Have you ever thought of earning some extra income with your car? Well, this Tesla owner claims to have mined up to $800 worth of cryptocurrency per month using his vehicle!
Can EV Mine Crypto??
Siraj Raval, the owner of a 2018 Tesla Model 3, reported that he was able to make up to $800 each month through crypto mining with his hacked-out electric car.
Chris Allessi also managed to mine bitcoin and monero on his Tesla Model S by tethering a Bitmain Antminer S9 onto its electrical system and using its internal computer. These innovative methods demonstrate just how effective it can be to leverage your vehicle’s energy for passive income!
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Can Tesla Mine Crypto?
An EV owner recently revealed that his hacked Tesla Model 3 was generating up to $800 a month through Ethereum mining! This remarkable feat is proof of the vehicle’s computing power, setting it apart from other cars on the market.
It’s an interesting concept, isn’t it? Tesla cars mining cryptocurrency and earn money for their owners. Unfortunately, the answer is no.
Tesla cars can’t mine cryptocurrency. While Tesla vehicles are equipped with powerful computing chips, they are used for self-driving and entertainment functions and aren’t designed to perform the kinds of complex calculations needed to mine cryptocurrencies.
But, wait that is what the books say, Siraj Raval turned his EV into a full-fledged mining machine with some tweaking and design changes. So did others.
Siraj Raval is a trendy tech entrepreneur, investor, and digital nomad. He’s a leader in the world of cryptocurrency and blockchain technology. His involvement with Tesla’s Bitcoin venture is one of the most talked-about developments in recent memory.
With his knowledge and expertise in AI, machine learning, and coding, Siraj has become an invaluable asset to the tech community. He’s an advocate for decentralization, a believer in the power of digital currencies, and a proponent of blockchain technology.
So while you won’t be able to turn your Tesla into a crypto-mining machine anytime soon, you can still get in on the action with some mining options out there.
From dedicated ASIC miners to cloud mining and beyond, there are plenty of ways to get your hands on cryptocurrency without needing a Tesla.
Tesla Owners Known to Mine Bitcoin, Monero & Ethereum
The trend of Tesla owners mining cryptocurrencies is on the rise. Reports have shown that many Tesla owners are taking full advantage of their car’s powerful computers to mine Bitcoin, Monero, and Ethereum.
This trend isn’t exclusive to Tesla vehicles though as many other electric car owners have also been spotted mining crypto.
Siraj Raval is a known player in the field, famous for his podcasts and how-to videos. He streamed a YouTube video explaining how he managed to mine crypto using his Tesla Model 3.
In 2018, Chris Allessi from Wisconsin, a car dealer too ventured into a similar feat. He had been toying with numerous innovative ideas for quite some time and even runs a Youtube channel called “K-Man Auto.” The channel shows him customizing electric vehicles and working on some cool projects.
However, they both are not alone many others have joined their league to mine in a unique way using EVs.
How Tesla Owners Can Mine Crypto?
Siraj Raval was one of the pioneers, equipping his 2018 Tesla Model 3 with several graphics processing units (GPUs) that allowed him to generate crypto assets from his electric vehicle.
Using an adapter plugged into a power socket in his vehicle to power specialized bitcoin-mining software running on a Mac Mini, Siraj has successfully transformed his car.
Thomas Sohmers, a Tesla hacker and crypto miner, strongly advocated that this step isn’t necessary.
Siraj Raval, mentions he was able to earn as much as $800 per month by using his Tesla for cryptocurrency mining. He did void the EVs warranty though but he seems least bothered by that fact and enjoys doing so. He said, “it’s worth it!”
Similarly, Allessi has experimented with various approaches to transform his Tesla Model S into a cryptocurrency mining rig. His goal was to run specialized software on the car’s computer system, which would enable it to mine cryptocurrencies like Bitcoin or Ethereum.
Allessi took a daring step and transformed his Tesla into an impromptu mining rig by plugging in the Bitmain Antminer S9.
