Tesla Owner Mines Right Up To $800 A Month In Crypto With His Car

Jan 10, 2022 10:48 AM ET
  • CNBC has actually shared the story of Siraj Raval, an owner of a Tesla Model 3 that has tried different methods of mining cryptocurrencies. His setup includes cost-free bitcoin mining software program on his Mac mini M1, which is powered by plugging an inverter right into the 12-volt power socket in the center console of his Model 3.

In addition to that, he has attached a GPU to the frunk of his vehicle and also runs both makers off of the car's inner battery. Raval said that it was worth the risk of invalidating his car warranty. In 2021, the price of ether came to a head as well as Raval stated that during this time, he was making $800 a month.

Raval wasn't the only cryptocurrency miner the article pointed out. Alejandro de la Torre, that mines bitcoin, claimed that mining from a Tesla is similar to linking to any other power source. (However, naturally, it is a bit various, given that you're powering the mining with your mode of transport.).

" The main component is the price of the electricity. If it's cheaper doing it through an electric vehicle, then so be it."

Another cryptocurrency miner, Chris Allessi, or K-Man on YouTube, the first electric car supplier in Wisconsin, determined to do a bit of dabbling with his Tesla in 2018. Allessi builds personalized EVs in his free time and also likes getting imaginative with electric motors. He told CNBC:.

" I like electricity. I like zapping stuff, building stuff. You give me an electric motor, I give you a finished product."

He's additionally tried extracting for bitcoin with his Tesla. He connected a Bimain Antminer S9 straight into his car battery through a power inverter that changed the voltage of his Tesla battery to a level that is compatible with the Antminer.

The article enters into more technical detail regarding mining for bitcoin. The meetings with Allessi, Raval, and also de la Torre concentrated a lot more on the profits. Profits are a fantastic incentive; nevertheless, what the article does not actually concentrate on is how these Tesla owners are showing that you do not need coal to mine bitcoin or any kind of cryptocurrency.

Dirty vs. Clean Bitcoin Mining.

The article, in my opinion, is an excellent read, and I took pleasure in how the author shared the stories of the Tesla owners mining their crypto. However, I want to dive right quick into simply how important it is to relocate away from coal, specifically in mining for cryptocurrency.

Last year, Tesla started approving Bitcoin as a settlement alternative for its vehicles but then later suspended that option while pointing out that it had not been supporting Tesla's objective. This landed Elon Musk on the bad side of numerous bitcoin maxis who went from loving Tesla to disliking it, but Elon and Tesla both took a company position against making use of fossil fuels in crypto mining.

In May 2021, Elon Musk shared a declaration about Tesla as well as Bitcoin to resolve the drama, however he likewise followed that up with details from the Cambridge Bitcoin Electricity Consumption Index (CBECI), keeping in mind that the energy use pattern over the very first couple of months of 2021 (when Tesla made its record-breaking, historic moves) was outrageous. Below is a graph that reflects the overall bitcoin electricity consumption over the last six months of 2021. As you can see, from June (when Elon shared the graph), the use has climbed.

The graph below shows a comparison of how much electricity as well as power the manufacturing as well as consumption of bitcoin required. These are in terawatt-hours (TWh).

Bitcoin has been slammed for its use of coal several times, but recently, miners appeared to have actually doubled down on their uses of fossil fuels. Many people are aware of the scenario in China but don't think about the excessive use of fossil fuels right here in the US.

In November 2021, the Ohio River Vally Institute reported that bitcoin mining was breathing life into zombie coal plants. The article described it as a gold rush that would be both expensive and also hazardous for Pennsylvania residents.

In September 2021, NBC reported that Stronghold Digital Mining purchased among the Pennsylvania coal mines and also is melting sufficient coal waste to power around 1,800 cryptocurrency mining computers. NBC also reported that Stronghold plans to run 57,000 mining computer systems by the end of 2022, which needs buying up two even more coal waste power plants in the region.

In July, Bloomberg called out Stronghold's strategies to shed coal waste and explained that it isn't as green as they desire you to assume it is. The concept that using coal that was currently extracted is green is a false claim. Burning coal isn't green as well as never will be. It may be greener to melt coal that is extracted rather than extracting much more coal, however it's all a hot, dirty mess, as well as over time, bad for our atmosphere as well as bad for human wellness

I bring all of this right up to explain that what the Tesla owners are doing is far more sustainable-- particularly if they were to make use of 100% renewable resource to bill their vehicles. Allessi has free Supercharging for life, but I assume a wonderful investment for the wise Tesla owner that intends to extract crypto would be to purchase solar and Powerwall. This may seem like a whole lot, but possibilities are, they would utilize the solar and Powerwall for their residences as well, as well as if they live in an area that receives a lot of sun, it might work.

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