Tesla owners are now mining crypto using power from their cars. The electric vehicle company is arguably the most recognizable name in the electric vehicle industry and has achieved major success in the space, making it the biggest player in electric vehicles. It took on even more importance when he started accepting bitcoin payments for vehicles, which he later stopped.
Nonetheless, the number of Tesla owners has continued to grow and these vehicles are certainly not cheap. Some of these owners started to find ways to make extra money using their electric vehicles, and they decided to use the electricity stored in the vehicle’s batteries to mine the crypto.
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Make money with Tesla
A recent report from CNBC shed light on a new method of crypto mining that electric vehicle users are now using to earn extra money each month. The report follows Siraj Raval, who shared his journey and method of using his Tesla to mine crypto using a 2018 Tesla Model 3. Raval had successfully mined the crypto using his Apple Mac mining M1 by plugging his computer into an inverter, which is plugged into the 12-volt power outlet in his car’s console, which serves as the primary power source for his mining activities.
CNBC also reported that the owner of the electric vehicle “connected graphics processing units or interconnected GPUs to the” frunk “of his Tesla, running those machines from the car’s internal battery. Basically, by doing that, Raval does not have to pay the electricity costs associated with his crypto mining, only the electricity costs to charge Tesla’s battery.
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This activity puts the owner at risk of voiding the warranty on the car, but the owner of the electric vehicle claims it is worth it because he would have made up to $ 800 a month last year doing this.
Earning crypto with Teslas is doable
The report also focused on another Tesla owner who uses a Raval-like method to mine the crypto, albeit for a much longer period. Chris Alessi has also found ways to make money for his Tesla by mining crypto.
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Alessi started in 2018 and started using his electric vehicle to mine bitcoin. At the time, the activity was earning him about $ 10 every 60 hours, made possible by the fact that he had free and unlimited supercharging on his vehicle. He had, however, had to stop this particular mining activity as it is no longer as profitable as the price of the digital asset has increased and its equipment has become obscure.
The main expense when it comes to mining crypto is the electricity needs that miners have to pay heavily. Bitcoin miner Alejandro de la Torre sees nothing wrong with using a Tesla to mine for crypto. “If it’s cheaper to do it with an electric vehicle, so be it,” de la Torre noted.
Featured image from BBC, chart from TradingView.com