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A bitcoin sign is seen in the main hall during the Bitcoin 2024 conference at Music City Center July 26, 2024 in Nashville, Tennessee.

Jon Cherry | Getty Images

It was a week of extremes for bitcoin enthusiasts.

On the plus side, the cryptocurrency rose 12% in the past seven days and the network hash rate hit an all-time high. Hash rate refers to the collective computing power of all miners in the bitcoin network, and the recent high suggests there have never been more miners online, actively securing the network.

At the same time, another key metric this week showed it’s increasingly difficult to make money in the mining business. Investment bank Jefferies wrote in a report that crypto mining was “significantly” less profitable in August. The average daily revenue per exahash, or income per miner, fell by 11.8% from the prior month, Jefferies said.

As bitcoin becomes more of an established, and even mainstream part of the economy, the days of easy money appear to be in the rearview mirror. Institutional capital has poured in since the SEC approved spot bitcoin exchange-traded funds in January, and the bitcoin network is more robust than ever, held together by a vast and decentralized network of miners securing transactions with the help of large banks of machines.

But more people — and their powerful machines — are vying for smaller rewards.

In April, the bitcoin code automatically cut new issuance of the world’s largest cryptocurrency in half, an event that occurs roughly every four years to create scarcity. The halving historically precedes a wave of bankruptcies among bitcoin mining firms, which are suddenly generating much less revenue with the same level of operating costs.

Marathon Digital CEO explains how bitcoin miners navigate through the cryptocurrency's volatility

Bitcoin miners are getting hammered by Wall Street.

Marathon Digital is down nearly 30% in 2024, while Riot Platforms has fallen 53%. The price of bitcoin, meanwhile, is up about 44% this year.

Jefferies said North American publicly traded mining firms minted a smaller share of new bitcoin in August compared to July, falling to 19.9% of the total network. They’re still spending on equipment upgrades, meaning efficiency is improving but economics are getting worse.

Marathon CEO Fred Thiel told CNBC that, due to the upgrade cycle, machines are able to hash twice as much as previous models with the same energy use.

“No need to add sites or power, just upgrade systems,” Thiel said.

Riot CEO Jason Les is as bullish as ever on the future of bitcoin despite the challenging economic conditions. He said “bitcoin is the most sound money in the world,” and “low-cost mining is an efficient way to get exposure to it.”

Not all miners are feeling the pinch. Companies like Core Scientific, which emerged from bankruptcy in January, are finding ways to use their massive infrastructure to power artificial intelligence and high-performance computing (HPC).

Last month, Core announced an expanded deal worth $6.7 billion with CoreWeave, an Nvidia-backed startup that’s providing the chipmaker’s graphics processing units (GPUs) for running AI models. 

In a note this week, Bernstein singled out Core Scientific as the best-performing publicly traded bitcoin miner, noting that of the miners that have diversified into AI and HPC, Core is the “only one with a material co-location contract with a leading GPU Cloud provider.”

Core has more than doubled in value since its return to the stock market and now has a market cap of close to $3 billion.

“Our facilities were developed to be multi-use for not only just bitcoin mining, but also for the transition that we’re doing right now to high-performance computing,” Core CEO Adam Sullivan told CNBC.

Bernstein added that if Core executes all of its 700 megawatt capacity that it’s allocated to AI and HPC, it would make the company the third-largest data center company listed in the U.S.

“It’s really about the next three years in terms of where the opportunity set truly lies to capture a large portion of the data center market,” Sullivan said. “Every big data center company that exists carved out a niche, just so happens that the niche that bitcoin miners are carving out now are in the largest niche that has ever been found in the data center industry.”

CNBC’s Talia Kaplan and Jordan Smith contributed to this report.

WATCH: Core Scientific CEO Adam Sullivan on why the company has embraced AI

Core Scientific CEO Adam Sullivan on why the company has embraced AI

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Range Energy’s electric trailer helps egg farm improve mpg by ‘up to 70%’

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Range Energy's electric trailer helps egg farm improve mpg by 'up to 70%'

Range Energy’s electric trailer, which allows fleets to effectively hybridize by adding a battery and motor to the trailer, has been put into service by Petaluma Egg Farm to improve efficiency of its diesel shipping fleet by 50-70%.

The concept behind Range Energy’s trailer is relatively simple. Instead of the diesel-engine tractor having to do all the work to pull the trailer, Range adds a battery and motor to the trailer to help it push its own weight forward, effectively cutting the amount of weight the diesel engine has to pull and therefore increasing efficiency.

It sounds like a bit of a hack, but the purpose behind it is that electric tractors are quite expensive and are still ramping up in production. Meanwhile, trucking companies already have working diesel tractors that could be expected to have many years of life left, and aren’t necessarily excited to scrap their expensive tractors for an expensive new electric one.

While the swap works out for many companies, especially if it fits into the fleet buying timeline and a company is ready to replace its diesel trucks, there are other fleets that might benefit from an easier, more short-term drop-in solution.

