Tesla Owners Utilize Power From Idle Cars To Mine Crypto

• Tesla Owners experiment with various strategies for mining crypto. Siraj Raval, a Tesla owner, claimed that he can run free mining software on his Apple Mac Mini M1.

• The car delivers low-cost electricity, which is a major overhead to optimize when mining bitcoin.

• Another owner believes this way of mining is impractical, ultimately leaving the mining industry while Raval, on the other hand, claimed to make $400 to $800 a month in the year 2021.

Siraj Raval, a Tesla owner and mining enthusiast, making some huge claims about a new way of mining crypto, has said that on his Apple Mac Mini M1, he can run free mining software.The MAC is powered by an inverter that connects to the Tesla Model 3’s 12V plug. Graphics Processing Units (GPUs) have also been connected to his car’s batteries.

The process of mining includes creating new coins in an energy-intensive way and validating transactions on the blockchain. The cost of electricity is the major overhead in bitcoin mining. Alejandro de la Torre, a bitcoin miner, says if it is less expensive to do it with an electric vehicle, then so be it.

– Advertisement –

ALSO READ – BTC RACKS UP THE LONGEST LOSING STREAK

Is it even entirely feasible?

Chris Allessi, Wisconsin-based another Tesla owner, connected a bitcoin Antminer mining gear to his car’s battery, converting the battery’s direct current (DC) to alternating current (AC) with an inverter like Raval (AC).  The Antminer rig uses AC for operating. To mine for Monero, Allessi again leveraged Tesla’s web browser. 

Fortunately, Allessi received unlimited and free supercharging for his vehicle’s lifetime. With the car that bought in 2017, he could make $10 in 60 hours, in 2018. Today bitcoin mining makes no sense to him because of the price increase and the antiquation of his equipment.

He says at the same time, he was possibly looking at $1 or $2 worth of bitcoin with identical equipment. He has left the mining industry.

Will Turn Car Into Robotaxi Claims Raval 

Raval every day mines for 20 hours and pays $10 to $15 to charge his vehicle every 320 miles.   

He invests in altcoins using a platform called “Midas.Investments,” which pays him a 23 percent Annual Percentage Yield and protects him from market volatility. In a claim he made in 2021, he said he made around $400 to $800 a month. He is also confident that he can build an autonomous robotaxi which, whenever it’s, not being driven, will make money via crypto.

Whit Gibbs, Founder, and CEO of Compass, a professional mining company, everything that is needed for making mining work is already present. Gibbs explained that if someone has access to a power source and has enough space can easily add cooling. Adding, he said that there is more than enough power given by the battery to start and run an ASIC.