$ETH and $MATIC: Tesla Owner Explains How He Mines Crypto With His Car
In a recent interview, 2018 Tesla Model 3 owner Siraj Raval talked about various techniques he has used to mine cryptocurrencies using his car.
According to a CNBC report published earlier today, here are a few ways that Raval has tried crypto mining with his Tesla:
“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 cigarette lighter outlet on the dashboard 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.
Although Raval is aware that hacking his Tesla to mine crypto could void the warranty, he told CNBC that when the prices of $ETH and $MATIC were at all-time highs in 2021, he was earning as much as $800 per month from mining these two cryptocurrencies.
Alejandro De La Torre, Vice President at mining pool operator Poolin told CNBC:
“The main component is the price of the electricity. If it’s cheaper doing it through an electric vehicle, then so be it.“
Raval calls the Tesla “a computer with wheels” and says that “it’s so simple” to hack into the car, describing it as “essentially hijacking the car’s internal firmware to allow for extra power usage.”
He then hooks up five high performance graphics cards to his Tesla’s battery, and he “switches between running two different hashing algorithms” (one for $ETH, one for $MATIC).
Although charging his Tesla is not free, Raval says that the Tesla battery is so good that he manages to get great value for money. He mines around 20 hours a day with the help of his Tesla.
One thing he does to try to remain profitable even when there are dips in the prices of cryptocurrencies he is mining is to use custodial crypto-investment platform Midas.Investments. This is where he is earning an annual yeild of around 23% for staking his $ETH. He also never sells the crypto he mines.
Raval buys second-hand graphics card via eBay to save some money.
Raval told CNBC that during 2021, he “earned anywhere from around $400 to $800 a month, making the venture profitable, even during crypto’s doldrums.”
Raval hopes that one day in the future his Tesla will be a fully autonomous robotaxi:
“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.“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.