Now you can mine cryptocurrency using your car
The Canadian electric vehicle maker, Daymak, will offer an electric car that can mine cryptocurrency when not being driven.
Crypto fever strikes the automotive industry
Daymak, the leading light electric vehicle brand in Canada, announced yesterday that it has programmed its electric car to be able to mine Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE) whilst it is being charged or parked.
In an announcement this Tuesday (1st June 2021) the manufacturer specified that their ‘Spiritus’ model would be put on sale in 2023. However, the shocking news was that it would be equipped with a range of graphic cards of choice specific to cryptocurrency mining. The technical details of their performance is yet to be confirmed. Nevertheless the Canadian company also confirmed that the Daymak Spiritus will be the first car in history with an on-board mining set-up, Nebula, and crypto technology built into the user interface.
The Spiritus model is intended to be eco-friendly, even in terms of its Nebula mining set-up, Nebula crypto wallet and solar recharging capacities. The company emphasised the value of investing in Spiritus cars, noting that unlike all other car models, the Spiritus would be a deflationary asset. Aldo Baiocchi, President of Dyamak, had this to say:
“Whereas most vehicles are depreciating while they sit in your garage, the Nebula Miner will make you money while your Spiritus is parked. The potential applications are limitless.”
Pointless but incredible
The Twitter account, Documenting Bitcoin, which has 436,000 followers reacted with humor to this announcement, indicating that this innovation was both superfluous yet incredible.
The Nebula crypto wallet will also offer staking services for drivers, and will support Bitcoin, Ethereum, Dogecoin and Cardano as well as many more cryptocurrencies. As they have done in the past, Daymak will offer pre-orders for its models and accept payment in bitcoin, ether, ADA and DOGE. Partnerships are being signed to offer crypto leasing payment options too.
Regardless, I am sure you are all wanting to know the price for such a valuable asset!? There are two prices: the ‘deluxe’ model which starts from around £14,000 and the ‘ultimate’ model from around £105,000. What a jump in price! Apparently all that you are paying for is a better battery life and driving experience. It has nothing to do with the performance of its cryptocurrency mining capacity. I know which one I am interested in!
While this is the first time that a car manufacturer has purposely integrated a cryptocurrency mining set-up in a car, it is not entirely a first. Simon Bryne, an avid crypto enthusiast, installed a mining rig in his BMW i8 in January this year. He reckons he is on track to earn around £85,000 by the end of the year. Maybe I should pre-order the ultimate model!
Does an electric car company engaged in the crypto space remind you of anyone? Check mate! This news is likely to sweep the rug from under Elon Musk’s feet. Tesla has been offering home power generation solutions with their solar panels and Powerwall since the start of 2021. Musk even said he contacted the North American miners association to develop more environmentally friendly mining solutions. We know the billionaire’s craze for (certain) cryptocurrencies. Perhaps it is not so inconceivable that he hires crypto miners to work with him. Nonetheless, Daymak has beaten Tesla to it and we don’t mind one bit. Your move, Musky boy!
Just your average global millennial embracing, and interested in, the future of money and finance. Excited by blockchain tech as well as fintech but have a special passion for DeFi and Yield Farming, what will this technological disruption bring next?