Elon Musk is powering electric cars, homes and now he’s trying to give homeowners the chance to mine Bitcoin using his solar panels. He’s got vested interests
Your home can allow you to generate actual Bitcoins with the surplus energy your solar system makes
Musk is now tied to the bitcoin story in the eyes of the Street
Tesla could have made more in profits from its recent bitcoin investment than it has made selling EVs
Tesla made a substantial investment in Bitcoin and allowed the cryptocurrency to be used for car purchases in the future perhaps as a way of differentiating Tesla from other auto manufacturers.
But besides cars, Tesla’s other significant business involves solar panels, solar roofs, and batteries. The batteries are used in their cars and provide power storage for their residential solar systems, sold as the Tesla Powerwall.
Powerwalls can store that surplus energy and power various things in your home, including air conditioners, and charge your Tesla EV.
But Tesla added a capability to its on-premises solar energy/battery energy management computer that would give it GPUs for mining cryptocurrencies.
These are already connected to home Wi-Fi. They have a management app, so upgrading it with Wi-Fi 6 and attaching it to a cryptocurrency network and an easy-to-use mobile app for cryptocurrency account management would be an achievable systems integration effort for Tesla, given the company’s considerable engineering resources.
It would then be possible for your home to become the ultimate idle money-producing game allowing you would generate actual Bitcoins with the surplus energy your solar system makes.
How smart is that? And just how many birds can Musk hit with one stone?
The key is you need areas with plenty of sun and fewer high-rises and plenty of those exist around the world.
A Tesla solar-paneled roof, on average, will cost $50,000 (to $75,000) or just about the cost of one Bitcoin today. A good mining machine will set you back another $5000 and voila! You’re all set.
Of course, not that simple and there’s plenty of technical issues to be solved before any of this happens, but what a way to sell solar panels and drive Musk’s beloved Bitcoin prices to the roof, quite literally.
Talking about power…
As Texas continues to struggle with major blackouts, some of its residents are finding innovative ways to provide power to their homes, using their cars’ battery packs, including Tesla’s.
Local Tesla owners have used the Tesla Powerwall to provide backup power during the outages and many such owners have taken to Twitter and Reddit to share the wonders of their savior Powerwalls, or simply their seemingly heroic Teslas.
EV adoption is skyrocketing globally, led by China, and Tesla is well-positioned to capitalize on this $5 trillion market over the next decade.
Tesla and Bitcoin share a destiny
Tesla’s share price is now directly linked to the price of bitcoin after Elon Musk’s company invested $1.5 billion into it, according to Daniel Ives, an analyst at Wedbush.
Read more: AMEinfo