This Tesla owner says he mines up to $800 a month in cryptocurrency with his car – CNBC
Tesla owner Siraj Raval uses his Model 3 to mine for cryptocurrencies.
Siraj Raval has tried just about every way there is to mine for cryptocurrencies from his 2018 Tesla Model 3.
He’s run free bitcoin mining software on his Apple Mac mini M1 and powered the computer by plugging an inverter into the 12-volt power socket located in the center console of his car.
He’s also hooked up interconnected graphics processing units or GPUs to the “frunk” of his Tesla, running these machines off the car’s internal battery.
Though it risks voiding his car warranty, Raval says it’s worth it.
“It’s much faster, and it’s much more energy efficient,” explained Raval, who says that when the price of ether and polygon peaked in 2021, he was netting as much as $800 a month mining for both.
Bitcoin miner Alejandro de la Torre says that ultimately, mining from a Tesla is just like connecting to any other power source.
“The main component is the price of the electricity. If it’s cheaper doing it through an electric vehicle, then so be it,” said de la Torre.
How to mine for crypto with 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.
This is nothing new for Allessi, also known as K-Man on his YouTube channel, who builds custom electric cars in his free time and bills himself as a modern-day Doc Brown, the character from the film “Back to the Future” who retrofits a car into a time machine.
“I like electricity. I like zapping stuff, building stuff. You give me an electric motor, I give you a finished product,” he said.
Similar to Raval, Allessi has tried out a couple different ways to transform his Tesla Model S into a crypto mining rig.
In industry speak, crypto mining is the energy-intensive process in which machines around the world contribute their computing power to the overall network, in order to create new coins and validate transactions of existing tokens. They do that by running specialized software that crunches complicated math equations. To participate, essentially all you need is a computer and 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. The inverter adjusts the voltage of Tesla’s electric battery to a level that’s compatible with his Antminer.
Allessi has also successfully used the vehicle’s internal firmware to mine for altcoins.
“It was no big deal,” he said of the process. He used the built-in computer and screen in the car to navigate …….