Image via Range Energy.

And that’s what Range Energy’s trailer provides, because it doesn’t require any sort of retrofitting of the diesel engine, it’s just a pick-up-and-go solution.

It works with what Range calls the “smart kingpin,” which is packed with sensors to tell the trailer how hard the tractor is pulling. It then adds its own torque proportional to the amount the tractor is asking for, making loads feel lighter.

We got a chance to see a demo of it in action at ACT Expo last year, and let me say, it was one of the coolest demos I’ve experienced.

Since then, Range has had its trailer validated through independent testing, which said it can improve efficiency by 36% in average use cases. Given that fuel costs are a large part of any trucking company’s outlays, and that diesel fuel burned in heavy duty vehicles creates an outsized portion of smog-forming pollutants, this is a quick way to get some real improvements.

The trailer can also be used on electric trucks as an impromptu “range extender,” essentially just adding a larger battery carried by the trailer, in addition to whatever amount of energy storage the tractor has onboard.

There are some other companies with a similar solution, including a company called Trailer Dynamics in Germany. But the US and European markets are different, so there’s room for both in this realm.

Petaluma Egg Farm improves mpg by “50-70%” with electrified trailers

The news today is that Range Energy’s trailer has been put into service in a real-world test, including taking advantage of its large battery for refrigeration. Refrigerated or “reefer” trucks are used widely throughout the industry, but this is the first order Range has gotten for its electrified reefer solution.

The company in question is Petaluma Egg Farm, a family-owned business that serves Northern California grocery stores. It ordered and will deploy 10 of Range’s trailers over the next 12-18 months.

The order follows a successful pilot by the farm which it ran in July, testing the trailer on routes between 100 and 440 miles, and also on city distribution routes consisting of more than 15 delivery stops.

During the trial, the trailer had 100% uptime, and did not need any additional time for charging beyond typical downtime. Range says it delivered “up to 70%” mpg improvements. We followed up on that (since it sure seems like “up to” is doing a lot of heavy lifting there), and were told that “average” improvements tallied between 50-70% – but this is highly dependent on a number of factors, so take it with a grain of salt, especially given that the third-party test above showed 36% improvements on a standardized route.

Nevertheless, it shows that in this real-world circumstance, the trailer has worked well to reduce fuel costs for the company in question. And on routes that are perhaps easier-than-average, improvements better than 36% are possibly.

Electrek’s Take

We’ve been quite interested in Range Energy ever since demoing their system at ACT Expo and talking to their leadership.

While the system isn’t fully electric – the Range trailer is electric, but is still driven by a diesel tractor – it’s still a great way to drop in to a fleet and get an improvement right away.

We’d rather have everyone go all electric, which they will in the longer term. But in the short and medium term, this will still reduce pollution quickly.

The one thing we’re worried about is what Range will do once every truck already is electric. There’s still some use for these trailers in those circumstances, as they might fit into an ecosystem where tractors can be sold with a relatively smaller amount of energy storage for shorter routes that don’t need much energy, and then Range trailers can be added to those tractors for longer routes.

But this does feel like a more niche application. However, Range’s leadership seems to have good heads on their shoulders, and they’re a quickly moving company, so we think they’ll be able to figure something out.

Regardless, in the short term, this is quite a boon and we’d love to see more of these out there in the wild. Good on Petaluma Egg Farm for taking the initiative here.


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BYD’s $10,000 Seagull EV was the top-selling car in China last month

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BYD's ,000 Seagull EV was the top-selling car in China last month

BYD’s cheapest electric car, the Seagull, was the top-selling car in China last month, with nearly 41,000 models sold. Starting at under $10,000, the BYD Seagull even has US automakers worried.

BYD’s Seagull was China’s top-selling vehicle in August

BYD has been on a roll, launching lower-priced, updated models of its best-selling models. In March, BYD launched the Seagull EV Honor Edition with a “shocking price” starting at just 69,800 yuan, or less than $10,000.

Just five months later, BYD launched the 2025 Seagull with the same starting price. The Seagull is already sitting atop the sales charts in China.

After a record-breaking August, BYD topped one million EV sales in 2024. The company sold a record over 373,000 new energy vehicles (including PHEVs) in August. Of them, 148,470 were all-electric.

BYD’s Seagull was the top-selling vehicle in China in August, with 40,949 models sold. The company said the Seagull is now China’s best-selling A00 class model and pure electric car for the sixth consecutive month.

BYD's-Seagull-top-selling
BYD Seagull EV (Source: BYD)

The Seagull EV is available in three trims in China with two BYD Blade battery options (30.08 kWh or 38.88 kWh), providing up to 252 miles (405 km) CLTC range.

BYD Seagull Honor Edition trim Starting Price Range
(CLTC)
Active $9,700
(69,800 yuan)
190 mi
(305 km)
Free $10,500
(75,800 yuan)
190 mi
(305 km)
Flying $12,000
(85,800 yuan)
252 mi
(405 km)
BYD Seagull Honor Edition prices and range

BYD’s low-cost EV has earned the nickname “mini Lamborghini” as former Lamborghini designer Wolfgang Egger led the Seagull’s design.