Antminer is designed to mint Bitcoin, the world’s most popular and complex cryptocurrency. To ensure compatibility, he also connected a power inverter which adjusted the car battery’s voltage to suit that of his miner.
“I could run the mining program within the browser,” Allessi said.
He refers to the whole ordeal as a no big deal to mine crypto using his Tesla. He effortlessly mentions how he can navigate to a dedicated webpage to mine Monero using the built-in screen.
New Auto Company to Launch a Mining EV
Allessi and Raval are not alone in this innovative thinking; mining cryptocurrency from an electric vehicle isn’t just a dream anymore, it’s now a reality thanks to Daymak.
A Canadian electric vehicle company, Daymak made a buzz in the EV industry with their announcement of a revolutionary new car, Spiritus in 2022. This 3-wheel EV will be able to mine digital assets while you drive, pretty decent right?
“Blockchain technology and cryptocurrency are two of the most disruptive innovations of our time, and we are proud to be the first auto-manufacturer in history to incorporate it into our Spiritus EV offering,” said Aldo Baiocchi, President of the EV maker Daymak.
He goes on to explain how the mining will happen on its EV and mentions the advantage of EV mining capabilities. Unlike other cars, the Spiritus not only increases in value over time but also has the potential to generate income while parked. Now isn’t that something worth investing in?
Imagine Spiritus paying for its parking charges!! Impressive.
Is It Worth To Mine Crypto Using Tesla?
Following his exploration into mining monero, Allessi declared that although the venture did work, it was not profitable enough to create any meaningful returns.
“And right now, even though the bitcoin price has gone up dramatically, so has the difficulty level…In the same amount of time with the exact same equipment, I’m probably looking at $1 or $2 worth of bitcoin,” said Allessi.
“Did it work? Yes. Did it mine anything worthwhile to be able to be profitable in any way, shape, or form? No,” said Allessi. However, Siraj finds it fruitful to keep mining on his Tesla Model 3.
Elon Musk wants to turn the way we travel with its ambitious Robotaxi EVs. However, that day seems a bit too far currently. Can EVs become so efficient to perform such high power-consuming mining rigs in the coming future? They very well might.
Daymak’s president says that there are endless possibilities for Spiritus vehicles as owners will soon be greeted by their cars informing them, “I have just added $10 in cash and 20 doge coins to your Nebula wallet! Enjoy your day.”
Alejandro de la Torre, a Bitcoin miner, commented that mining from a Tesla is as easy as connecting to any other electricity source. He highlighted the most significant factor being the cost of power consumption.
He said if it’s less expensive doing this through an electric vehicle, then why not?
According to Sohmers, the automobile already has the capacity of delivering more than 100 kilowatts, and any device attached to it would use a fraction of that power. Thus there is no need for Raval’s stated procedure as it fails to make technical sense.
As per his best calculation, Model 3 GPU’s hash rate is approximately 7-10 MH/s. Currently, at 10MH/s, you can generate earnings of about $13.38 worth of Ether before deducting any expenditure.
What’s the point in subjecting an expensive Tesla worth $40,000-$100,000 to such strain and tear? Questions many miners and YouTubers. Moreover, there is a divided consensus on the fact that Siraj indeed was questioned and found to be purposely using others’ work claiming as his.
However, many find the idea intriguing as well as promising and challenge everyone questioning the possibility.
With no specifics on the number of GPUs he had attached, it’s inconclusive to find out if his statement is valid or not. Nevertheless, considering all factors present, there’s a strong chance that Siraj was being truthful.
“The difficulty is so high…I could make more money working at McDonald’s,” said Allessi.
Currently, despite the bitcoin prices have skyrocketed recently, it still doesn’t make sense to run the mining programs on Tesla or any other EVs.
Accept if the charging is free and one has that amount of time and money on hand to spend on the curiosity to do so. Definitely, in future, when there are sufficient machine learning and mining capabilities at work, this might actually work.