Tesla Owner Claims He Mined $800 in Crypto per Month Using His Electric Car
Mining is no longer a labour-intensive outdoor activity as the term gets frequently associated with cryptocurrency these days. It is the process by which new cryptocurrencies enter into circulation as the user(s) forms a blockchain network using a series of sophisticated hardware. Creating this network for a blockchain ledger is painstakingly expensive and demands too much electricity (that is also very costly). It appears a Bitcoin and Ethereum miner has figured out a way to minimise the cost of electricity by connecting his MacBook to his 2018 Tesla Model 3. The miner Siraj Raval claims he was netting $800 (approx Rs 60,000) during the peak crypto boom early last year.
As reported by CNBC, Raval connected a series of GPUs to the “frunk” of his Tesla. The car’s large battery essentially acted as the source of power that may comparatively help reduce maintenance costs. However, fiddling with Tesla cars affects the warranty, but Raval tells the publications that “it’s worth it.”
Connecting 5 GPUs to Tesla
Speaking more on his blockchain network using the Tesla car, Raval says, “It’s a computer with wheels…It’s so simple to hack into this computer car.” He has seemingly connected five GPUs to his Tesla battery that helps him mine Ethereum crypto using an algorithm. He also used a Apple Mac Mini with M1 chipset and a 12-volt power socket located in the center console of his car. The inverter is capable of adjusting the voltage.
Raval’s Tesla car offers roughly 320 miles (514 km) per charge, and charging takes roughly $15 (approx Rs 1,100). His monthly expense on charging stretches to $40 (approx Rs 3,000). It could be lesser than the monthly electricity bill, especially when you’re mining crypto. However, Tesla cars themselves are not cheap and can cost up to $100,000 (approx Rs approx 74 lakh).
Additionally, Raval uses second-hand GPUs bought on eBay to save set-up costs.
What do experts say
Notable Bitcoin notable miner Alejandro de la Torre told CNBC connecting GPUs to car inverters is “no big deal.” However, Tesla hacker and crypto-miner Thomas Sohmers says the step is unnecessary. The report also adds that the profits from this process depend a lot on when the Tesla car was purchased. YouTuber and Tesla modifier Chris Allessi (known as KmanAuto) says one is eligible for a recharge if the car was purchased before January 2017.
Allessi adds, “Did it work? Yes. Did it mine anything worthwhile to be able to be profitable in any way, shape, or form? No.” Raval, on the other hand, is optimistic about returns.