In cryptocurrency and Bitcoin news, Tesla owners have found a way to emulate Elon Musk even more.
One man transformed his Model S engine into a cryptocurrency mine for free. Others look to third-party sources for mining help such as the yet unproven Minergate or Nicehash.
But is cryptocurrency mining a timeless tactic or a fly-by-night flash in the pan?#Bitcoin Bubble Bound to Burst Soon?Click To Tweet
Tesla: Now Disrupting the Cryptocurrency Mining Industry
Elon Musk is famed for being a noted fintech disruptor. His innovations regarding electric cars, batteries, space travel, and other schemes consistently push the envelope of future tech. Naturally, many followers of the Musk emulate his signature, tech-centric lifestyle.
Many people also wanted to get in on the Bitcoin and cryptocurrency mania after the market took insane upticks from previous quarters. One enterprising Model S owner decided to experiment with his trunk and access to Superchargers.
The why of this doesn’t matter; what matters is that the Tesla owner fit a mining rig in his trunk. He then powered it with the free access to Tesla’s supercharging stations to power the rig. Based on the setup, it couldn’t work for Bitcoin mining. But it would work for other cryptocurrencies such as Ethereum.
Despite the ingenuity, it would take years to generate substantial profit from this mining method.
What’s the Deal with Minergate and Nicehash?
When something climbs thousands of dollars in worth over the span of hours or days, it is no surprise that people get interested. Fast.
While some bought up what they could after the Bitcoin news, others looked to Bitcoin mining. Not everyone could hijack laptops connected to public WiFi at Starbucks. So other people had to explore more “above board” options available to them.
These options include third party sources like Nicehash and Minergate. Most questions relate to which service offers users increased profits. Despite some skepticism, more than 2.6 million users alone employ Minergate. Many more miners also go with Nicehash.
One of the main differences between these two sites is that with Minergate you had to pay a trading fee. Programs like these also don’t net you a ton of cash. Nicehash uses your GPU to mine, so a GTX 1080 would only net you around $5 a day, users say.
More Bitcoin News: Is the Frenzy Surrounding it Sustainable?
While not at its peak value of $17,900 per bitcoin, news reports the current value at around $13,000, still an exponential increase from its value 12 months ago (~$800). Many investors still don’t even know what bitcoins are or even what blockchain technology is.
A company changed its name from Long Island Iced Tea Corp. to Long Blockchain Corp. It generated a 289% increase in stock growth. All they did was change their name; they still sell non-alcoholic beverages. Some say that this reckless investment pattern indicates that this is definitely a bubble.
Unhelpful to the cause, news surfaced on January 16th that one man is rumored to be responsible for Bitcoin’s monumental growth. Researchers associated with the study remarked on the concern of how easily manipulated the cryptocurrency market could be.
Moving into an ever interconnected future, their concerns are not misplaced.