A Tesla owner may have found more use for his prized electric vehicle off the road, judging from his recent revelations.
A Tesla was used to mine $ 800 Ethereum
TO CNBC The report has revealed that the owner of a 2018 Tesla Model 3, Siraj Raval, successfully mined around $ 800 worth of Ethereum when the asset’s value peaked in 2021.
According to the report, Raval revealed that he was able to connect graphics processing units (GPUs) to his car battery. On top of that, he was running free Bitcoin mining software on his Apple laptop that is powered by plugging it into the power outlet located in his car.
Interestingly, Raval is not the only one experimenting with mining through his car. The report indicated that another proud owner of a Tesla, Chris Allessi, had already tried to mine cryptocurrencies such as Bitcoin, Ethereum, and even Monero in 2018 through his car.
In Allessi’s case, he once connected a Bitmain Antminer S9 to his car battery with the intention of extracting the flagship digital asset.
Is it worth mining with Tesla?
With the new revelation that two Tesla owners were able to mine cryptocurrency from their cars, the next question would be how profitable is this venture?
Crypto mining is an integral aspect of the crypto world. Miners, by running specialized software, can create new coins and also help validate transactions on the blockchain. However, the industry has faced some setbacks from the authorities due to the amount of energy required to extract assets.
An average 2018 Tesla Model 3 car would cost more than $ 40,000, and by tampering with the car’s software, these users risk losing their warranty for earnings of less than $ 1,000 per month.
Speaking about this, Allessi was quoted as saying that while mining with the Tesla can be profitable, it was not worth the stress.
In his words:
“Why would you want to put that kind of wear and tear on a $ 40,000 to $ 100,000 car? And right now, even though the price of Bitcoin has risen dramatically, so has the level of difficulty … In the same amount of time with exactly the same equipment, you are probably looking for $ 1 or $ 2 worth of Bitcoin “.
But Raval has a more positive view of mining through his Tesla. According to Raval, he ensures profitability by betting his mined asset through an investment firm that guarantees him around 23% more than his investments.
You also make sure you never convert your mined asset to fiat and buy used GPUs on eBay. All of these actions together helped him earn around $ 400 to $ 800 per month in 2021.
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