Tesla Owners Mine Cryptocurrencies Using the Power of Their Idling Vehicles
One Tesla owner wants to convert his vehicle into a robotaxi that generates cryptocurrency while not in use.
Siraj Raval, a Tesla owner and crypto mining enthusiast, makes some astonishing claims about a new technique for mining cryptocurrency. On his Apple Mac Mini M1, he may run free mining software. The MAC is powered by an inverter that is plugged into the 12V connection of his Tesla Model 3 from 2018. Additionally, he attached Graphics Processing Units (GPUs) to the batteries of his automobile.
Mining is the energy-intensive process of creating new bitcoins and validating transactions on the blockchain. According to Alejandro de la Torre, a bitcoin miner, the primary overhead in bitcoin mining is the cost of power. “If doing it through an electric car is more cost effective, then so be it,” he remarked.
Another Tesla owner, Chris Allessi of Wisconsin, started tinkering with his Tesla in 2018. He linked a bitcoin Antminer mining equipment to the battery of his automobile, converting the battery’s direct current (DC) to alternating current (AC) using an inverter similar to Raval (AC). The Antminer rig is powered by alternating current. Allessi has also mined Monero using Tesla’s web browser.
Allessi was lucky in that he gained lifelong access to free, limitless supercharging. He acquired the vehicle before to 2017. He may earn $10 in 60 hours in 2018. He now sees no use in mining bitcoin owing to the price rise and the equipment’s obsolescence. “With equal equipment and the same length of work, I’m probably looking at $1 or $2 worth of bitcoin,” he said. He is no longer mine.
Raval spends between $10 and $15 to charge his car every 320 kilometres and works 20 hours a day in the mine. He invests in altcoins using a company called “Midas.Investments,” which guarantees him a 23 percent Annual Percentage Yield while insulating him from market volatility. Raval claimed to earn between $400 and $800 per month in 2021. He thinks he can turn Tesla into an autonomous robotaxi that earns money via cryptocurrency while it is not in use.
According to Whit Gibbs, CEO and founder of Compass, a professional mining firm, all of the jigsaw pieces are in place to make mining successful. “You have a power supply, room, and the ability to add cooling. The battery provides more than enough power to start and operate an ASIC, ” Gibbs said.