Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Tesla Model 3 owner Siraj Raval shares how he uses his car to mine cryptocurrencies and how he manages to stay profitable after all expenses.
From Tesla Inc (NASDAQ: TSLA) investing in crypto to Tesla car indirectly helping in crypto mining! Siraj Raval, owner of the Tesla Model 3 is using his electric car to mine $800 worth of crypto every month.
As per the latest report, Siraj is running Bitcoin mining software on his Mac mini M1. Besides, he’s also powered this computer by plugging an inverter into the 12-volt power socket located in the center console of his Tesla car.
Furthermore, Raval has also hooked up his interconnected graphics processing units to the “funk” of his Tesla. Thus, all of these machines are running off the car’s internal battery. Well, this could very well void his car’s warranty but Raval calls it worth the risk.
Just when the price of ETH was at a peak in 2021, Raval said that he was netting $800 every month through this mining assembly. Well, Raval is certainly not the first to experiment with the use of Tesla in crypto mining.
Back in 2018, Chris Allessi, a self-acclaimed first-ever electric card dealer from Wisconsin said that he had tinkered his Tesla to mine Bitcoins. Allessi, who’s popular as K-Man on YouTube has a passion for customizing electric cars in his free time. “I like electricity. I like zapping stuff, building stuff. You give me an electric motor, I give you a finished product,” he said.
Experimenting Bitcoin Mining Using Tesla
Previously, Allessi has experimented with mining Bitcoins by plugging a Bitmain Antminer S9 into his Tesla battery with the help of a power inverter. Besides, he’s been also successful by using Tesla’s internal firmware to mine altcoins. Allessi explained to CNBC:
“It was no big deal. I used the built-in computer and screen in the car to navigate to a web page that I had set up specifically to mine for the popular privacy token monero. I could run the mining program within the browser”.
Similarly, Siraj Raval has also tried several techniques with Bitcoin mining. He said that the most profitable one has been hacking into Tesla’s internal computer along with plugging GPUs directly into the car’s electric motor.
“It’s a computer with wheels…It’s so simple to hack into this computer car,” Raval said. Currently, Raval tethers five GPUs to his Tesla battery. Thus, he’s been running a hashing algorithm to mine Bitcoin.
Besides, having tried different methods, Raval is also very optimistic about the earning potential with his Tesla. Raval currently mines nearly 20 hours a day using his Tesla battery. Taking out all the costs and expenses involved, Raval is netting anywhere between $400-$800 on a monthly basis.