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Tesla Model 3 owners 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 on his 3 Tesla Model 2018
A Tesla Model 3 owner ran free Bitcoin mining software on his Apple Mac mini M1 and powered up his computer by plugging an inverter into the 12-volt socket in his car's center console. The owner also connected interconnected GPUs to the "frunk" of his Tesla Model 3, running on the electric car's internal battery. Despite running the risk of losing the car's warranty, Raval says it's worth it.
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Other owners also start mining with their electric cars
Raval claims that when the price of ether peaked in 2021, he was earning an average of $800 USD per month (an average of R$4.500). Bitcoin miner Alejandro de la Torre says that, ultimately, mining a Tesla Model 3 is like connecting to any other source of electricity.
The main factor is the price of energy. If it's cheaper to mine via an electric car, so be it. In 2018, Chris Allessi, Wisconsin's first electric car dealer, decided to tinker with his Tesla.
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Similar to Raval, Allessi tried a few different ways to turn his electric car into a Bitcoin miner. In industry terms, mining is the energy-intensive process where machines all over the world contribute their computing power to the general network in order to create new coins and validate existing token transactions.
Tesla Model 3 does not lose autonomy even though it is used to mine cryptocurrencies
Allessi tried to mine by plugging a Bitmain Antiminer S9, a mining rig specifically used to mint the world's most popular cryptocurrency, directly into the model's battery with the help of a power inverter.
The owner also utilized the electric car's internal firmware to mine altcoins. According to Raval, of all the techniques he has tried, the most profitable is a mixture of hacking the Tesla Model 3's internal computer, 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 hashing algorithm to mine ethereum.
Professional-level miners say that, in theory, this logic works. According to Whit Gibbs, CEO and founder of Compass, a Bitcoin mining service provider, the mechanisms are all there. You have a power source, space, and the ability to add cooling and the vehicle continues its autonomy.
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 bought his model. Allessi, for example, bought his model in 2017, that is, it was acquired under a scheme where he has unlimited and free supercharging for the life of the vehicle.
In 2018, the owner estimated that, in 60 hours, he would earn $10 worth of Bitcoin. According to Allessi, even though it was profitable, it was not worth it. Why would anyone want to put this kind of wear and tear on a $40 to $100 model? And now, even with the high price of Bitcoin, the difficulty level has also gone up. In the same amount of time with the exact same equipment, it is likely to acquire just $1 or $2 worth of Bitcoin.
