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Owners Of Tesla Model 3 Prove That It Is Possible To Mine Bitcoin With The Electric Car, Explain How It Is Done And Also Talk About The Advantages And Disadvantages. Siraj Raval Tried Every Possible Way To Mine Bitcoin In His 2018 Tesla Model 3
The owner of a Tesla Model 3 ran free Bitcoin mining software on his Apple Mac mini M1 and plugged the computer into an inverter connected to the 12-volt outlet in the center console of his car. The owner also connected interlinked GPUs to the “frunk” of his Tesla Model 3, running on the car’s internal battery. Despite the risk of voiding the car’s warranty, Raval claims it is worth it.
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Raval claims that when the price of ether peaked in 2021, he was earning an average of US$ 800 per month (an average of R$4,500). Alejandro de la Torre, a Bitcoin miner, states that ultimately, mining with a Tesla Model 3 is like plugging into any other power source.
The main factor is the price of electricity. If it is cheaper to mine through an electric car, then so be it. In 2018, Chris Allessi, the first electric car dealer in Wisconsin, decided to tinker with his Tesla.
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Similar to Raval, Allessi tried different ways to turn his electric car into a Bitcoin miner. In industry terms, mining is the energy-intensive process where machines around the world contribute their computing power to the overall network, with the aim of creating new coins and validating existing token transactions.
Tesla Model 3 Does Not Lose Range Even When Used For Mining Cryptocurrencies
Allessi attempted to mine by connecting a Bitmain Antminer S9, a mining equipment specifically used for minting the world’s most popular cryptocurrency, directly to the battery of the model, with the help of a power inverter.
The owner also utilized the internal firmware of the electric car to mine altcoins. According to Raval, of all the techniques he tried, the most profitable involves hacking the internal computer of the Tesla Model 3, in addition to connecting a GPU directly to the vehicle’s electric motor. From there, Raval connects five GPUs to the model’s battery and runs a hash algorithm to mine ethereum.
Professional miners claim that in theory, this logic works. According to Whit Gibbs, CEO and founder of Compass, a Bitcoin mining service provider, all the mechanisms are there. You have a power source, space, and the ability to add cooling, and the vehicle maintains its range.
Is It Worth Mining With An Electric Car?
Whether Tesla cryptocurrency mining is profitable or not has a lot to do with when the driver purchased their model. Allessi, for instance, bought his model in 2017, meaning he acquired it under a scheme where he has unlimited and free supercharging for the vehicle’s lifespan.
In 2018, the owner estimates that in 60 hours, he would earn US$ 10 in Bitcoin. According to Allessi, even if it was profitable, it was not worth it. Why would anyone want to put this kind of wear on a model worth US$ 40,000 to US$ 100,000? And now, even with the high price of Bitcoin, the level of difficulty has also increased. In the same amount of time with exactly the same equipment, it is likely to acquire only US$ 1 or US$ 2 in Bitcoin.
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