going to be among the companies that will be the biggest in the industry, because they already have lots of money to invest and build it to the level they would want.

Considering that Elon is planning to build a city called Starbase in Texas, I think that there is a real possibility that they will follow this trend and he might become the biggest and most green bitcoin mining in the region.
Wow, this is the first time that I’m getting to know about this Starbase you’re talking about. What’s it all about? I don’t live in the US and I don’t really follow him on any social media platform, so I am not able to catch up with any of the news that has to do with him.
legendary
Activity: 2156
Merit: 1151
Nil Satis Nisi Optimum
Tesla is not a company that mines, if they did they have solar city under their roof as well, well not technically tied to tesla I suppose but Elon owns that one as well, which means they could have handle energy as cheap as anyone in the world, all solar power, can be built anywhere that gets a lot of sun, like texas or like arizona or any other place that gets sun most of the year, and they could build miners as well because they have smartest minds in the world, if someone can hire people who sends rockets to mars, they can certainly hire people who can build miners as well.

So, basically if they wanted to get into this business, they would have been able to do this much better than anyone in the world, but they are not interested in that, they are doing much more work and a lot more profit with cars and rockets right now and that is why they do not care.

this is actually as far from true, as a statement can be
rockets certainly do not see profits at the moment, and no one is expecting profit from that in near future, since that is development phase for the project, and Elon is investing in rocket business, which is not under TSLA as well, it is a separate company

TSLA earned more from buying BTC than selling cars in ten years, and they actually aren't profitable at all in selling cars, what makes TSLA profit is selling green-energy credits for other manufacturers that do not produce electric cars, and produce classic cars with combustible engine
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