Tesla owner mines bitcoin, ethereum with his car
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Siraj Raval, Tesla owner uses his Model 3 for mining cryptocurrencies.
Siraj Raval
Siraj Raval tried almost every method to mine cryptocurrency from his Tesla Model 2018.
He is free to run bitcoinHe used his Apple Mac Mini M1 to mine software and then powered it by connecting an inverter to the 12 volt cigarette lighter socket on his dashboard.
He has also attached interconnected graphics processing unit or GPUs to his Tesla, allowing them to run off its internal battery.
Raval prefers to make crypto coins by using the following method ethereumJavaScript is used to hack into Tesla’s native processor. The car’s CPU, which is its internal computer, provides entertainment and system navigation to the riders.
Raval believes it is worth the risk of his warranty being voided.
Raval said that it is faster and much more efficient than traditional mining and that the peak price for ether in 2021 was $800 per month.
Alejandro de la Torre, a Bitcoin miner says that mining from a Tesla can be likened to connecting to any other source of power.
The main ingredient is the cost of electricity. “If it’s more economical to use an electric vehicle for the task, it should be so,” stated de la Torre.
How to mine crypto using a Tesla
Back in 2018, Chris Allessi — who tells CNBC he was Wisconsin’s first-ever electric car dealer — decided to tinker with his Tesla.
Allessi is also well-known for this. K-ManHis YouTube channel features a man who creates custom electric cars and describes himself to be a “modern Doc Brown” (the character in the movie “Back to the Future”) who converts an automobile into a time machine.
“I like electricity. I like zapping stuff, building stuff. He replied, “You can give me an electric engine and I’ll give you the finished product.”
Raval’s approach to making his Tesla Model S a crypto-mining rig was similar to Allessi.
The energy-intensive, laborious process of crypto mining refers to how machines all around the world use their computing power in order create new coins and verify transactions with existing tokens. The software they use to do this is specialized and can solve complicated mathematical equations. All you require to participate is a computer with power.
Allessi has tried mining for bitcoin by plugging a Bitmain Antminer S9 — a type of mining rig specifically used to mint the world’s most popular cryptocurrency — directly into his car battery, with the help of a power inverter. An inverter regulates Tesla’s electrical battery voltage to make it compatible with his Antminer.
Allessi also used the internal firmware of his vehicle to mine altcoins.
He said that the whole process was “no big deal”. The car’s built-in screen and computer allowed him to navigate to the web page he created to mine the privacy token monero. Allessi said, “I could run a mining program within the browser.”
Raval tried many techniques, but the one that has proven most successful is a combination of hacking Tesla’s internal computers and plugging GPUs into Tesla’s electric engine.
Raval creates a JavaScript web app to retrieve data and sometimes modify the Tesla’s information.
Raval stated, “It is a computer on wheels…It’s very simple to hack into the computer car.” He described the procedure as basically hijacking the internal firmware of the car to enable extra power consumption.
There, he connects five GPUs and his Tesla battery to him. He switches between the two havehing algorithms, one that generates polygon tokens and the other which mines ethereum.
CNBC has professional miners who tell it that the logistics are in place.
Whit Gibbs is the CEO and founder at Compass, which provides bitcoin mining services.
The power source is there, the space is available, and you can add cooling. Gibbs continued, “There’s enough power in the battery to run an ASIC.”
Siraj Raval, Tesla owner uses his Model 3 for mining cryptocurrencies.
Siraj Raval
It’s profitable, but is it worth the effort?
The driver’s vehicle purchase will have a significant impact on whether or not Tesla crypto mining is profitable.
Allessi purchased his car in January 2017, so he is grandfathered into an arrangement that allows him unlimited and free supercharging throughout the vehicle’s life.
He estimates that he could make $10 in bitcoin over 60 hours. This was because he did not have to buy power.
However, even though the venture was financially lucrative, it was not worth it according to him.
“Why would anyone want to see that much wear on a car worth $40,000-$100,000. He said. “And now, even though Bitcoin’s cost has increased dramatically, so too has its difficulty level. In the exact same amount of time and with the exact same equipment I can probably see $1-$2 worth of bitcoin.”
Similar results were seen in mining for monero.
Did it succeed? Yes. Yes. Allessi stated, “No.”
Raval has a greater optimism about his Tesla’s earnings potential.
Raval is aware that his vehicle must be charged. However, Raval believes the price of the battery is negligible so he gets a lot for his bucks.
Raval’s car is capable of driving 320 miles per charge. It takes between $10 and $15 to charge. It takes Raval about $10 to $15 per charge to keep his car charged for just a few hours each day. That would put him on a $30-$60 monthly payment.
Raval believes that his Tesla battery charges him about 20 hours per day. Raval also has other backups in place to protect his profits, despite volatility of altcoins such as ethereum or polygon.
For one, he stakes his ethereum on “Midas.Investments,” a custodial crypto investment platform that offers him an annual percentage yield of 23% on his investment. To ensure that his crypto nest grows, he never withdraws to U.S. Dollars.
Raval also purchases his GPUs from eBay, saving money.
Raval claims that, after taking into account all the steps, Raval earned between $400-$800 per month in 2021. That makes it profitable even though crypto is still struggling.
Siraj Raval gains root access (admin management) to Tesla’s operating system.
Siraj Raval
Allessi told CNBC that mining is not something he enjoys anymore.
He stated, “It is difficult…I could earn more working at McDonald’s.”
Allessi did offer one alternative. Allessi said that if you work for a company you might be safer hiding your miner in the drop ceiling rather than mining with a car.” He spoke of getting free electricity from his employer.
Raval believes that mining cryptocurrency off of his Tesla is more than a joke. It is an integral part of Raval’s plan to turn his Tesla into a fully autonomous robotic vehicle that can earn crypto whenever it’s not driving.
Tesla CEO Elon Musk speaks of vehicles becoming autonomous robotaxis. But Teslas can’t drive on their own. Raval still believes this is possible.
He stated that the company will make use of its profits from cryptocurrency mining and transportation services to cover its expenses.
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