During the period in which bitcoin gradually gained popularity amongst the citizens of different countries, investors began to make bold moves that backed up the pioneer currency as it frequently broke through all-time highs. One company that has invested a great deal of money into bitcoin is Tesla motors. But before we dive into Tesla and their big crypto moves, let’s enlighten ourselves on Bitcoin mining.
What is Bitcoin Mining
Bitcoin mining refers to the process through which new Bitcoins are created by Bitcoin mining machines. These mining machines solve complicated mathematical problems. This is required to verify and secure transactions on the Bitcoin network. As a reward for all this effort Bitcoin miners get new Bitcoin. The process of mining Bitcoin will last another 100 years until all of the 21.000.000 Bitcoins have been mined.
Bitcoin mining is most efficiently done with ASIC (Application-Specific Integrated Circuits) miners. They are hardware designed specifically to make Bitcoin Mining a profitable venture. They are systems with a better hashing rate for each watt consumed when compared to mining with a normal GPU. In addition, all its computing power is concentrated on the mining of only one bitcoin at a time unlike previous methods like CPU and GPU that can be used to mine multiple cryptocurrencies in exchange for less processing power.
ASIC miners have witnessed a lot of upgrades since the onset of their implementation by modern investors. They provide a cost-effective solution that requires mainly constant power to function at an effective rate. And the ASIC community has recently witnessed an upgrade by the world-renowned Chip manufacturer, Intel. Intel has recently launched a second-generation bitcoin chip that should increase the efficiency and sustainability of Bitcoin Miners.
To begin the mining of bitcoin, one would require an ASIC miner to be connected to an active mining pool. Once the bitcoin miner is connected, it can dedicate its fair share of hashing power to the blockchain network. For a safe and secure mining experience, we advise that you connect a dedicated wallet address to your mining operation, to prevent getting hacked and losing all your Bitcoins rewards.
Once these steps are followed you would be able to start mining bitcoin safely. Although this mining equipment is not easy to set up. With the help of professionals, you’ll be able to set up your mining equipment and start mining bitcoin.
We at Epic mining can provide you with the Bitcoin ASIC miners you will require to make a great profit in the current competitive mining industry. We also provide services to help you set up your miners. Our services are very affordable and reliable. You can take a look at the variety of equipment we can provide for you when you click here.
Tesla motors is a manufacturing company that focuses on the implementation of sustainable energy in the use of electronically powered cars. They are well known for providing the world with eco-friendly electric cars that can save an individual at least $200,000 on fuel cost over a million miles drive. Aside from cars, they also help sustain the ecosystem by providing communities with unique energy solutions like Powerwall, Powerpack, and Solar Roof. These are energy solutions that can be implemented for the powering of Mining facilities around the world.
Tesla accepts Bitcoin as a payment method
In March 2021, Tesla joined the companies that supported bitcoin cryptocurrency as a payment method. They had initially invested $1.5 billion in bitcoins and expressed their full support for the pioneer cryptocurrency. Tesla’s decision had a positive effect on the value of bitcoin, as well as Tesla’s bank account. One of these benefits was that bitcoin could now be used to purchase valuable vehicles on the market. This had a positive effect on bitcoin. Another effect that Tesla had on bitcoin mining is the fact that Tesla was supporting bitcoin contributed to the stability of the cryptocurrency. This is because Tesla is known as a major global brand. It also has a positive impact on the price of bitcoin. Before tesla invested $1.5 billion into Bitcoin, the value of bitcoin was estimated to be $47,000 but after tesla invested in bitcoin, it was valued at over $50,000. Right now, Tesla’s Bitcoin stake of $1.5 billion has raised in value to a total of over $1.8 billion. This effect also led more traders who were interested in trading with bitcoin to make a bold move and invest in Bitcoins. As of recent, tesla only accepts Dogecoin as a Crypto payment method.
Tesla Supporting the Bitcoin Mining Industry
After tesla recently abandoned the bitcoin payment option in their outlet, it sure came as a surprise to know that they partnered with Blockstream and Jack Dorsey’s blocks on a project to build a new 30 Petahashes per second open-source Bitcoin mining facility powered by a 3.8 MW solar farm and 12 MWH Megapack system provided by Tesla. With Tesla’s involvement in this project which is proven to be 100% renewable and emission-free, those who doubted the ecofriendly nature of mining will take a change in perspective. The same can be said for government officials who fear that bitcoin mining in their community harms their atmosphere. But most of all, the market will become more confident and a rise in the value of Bitcoin will be imminent.
Tesla still holds tightly to its stake in bitcoins. This is a good sign that the company run by one of the world’s richest men currently places high regard on the potential of bitcoins. Although they may no longer accept Bitcoin as a method of payment, their fears are within reason. Tesla has also claimed that they will later accept Bitcoin as a payment method once again when the powering methods used to mine Bitcoin come from a higher proportion of renewable sources. We at Epic Mining are excited to be part of a lucrative industry that has a positive impact on the world by empowering individuals to take back their financial independence. If you are excited to also venture into this industry and to get started with Bitcoin mining, make sure you schedule a free discovery call with our team.