Inside, the Seagull is loaded with BYD’s latest tech and software, including a 10.1″ rotating infotainment with DiLink intelligent network connection.

BYD's-seagull-top-selling
BYD Seagull (Dolphin Mini) interior (Source: BYD)

BYD is selling the Seagull EV overseas as the Dolphin Mini. In Brazil, the Dolphin Mini (Seagull) starts at around $20,000 (99,800 BRL). It’s roughly the same in Mexico at 358,800 pesos, or around $19,000.

Electrek’s Take

BYD’s cheapest EV is worrying rivals in and outside of China. Even Ford’s CEO Jim Farley called the Seagull a “pretty damn good” car, warning rivals of BYD’s low-cost EV. In comparison, Ford only sold 8,944 EVs combined last month.

The Seagull is expected to launch as one of the most affordable EVs in Europe, starting at under 20,000 euros ($21,500).

Although several automakers have promised to launch lower-priced EVs, will they be able to keep up with BYD? And, more importantly, still earn a profit?

According to AutoForecast Solutions CEO Joe McCabe, BYD’s Seagull would still be the cheapest EV in the US at under $25,000, even with a 100% tariff.

North American CEO Stella Li has already said BYD has no plans to launch passenger EVs (they already sell electric buses) in the US. However, that won’t stop the Chinese auto giant from taking market share in other markets like Mexico, Southeast Asia, Europe, and possibly Canada.

BYD, which started as a battery maker, already has a significant advantage with an established supply chain. The company’s “liberation battle” against gas-powered vehicles appears to be working so far. BYD said its main goal is to take market share from ICE vehicles while promoting electric cars.

Source: BYD

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Tesla Semi partner PepsiCo says electric truck helps with driver retention

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Tesla Semi partner PepsiCo says electric truck helps with driver retention

PepsiCo, Tesla’s first customer for the Tesla Semi electric truck, gave an update on how its deployment of the electric truck is going and it is going “smoother than expected”.

It even helps with driver retention.

Truck driving is a difficult, thankless job that pays well, but like many other difficult jobs, it has had serious staffing issues for a long time now.

Could electric trucks help?

This is a bit counter-intuitive as many truck drivers are petrolheads who are not your typical electric vehicle buyers. It’s hard to imagine a bunch of truckers excited to drive an electric truck, but that’s exactly what PepsiCo claims.

Yesterday, we reported on Dan Priestley, Tesla’ head of Tesla Semi, giving an update on the program at IAA in Europe.

At the same conference today, Priestley sat down with Dejan Antunović, PepsiCo’s head of electriciation for a “case study” of the brevage and snack company’s deployment of Tesla Semi trucks:

For a “case study”, they didn’t dive too deep into details, but they did push the message that the deployment is going great.

Antunović insisted that the program is going “smoother than expected” and especially with the drivers who are giving positive feedback. The manager went as far as saying that the electric truck helps with driver retention.

First off, Antunović explained what are the company’s trucking needs and how Tesla Semi electric trucks are used in that fleet.

PepsiCo is using the Tesla Semi across three of its fleets:

  1. Pepsi Beverages Local Delivery Fleet – These trucks operate within cities, typically covering about 150 km (93 miles) or less each day.
  2. Pepsi Beverages Transport Fleet – This regional fleet consistently travels up to 800 km (497 miles).
  3. Frito-Lay Fleet – These trucks handle lighter loads over regional routes.

Currently, PepsiCo’s Tesla Semi trucks are based at three depots in California: Modesto, Sacramento, and Fresno. The Modesto depot operates 15 Tesla Semis, all used for regional long-haul routes. In Sacramento, there are 21 Tesla Semis, with 18 assigned to local routes and 3 to regional long-haul routes. The Fresno depot manages 50 Tesla Semis, 45 of which run local routes, while 5 handle regional long-haul routes.

That’s 89 Tesla Semi trucks.

PepsiCo is believed to be a good test partner for electric truck deployment due to their needs for both short and long haul as well as their lighter snack loads and heavier brevage loads.

Without going into the details about cost, PepsiCo appears to back Tesla’s claims that Tesla Semi can replace a diesel truck one-for-one in term of capacity and cost.

The purchase cost is expected to be much more expensive. However, Tesla says that its focus is on Total Cost of Ownership (TCO), which benefits EVs thanks to fuel savings.

During the talk, Priestley said that efficiency has the biggest impact on Tesla Semi’s TCO as the more efficient Tesla makes the truck, the bigger the difference in fuel savings.

Yesterday, Tesla claimed that the electric truck is achieving an impressive 1.6 kWh per mile, which is better than originally expected. Previously, third-party testing proved that PepsiCo’s Tesla Semi had the capacity to travel 1,700 km (1,000 miles) in a single day.

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