Tesla Owners Mine Crypto Using Power From Their Idle Cars – BeInCrypto

A Tesla owner wants to turn his car into a robotaxi that earns crypto when not being driven.

Tesla owner and mining enthusiast Siraj Raval is making incredible claims about a new method of mining crypto. He can run free mining software on his Apple Mac Mini M1. The MAC is powered by an inverter that connects to the 12V socket of its 2018 Tesla Model 3. It has also connected graphics processing units (GPUs) to its car battery.

Mining is the process by which new bitcoins are created in an energy-intensive manner and transactions are validated on the blockchain. According to Alejandro de la Torre, a bitcoin miner, the main overhead of bitcoin mining is the cost of electricity. “If it’s cheaper to do it with an electric vehicle, so be it,” he said.

Is it really doable?

Chris Allessi, another Wisconsin-based Tesla owner, started playing with his Tesla in 2018. He connected a Bitcoin Antminer mining rig to his car battery, using an inverter like Raval to convert current. direct (DC) from the battery to alternating current (AC). The Antminer platform uses AC to operate. Alessi also used Tesla’s web browser to mine Monero.

Alessi was lucky enough to benefit from free and unlimited supercharging for the life of his vehicle. He bought the car before 2017. In 2018 he could make $ 10 in 60 hours. Now he doesn’t see any sense in mining bitcoin due to rising prices and obsolescence of his equipment. “At the same time, with identical equipment, I’m probably thinking about $ 1 or $ 2 of bitcoin,” he said. It doesn’t belong to me anymore.

Robotaxi on the cards?

Raval pays $ 10 to $ 15 to recharge his vehicle every 320 miles and mines for 20 hours each day. He uses a platform called “Midas.Investments” which grants him an annual percentage return of 23% on his investment in altcoins, protecting him from market volatility. In 2021, Raval claimed to have earned between $ 400 and $ 800 per month. He believes he can turn Tesla into an autonomous robotaxi that makes money from crypto when it’s not being driven.

Whit Gibbs, CEO and founder of Compass, a professional mining company, says all the pieces of the puzzle are there to make mining work. “You have a power source, you have space, you can add cooling. There is certainly enough power supplied by the battery to turn on an ASIC and run it, ”Gibbs said.

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