Summary:
Tesla owner reveals how they mined cryptocurrency using the car’s internal computer and battery capacity. Siraj Raval from San Fransico mines ethereum by connecting graphic processing units directly to the Tesla automobile power supply. Siraj Raval mines cryptocurrency using his Model 3 Tesla. Crypto mining is the energy-intensive process through which devices all over the globe donate their processing capacity to the broader network in order to produce new currencies and validate transactions involving current tokens.
Details:
Siraj Raval has explored almost every method for mining cryptocurrency from his 2018 Tesla Model 3. He ran free bitcoin mining software on his Apple Mac mini M1 and powered it by hooking an inverter into the 12-volt power connector in his car’s centre console. He’s also attached interconnected graphics processing units, or GPUs, to the Tesla’s “frunk,” powering these processors with the car’s internal battery. Raval feels it’s worth it even if it means voiding his auto warranty. He claims that when the price of ether peaked in 2021, he was earning up to $800 per month.
According to Bitcoin miner Alejandro de la Torre, mining with a Tesla is ultimately the same as connecting to any other power source. “The biggest factor is the cost of power.” “If it’s economical to do it in an electric car, then do it,” de la Torre added.
How to mine for crypto with a Tesla
Chris Allessi, Wisconsin’s first electric vehicle salesperson, chose to tamper with his Tesla in 2018. Allessi, also known as K-Man on YouTube, manufactures customized vehicles in his leisure time and styles himself as a modern-day Doc Brown, the protagonist from the film “Back to the Future” who repairs and upgrades a car into a time machine. I enjoy electricity, I enjoy zapping and constructing things. Give me an electric motor, and I’ll offer you a finished version,” he stated. Allessi, like Raval, has experimented with several methods to convert his Tesla Model S into a crypto mining setup.
Crypto mining is a resource process. They accomplish this by using specialised software that solves complex mathematical problems. To join, all you really need is a computer and some power. Allessi has experimented with bitcoin mining by inserting a Bitmain Antminer S9 (a sort of mining gear particularly designed to mint the world’s most popular cryptocurrency) directly into his car battery using a power source converter. The inverter regulates the voltage of Tesla’s electric battery so that it is compatible with his Antminer.
Allessi has also mined for cryptocurrencies using the vehicle’s onboard firmware. He navigated to a web page that he had set up expressly to mine for the popular privacy token monero using the car’s built-in computer and screen. Allessi stated, “I could execute the mining application within the browser.” Raval claims that the most profitable way he has explored is a combination of hacking into Tesla’s internal computer and putting GPUs straight into the car’s electric motor. “To be exact, it’s a computer on wheels.” “It’s very easy to hack into this computer automobile,” Raval added, describing the procedure as effectively stealing the car’s internal code to allow for more power utilisation.
Thomas Sohmers, a Tesla hacker and crypto-miner, suggested that this step is unnecessary. “The automobile is already designed to deliver more than 100 kilowatts, and anything connected to it will be a fraction of that.”There’s no need to do according to what Raval claims he’s going to do”. It doesn’t make technical sense,” Sohmers stated. Nevertheless, Raval subsequently connects five GPUs to his Tesla battery and runs a hashing algorithm to mine for ethereum.
Is the profit worth the challenge?
Allessi, for example, bought his car before January 2017, which means he was automatically enrolled into a plan that provides free and unlimited supercharging for the life of his vehicle. He thinks that in 2018, he would earn $10 worth of bitcoin in a 60-hour period, all at a profit because he didn’t have to pay for electricity. But, even if it was profitable, he believes it was not worth it. “Why would you want to put that type of wear and tear on a $40,000 to $100,000 car?” he remarked.
For one thing, he invests his ethereum in “Midas.Investments,” a private crypto investing platform that delivers him a 23 yearly percentage interest on his investment. He also never cashes out to US dollars, allowing his crypto nest fund to thrive. Raval often buys his GPUs secondhand on eBay, which helps him save money. Taking all of these procedures into consideration, Raval claims that over the course of 2021, he will make between $400 and $800 every month, making the endeavour lucrative even during the crypto bear market.
“The closest estimate I have for the GPU hash rate in the Model 3 is about 7-10 MH/s.” “At the moment, at 10 MH/s, that would create income of around $13.38 worth of ether before any expenses,” Sohmers observed. “The challenge is so high…I could make more money at McDonald’s,” Allessi explained. But mining cryptocurrency via his Tesla isn’t simply a gimmick for Raval. Instead, it is a key component of his goal to transform Tesla into a completely autonomous robotaxi that generates cryptocurrency at any time. Although Tesla CEO Elon Musk has hailed the possibility for automobiles to become autonomous robotaxis, Teslas are still a long way from being self-driving.
Regardless, Raval believes in this fortune that is yet to reach. “It is sure to use its profits from both transportation services and cryptocurrency mining benefits to pay for its costs like repairs, electricity fees, upgrades and as well as act an investment for a diversified portfolio of emerging crypto-community networks”,he stated.
Credits: www.cnbc.com