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Tesla owners ponder EV’s effectiveness as cryptocurrency mining rig

(Credit: @PeakHodl/Twitter)

Tesla Model 3: fast, high-tech, reasonably affordable, and able to mine cryptocurrencies?

A Tesla Model 3 has been converted into a partial cryptocurrency mining rig by owner Siraj Raval, who makes at least $800 a month through the system; enough to pay for his Tesla and then some. Using free Bitcoin mining software, along with a Mac Mini and the Tesla’s 12-volt cigarette lighter, Raval has turned his all-electric car into a self-sufficient revenue-generating machine.

Raval says he also has GPUs in the frunk that are connected to the car’s internal battery. But that’s not all he’s done, as he also uses JavaScript to hack into the Model 3’s native CPU for mining mint coins like Ethereum. It might not be something Tesla’s warranty policy necessarily covers, but it might be frowned upon. Either way, Raval doesn’t seem to care. “It’s much faster, and it’s much more energy-efficient,” he told CNBC in an interview. Raval was making up to $800 per month mining for several coins in 2021,

Raval is far from the only owner to use his all-electric Tesla to mine some of the most valuable cryptocurrencies on the market. Alejandro de la Torre, another crypto enthusiast, says it’s simply cheaper to do it in his vehicle. “The main component is the price of the electricity. If it’s cheaper doing it through an electric vehicle, then so be it,” he said. Raval said he plans to develop his Model 3 into a full-time mining rig, which will earn cryptocurrency any time it is not driving.

Eventually, Raval believes his car won’t just make him money through crypto mining, but it will also drive itself and earn additional revenue when Tesla launches its Robotaxi program. The car could eventually become fully self-sustaining. “It will use its earnings, from both transportation services and cryptocurrency mining services, to pay for its own expenses, like repairs, electricity costs, and upgrades, as well as invest them into a diversified portfolio of emerging crypto-community networks,” he said.

Tesla’s Robotaxi network could be more profitable than expected: ARK Invest

The finer points of building a crypto mine from your Tesla are included in the CNBC interview, but those who have performed the task of transitioning their car from a transportation mode to a moneymaker are plentiful. Not all of them believe it was a great idea, though.

“Did it work? Yes. Did it mine anything worthwhile to be able to be profitable in any way, shape, or form? No,” Chris Allessi, who runs the K-Man YouTube channel, said. “Why would you want to put that kind of wear and tear on a $40,000 to $100,000 car? And right now, even though the price for bitcoin has gone up dramatically, so has the difficulty level…In the same amount of time with the exact same equipment, I’m probably looking at $1 or $2 worth of bitcoin.”

Allessi doesn’t believe mining is even worth it, even with a high-priced, high-yield rig. “I could make more money working at McDonald’s.”

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Tesla owners ponder EV’s effectiveness as cryptocurrency mining rig
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