Tesla owner mines up to $800 worth of Bitcoin and Ethereum per month with his car
If you thought mining cryptocurrency was inaccessible, with its huge power and computational requirements, one man has possibly found a way to make it even more inaccessible: by doing it with his $45,000 state-of-the-art electric vehicle.
Tesla owner and crypto miner Siraj Raval told CNBC that he mines anywhere from $400 to $800 per month in Bitcoin and Ethereum with his 2018 Tesla Model 3. How does he do it? He says he hacks into Tesla’s internal computer to allow for extra power usage, plugs five graphics processing units directly into his car’s electric battery and then runs a hashing algorithm to mine for Bitcoin and Ethereum.
“It’s a computer with wheels…It’s so simple to hack into this computer car,” Raval told CNBC.
Even factoring in the costs of charging his car’s battery and possibly voiding his car’s warranty in the process, he still says it’s worth it. Raval mines for about 20 hours per day and only pays about $30 to $60 per month to keep the car’s battery charged.
“It will use its earnings, from both transportation services and cryptocurrency mining services, to pay for its own expenses, like repairs, electricity costs, and upgrades, as well as invest them into a diversified portfolio of emerging crypto-community networks,” Raval said.
But whether Raval is telling the truth is still up for debate. Some Tesla owners say, even with unlimited supercharging, mining crypto with a car’s electric battery isn’t efficient or profitable.
In an interview with CNBC, a custom electric car builder talked about his efforts to turn his Tesla Model S into a crypto mining rig.
“Did it work? Yes. Did it mine anything worthwhile to be able to be profitable in any way, shape, or form? No,” Chris Allessi, known as K-man on his YouTube Channel, said.
Allessi also pondered whether a few hundred each month was worth the risk of doing irreparable damage to an incredibly expensive vehicle.
“Why would you want to put that kind of wear and tear on a $40,000 to $100,000 car?” Allessi said.
You don’t need a Tesla, high-powered GPUs or hashing algorithms to get started in the world of cryptocurrency. All you need to do is head on over to Hubkoin.com, create an account and start investing in crypto today. A $1,000 investment today could be worth $100,000 next year.