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How Tesla Equipment Helps This Nevada Man Mine Bitcoin

A Nevada-based independent Bitcoin (CRYPTO: BTC) miner has been mining blocks from his home using Tesla Inc (NASDAQ: TSLA) solar panels and its Powerwall.

Benzinga · 06/09/2022 05:43

A Nevada-based independent Bitcoin (CRYPTO: BTC) miner has been mining blocks from his home using Tesla Inc (NASDAQ:TSLA) solar panels and its Powerwall.

What Happened: In an explanatory thread on Twitter, Miner 4 Heat detailed how he optimizes energy costs while mining Bitcoin from his residence.

The miner explained that in Southern Nevada, the peak energy usage seen in the region’s 100-degree summer afternoons forces heavy utilization of air conditioners.

“Many utility locales have some sort of peak demand period that can be worked to the miners' advantage,” he said.

“To incentivize off-peak usage, an opt-in power plan is offered by the local utility. Instead of paying 11c/kwh at all times all year, rate become 6c/kwh at all times except for 1-7pm weekdays June-Sept where rate is 36c/kwh.”

Without solar power, he opts to shut down his Bitcoin miners during peak demand using home automation software. The addition of a Tesla solar panel system with a Powerwall battery backup helps him further optimize Net Meter billing.

See Also: This Electric Vehicle Mines Bitcoin, Ethereum And Dogecoin While Parked

Price Action: According to data from Benzinga Pro, Bitcoin was trading at $30,272 at press time, up 1.05% over the last 24 hours.