Tesla cars are being used to mine crypto

TL;DR Breakdown

• Tesla cars owners earn up to $800 from crypto-mining.
• The electric car offers XMR extraction for low energy consumption.

The automotive company Tesla is once again a trend in the cryptocurrency market. Tesla cars owner claim to earn thousands of dollars per month with the crypto-mining integrated into the units.

It is to be remembered that the top automobile company supported cryptocurrencies, so it is not a strange development seeing the vehicles being used as crypto-mining farms. According to reports, crypto-mining with electric cars consumes less energy, and the profits are generally similar to what a processor from an established farm in the country could have.

Tesla promotes crypto-mining

As an automotive company operating for almost two decades, Tesla has been recognized for offering innovative units adaptable to new technologies. Once again, the electric car company has gained priority after the owners of some vehicles showed their profits in crypto-mining.

Sirai Raval, an owner of a Tesla Model 3 vehicle, installed her Apple Mini v-M1 computer next to a crypto-mining processor to see her performance. Raval’s goal was to mine Ether tokens where he confesses to having earned almost $800 per month, which is a very high passive profit. However, some have questioned Raval’s claims by suggesting it was only an ad campaign for the automobile brand.

But Chris Allesi, a vehicle of the same model as Raval, installed a Bitmain S9 processor to mine Bitcoin directly from the vehicle’s battery and had good rewards. However, Allesi believes this wear and tear on the vehicle is not worth it. Crypto-mining consumes a lot of energy, and if it is used in electric vehicles, this may put their car at risk.

Crypto-mining via Tesla vehicles: does it work?

Although some experts argue that Tesla’s crypto-mining in vehicles is bogus, there is evidence it works. However, it is a tedious process that does not compare to mining cryptos on a static farm. But for extra profit to pay for the unit’s electricity, it might be worth it.

Tesla incorporates in its vehicles the program to extract the Monero or XMR token, whose value is $189.29 today. The cryptocurrency rises in price to over 3 percent in a slight rally experienced by the market.

According to the car company, this crypto mining does not affect the vehicle’s performance. However, mining excess cryptos inside the vehicle could trigger a battery failure, which is unfortunate because each unit costs around 40 thousand dollars.

The vehicle owner must analyze whether the profits are so high as to expose his unit to this constant energy consumption. Elon Musk, chief executive of the car company, has not provided an opinion.