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Global Energy Institute

2021 has been a great year for bitcoin mining in America as new talent — and equipment — flood the market, but some states are definitely more appealing destinations than others.

The latest data from the Global Energy Institute shows the average price of electricity is lowest in states including Texas and Washington, which certainly jibes with the fact that both states are increasingly hot destinations for minting new digital coins.

While the cost of power isn’t everything when deciding where to set up shop, it sure goes a long way.

Miners at scale compete in a low-margin industry, where their only variable cost typically is energy, so they are incentivized to migrate to the world’s cheapest sources of power.

The price of power across the U.S. varies.

In California and Connecticut you will pay anywhere from 18 to 19 cents per kilowatt hour, whereas in Texas, Wyoming, Washington, and Kentucky, you will pay less than half that, according to the Global Energy Institute, which puts out an annual electricity price map of the country, using the most recent full year of data available from the U.S. Energy Information Administration.

The institute does warn, however, that “while the energy mix available within a state will play a large role in state electricity prices, energy-limiting policies in some states act to artificially elevate prices, making the price of electricity much higher for consumers and businesses.”

Ultimately, what bitcoin miners care about most is finding cheap sources of electricity.

This is part of why the U.S. proves especially appealing to prospective miners, given the country is home to some of the cheapest sources of energy on the planet, many of which tend to be renewable. 

Fred Thiel, CEO of cryptocurrency mining specialist Marathon Digital Holdings, expects most new miners relocating to North America to be powered by renewables, or gas that is offset by renewable energy credits.

“Mining is price sensitive, so as to seek out the lowest-cost power and the lowest-cost power tends to be renewable because if you’re burning fossil fuels … it has extraction, refinement and transport costs,” Blockstream CEO Adam Back said. 

Washington state is a mecca for hydropowered mining farms, while Texas’ share of renewables is growing over time, with 20% of its power coming from wind as of 2019.

Electricity costs, however, aren’t everything. Friendly policymakers and sufficient infrastructure are also key factors.

Take Texas.

It has a deregulated power grid that lets customers choose between power providers, and crucially, its political leaders are pro-crypto — dream conditions for a miner looking for a kind welcome and cheap energy sources.

“You are going to see a dramatic shift over the next few months,” said bitcoin mining engineer Brandon Arvanaghi. “We have governors like Greg Abbott in Texas who are promoting mining. It is going to become a real industry in the United States, which is going to be incredible.”

The U.S. has also spent years investing in cryptomining infrastructure, long before it was popular.

When bitcoin crashed in late 2017 and the wider market entered a multiyear cryptocurrency winter, there wasn’t much demand for big bitcoin farms. U.S. mining operators saw their opening and jumped at the chance to deploy cheap money to build up the mining ecosystem in the States. 

“The large, publicly traded miners were able to raise capital to go make big purchases,” said Mike Colyer, CEO of digital currency company Foundry, which helped bring over $300 million of mining equipment into North America.

Companies like North American cryptomining operator Core Scientific kept building hosting space all through the depths of the period so that they had the capacity to plug in new gear, according to Colyer. Core, which has operations in North Dakota, North Carolina, Georgia, and Kentucky, is one of the largest providers of blockchain infrastructure and hosting in North America.

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Here’s how big of a difference tires can make on Tesla Model 3

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Here's how big of a difference tires can make on Tesla Model 3

A fascinating new test highlights the impressive difference EV-specific tires can make on the efficiency of a Tesla Model 3 – though it would also apply to other vehicles.

Electric vehicles have had an interesting impact on the tire industry. Like many other aspects of cars, electric vehicles have pushed tires toward efficiency optimizations.

Several tire manufacturers have been releasing tires optimized for the weight and efficiency needs of electric cars.

Tire Rack, an online tire retailer, has decided to put those tires to the test in a Tesla Model 3 on a 100-mile loop.

The results were really interesting as they highlight how big of a difference on efficiency tires can make.

Here are the results:

  1. Hankook iON evo AS: 263 Wh/mile
  2. Goodyear EcoReady: 269 Wh/mile
  3. Continental ProContact RX (T1): 272 Wh/mile
  4. Goodyear ElectricDrive 2: 274 Wh/mile
  5. Yokohama ADVAN Sport EV A/S: 274 Wh/mile
  6. Pirelli P Zero (PZ4): 274 Wh/mile
  7. Bridgestone Turanza EV: 276 Wh/mile
  8. Michelin Pilot Sports 4S: 290 Wh/mile
  9. Michelin Pilot Sports All Season 4: 292 Wh/mile

They were all tested on the Model 3 with 18″ wheels except for the EcoReady, which was tested on 19″ and certainly negatively affected the results.

Regardless, this shows a 29 Wh per mile difference in efficiency between the most efficient and less efficient EV-optimised tires. That’s very interesting.

However, efficiency is not everything. Tires are also about performance, safety and longevity.

Tire Rack also tested them on the track, both dry and wet, and did some stopping tests.

Here our the rankings based on the track results (score out of 10):

  1. Michelin Pilot Sports 4S: 7.84
  2. Pirelli P Zero (PZ4): 7.74
  3. Continental ProContact RX (T1): 7.62
  4. Goodyear ElectricDrive 2: 7.32
  5. Michelin Pilot Sports All Season 4: 7.11
  6. Goodyear EcoReady: 7.10
  7. Hankook iON evo AS: 7.09
  8. Yokohama ADVAN Sport EV A/S: 6.96
  9. Bridgestone Turanza EV: 6.92

As you can see the second to least efficient tire scored the best on the track. You have to make compromises.

