Can mining cryptocurrency with a Tesla pay you big?

Several Tesla owners have used their cars to mine cryptos, an operation whose profitability is questionable.

In recent years, few technological advancements have seen a leap as big as that of electric cars and cryptocurrencies.

In the latter, processors and other computer chips are used in number to govern what happens on the blockchain. In fact, for this technology to work, you need “miners”. These people donate some (or all) of their computing power to verify and record transactions.

In exchange for this work, which is essential to the proper functioning of the system, the “miners”, like their namesakes in the coal mines, can recover part of the loot. Mining is therefore a very popular activity in the crypto world, and the biggest fish in this field can make a lot of money quite easily, as long as you sit on your environmental convictions (mining is very energy intensive, and therefore very polluting).

Mining and electric car: the unexpected marriage

Thus, these two worlds, that of the electric car and that of mining, do not seem to have much in common, yet several clever people have managed to bridge the gap between the two worlds. This is for example the case of Siraj Raval who uses his Tesla Model 3 to mine bitcoin. If no mining rig could support the car OS, then it makes sense to ask how Raval can use his car to mine.

In reality, things are more complicated and less “beautiful” than they appear. Indeed, the mining does not take place within the car itself, but Siraj Raval takes advantage of the latter’s XXL battery to run an Apple Mac Mini M1 or even GTX 1070 from Nvidia. According to him, he manages to power computer components long enough to produce up to $ 800 per month in ethereum when the cryptocurrency price is in full swing.

Mining crypto with a Tesla? it is possible, but not profitable

If on paper cryptocurrency mining is therefore possible, other voices like that of Chris Alessi are raised explaining that profitability should not be the objective. Indeed, without even counting the electricity costs, which are generally staggering when it comes to mining, why would you have to use a car costing more than € 40,000 to mine, even with $ 800 per month (which seems a utopian figure) profitability is not for tomorrow.

In short, mining is a complex activity, which requires a serious dose of thought and analysis before starting. It is possible to participate in the maintenance of the blockchain directly with your computer or special devices, but it remains very difficult to make a decent living from mining, not to mention the insane ecological impact of this technology.

Related Articles

Leave a Reply

Your email address will not be published.