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Tesla Owner Reveals He Makes $800 a Month Mining Crypto Using His Car

Siraj Raval, a Tesla owner, recently told CNBC that he makes $800 a month by mining crypto using his car. According to Raval, crypto mining using his car is worth it, even though doing so could void his warranty.

Computer on Wheels 

Raval described his car as a computer on wheels during the CNBC interview. However, an EV dealer told CNBC that mining crypto using a Tesla was not worth it. According to Raval, his Tesla is a 2018 Model 3, which earns him $800 a month via crypto mining. 

To mine crypto, Raval plugged an inverter into the car’s power socket and used it to power a Bitcoin mining rig. Doing so earns him $00 to $800 a month, which depends on the value of ETH and BTC. However, doing so could void the vehicle warranty, which covers the car’s battery for up to eight years. However, Raval is convinced it is worth it.

According to Raval, he used the car’s battery to run graphics processors that mine crypto. To mine that much crypto, Raval spends up to 20 hours daily powering the units. He stated that it only costs $30 to $60 monthly to charge the battery.

It Could Void His Warranty

CNBC also interviewed Chris Allessi, an electric car dealer based in Wisconsin. According to him, mining crypto using a Tesla was not worth it. Allessi revealed that he had also dabbled in crypto mining. Since he had bought his Tesla before 2017, he was given access to Tesla’s free lifetime supercharging program, which guaranteed free lifetime charging for the life of the car. As a result, he was able to use the free power to mine crypto. However, he later gave up since it was not profitable enough.

According to Allessi, the rising difficulty of mining BTC meant that he was only able to make $1 to $2 from 60 hours of mining. Consequently, he felt that the kind of wear and tear he was putting on his $100,000 car was not worth it. According to Allessi, he could make more money working at McDonald’s.

In the same CNBC report, Thomas Sohmers, a Tesla hacker and crypto miner, cast doubt on Raval’s claims. He stated that he did not believe it was possible to make that much using a Tesla to mine crypto. However, Raval said that he had no plans to stop mining crypto. In the future, he plans to make his Tesla an autonomous robotaxi, which will mine crypto whenever it is on the road.

Is Crypto Mining Profitable

For retail miners, crypto mining has become increasingly difficult. This is because commercial mining operations have taken over the crypto mining sector. These companies can exploit economies of scale to ensure they have the latest mining rigs. Besides that, they can negotiate favorable power purchase deals for cheap power.

Another way to remain profitable as a retail miner is to move to regions with cheap power. It is a major reason why China remains a leader in crypto mining due to the cheap hydropower in the country.

Written by HackerVibes

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