Siraj Raval has used his 2018 Tesla Model 3 to mine for bitcoins in almost every method possible.
He used free bitcoin mining software on his Apple Mac mini M1 and powered it with an inverter plugged into the 12-volt power connector in his car’s center console. He’s also linked interconnected graphics processing units, or GPUs, to his Tesla’s “frunk,” powering them with the car’s internal battery.
Raval feels it’s worth it, even if it means voiding his automobile guarantee. He claims he was earning up to $800 per month when the price of ether peaked in 2021.
Bitcoin miner Alejandro de la Torre explained that mining with a Tesla is much the same as mining from any other power source.
Use Tesla to mine crypto
Chris Allessi, who claims to be Wisconsin’s first electric car salesman, chose to tinker with his Tesla in 2018.
Allessi, also known as K-Man on his YouTube channel, and builds custom electric automobiles in his spare time and bills himself as a modern-day Doc Brown, the character from the film “Back to the Future” who retrofits a car into a time machine, is no stranger to such situations.
Allessi, like Raval, has experimented with a few different ways to turn his Tesla Model S into a crypto mining equipment.
Crypto mining, as used in the business, is an energy-intensive process in which devices all over the world donate their computational power to the broader network in order to create new coins and verify existing token transactions. They accomplish this by using specialized software to solve complex math equations. All you really need is a computer and some power to join.
Allessi experimented with bitcoin mining by connecting a Bitmain Antminer S9 — a sort of mining rig designed particularly for minting the world’s most popular cryptocurrency — to his automobile battery through a power converter. Tesla’s electric battery’s voltage is adjusted by the inverter to a level that is compatible with his Antminer.
Allessi has also successfully mined altcoins using the vehicle’s internal programming.
Raval claims that the most profitable method is a combination of hacking into Tesla’s internal computer and directly putting GPUs into the car’s electric motor. He connects five GPUs to his Tesla battery and mines ethereum using a hashing algorithm.
Profitable, but is it worth the effort?
The date the driver purchased their Tesla has a lot to do with whether or not crypto mining is lucrative.
Allessi, for example, bought his car before January 2017, which means he’s eligible for free and unlimited supercharging for the rest of his vehicle’s life.
He thinks that in 2018, he made $10 worth of bitcoin in a 60-hour window, all of which was profitable because he didn’t have to pay for power.
Even if it was profitable, he claims it was hardly worth it. Monero mining proved to be useless as well.
Raval is more bullish about his Tesla’s earning potential.
Raval’s car has a range of 320 miles per charge and costs between $10 and $15 to charge. If he drives it for a few hours every day, he will need to charge it once every one and a half weeks, resulting in a monthly bill of $30 to $60.
Raval says he mines for about 20 hours a day on his Tesla battery. Raval has built in various backstops to assure profitability, despite the fact that the price of altcoins like ethereum is prone to volatility.
For one thing, he invests his ethereum in “Midas.Investments,” a custodial crypto investing platform that pays him a 23 percent annual percentage interest. He also never cashes out in US dollars, allowing his crypto portfolio to expand.
Raval often buys his GPUs used on eBay, which saves him money.
Taking all of these processes into account, Raval claims that he earned between $400 and $800 per month in 2021, making the venture lucrative even amid the crypto bear market.
Allessi claims that he is no longer interested in mining.
But mining cryptocurrency with his Tesla isn’t simply a gimmick for Raval. Instead, it’s an important aspect of his goal to turn his Tesla into a completely autonomous robotaxi that generates cryptocurrency whenever it isn’t driving.
Although Tesla CEO Elon Musk has praised the vehicle’s potential to become autonomous robotaxis, Teslas are still a long way from being self-driving. Raval, on the other hand, is optimistic about the future.