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The UIM E1 World Championship adds Lake Como GP to its 2024 electric boat racing calendar

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The UIM E1 World Championship adds Lake Como GP to its 2024 electric boat racing calendar

Nascent electric boat racing series E1 recently completed its third Grand Prix of its inaugural season. As the nine initial teams, led by a mix of celebrities and professional athletes, compete around the globe en route to the championship in Hong Kong this fall, E1 has added another gorgeous location for a summer GP – Lake Como.

The UIM E1 World Championship is a young but exciting new electric racing boat series announced in 2022. Since then, co-founders Rodi Basso and Alejandro Agag have assembled an impressive roster of team owners, including Tom Brady, Rafael Nadal, Steve Aoki, Sergio Perez, and, most recently, Will Smith.

E1 kicked off its inaugural season in February with the Jeddah GP in Saudi Arabia, in which Team Brady took 1st place, followed by Team Rafa. Brady’s team would score a second win during the series’ Venice GP in May, leading in points heading into the Puerto Banús GP in Spain, which took place earlier this month.

Team Miami, led by Marc Anthony, took first and now leads in overall points as we approach GP #4, which will take place in Monaco next month. Today, E1 announced Lake Como as a new addition to the 2024 race calendar alongside some slight changes to the number of total GPs this year.

E1 Lake Como
Source: E1 Series

E1 will race on beautiful Lake Como this August

Per a release by E1 earlier today, it has added the Lake Como GP to the 2024 race calendar, scheduled for late August.

The race across the waters of gorgeous Northern Italy will depart from the world-renowned Grand Hotel Villa d’Este in a nine-team bout that hopes to promote electric motorsports and draw awareness to sustainability across the world’s precious marine-centric regions. Per E1 CEO and co-founder Rodi Basso:

A destination that’s synonymous with luxury and elegance, Lake Como and the iconic Villa d’Este are the perfect fit for E1. The Lake provides ideal racing conditions that will amplify the jeopardy and competitiveness that has quickly become a hallmark of the Championship. Together with Villa d’Este, we will work to deliver a memorable and world-class race weekend experience unlike any other.

Like all E1 events, the UIM Championship will work alongside local partners, like Hotel Villa d’Este, to protect blue habitats like Lake Como. The addition of the Lake Como GP is a welcomed one but alters the original 2024 race calendar announced by E1 last December.

The race on Lake Como will replace a previous GP scheduled in Rotterdam, Netherlands, this September. We also noticed E1 nixed a separate GP in Geneva, which was originally scheduled for this coming weekend. Here’s how the revised race schedule now looks:

  • Monaco – July 27-28
  • Lake Como – August 23-24
  • Hong Kong (Championship) – November 9-10

With only three Grand Prix remaining this season, the title as the first-ever UIM E1 World Champion is still up for grabs. We will be following this exciting new electric boat racing league throughout the rest of 2024 and are working on attending a race event to share the experience with you.

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Kia to launch affordable EV4 electric sedan next year with an ambitious production goal

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Kia to launch affordable EV4 electric sedan next year with an ambitious production goal

With another low-cost (under $35K) electric car launching next year, Kia is setting an ambitious goal. Kia will launch EV4 production in early 2025, aiming to build 70,000 models a year to meet the demand for affordable EVs.

A new affordable EV is coming next year

Kia unveiled the EV4 last October as part of its new lineup of mass-market electric vehicles. According to Kia, the EV4 “redefines the electric sedan.”

The EV4 will join the EV3, which launched in Korea earlier this month. Kia opened EV3 orders in its home market, starting at $30,700 (KRW 42.08 million). With incentives, Kia expects EV3 prices will fall to as low as $29,200 (KRW 39.95 million).

Kia aims to sell 18,0000 EV3 models by the end of 2024. Next year, the EV3 will launch in Europe and the US.

The EV3 is expected to start at around $30K to $35K as one of the most affordable EVs. With Kia reportedly planning to build the EV3 in Mexico, federal incentives like the EV tax credit could drive prices even lower.

Kia-launch-EV4
Kia EV lineup from left to right: EV6, EV4, EV5, EV3, EV9 (Source: Kia)

Kia to launch new EV4 in 2025

Kia previously revealed plans to “sequentially” launch its new affordable EV lineup. Following the EV3 debut this year, Kia’s EV4 will follow in 2025.

According to local news outlet ETNews, Kia will launch EV4 production in March 2025. Kia produced its first prototype last month and is already testing the production model in various markets.

Kia-launch-EV4
Kia EV4 concept (Source: Kia)

Kia will finish EV4 development by February, while production is slated to begin at its Gwangmyeong Plant 2 in March.

With its unique design and low starting price, Kia expects the EV4 to fill a void in the market. It aims to build 70,000 EV4 models a year.

Kia-launch-EV4
Kia EV4 concept (Source: Kia)

Including 100,000 EV3s, Kia expects production to reach 170,000 annually. The report also notes Kia could build the EV4 in overseas markets.

Ahead of its official debut, the EV4 was spotted out in the wild last week (Check out the video here). You can see the EV4’s distinct rear end as it passes by.

Kia’s EV4 represents its “determination to push boundaries and accelerate the EV Revolution.” It will include Kia’s latest software and connectivity tech (including its new ccNC infotainment).

Kia-EV4-interior
Kia EV4 concept interior (Source: Kia)

The EV4 is expected to start at about the same price ($30K) as the EV3, if not slightly more. Kia will launch the EV4 in Korea first, followed by Europe, the US, and other global markets.

Kia’s EV4 will compete against the Tesla Model 3 and Hyundai IONIQ 6 in the electric sedan segment.

Kia is aiming to sell 307,000 EVs this year. By 2027, Kia expects to sell 1.6 million as it builds a full lineup of 15 electric cars.

Source: TheKoreanCarBlog, ETNews

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