It’s not every day that you turn a profit using just your stand-still car. But, this man has managed to do that by mining cryptocurrencies using his Tesla. Siraj Raval uses his 2018 Tesla Model 3 to mine cryptocurrencies. Mining cryptocurrencies is a very power-intensive process and it can cause your electricity bills to shoot up considerably. Then how does he manage to do it? Also Read - Panasonic plans to mass produce next-gen batteries for Tesla in 2023, suggests report
A report from CNBC shares how Raval has turned his car into a mining rig for some of the most popular cryptocurrencies. According to the report, Raval managed to earn cryptocurrencies worth up to $800 (Roughly Rs 60,000) per month by using his Tesla. He claimed that he managed to reach the $800 mark when Ethereum cryptocurrency was at its peak. He claims that the earnings are generally in the range of $400 to $800 per month. Also Read - Indian states invite Elon Musk to set up Tesla factory, but is it feasible?
How does one use the car to rig cryptocurrencies?
Raval used the car’s batteries to provide power to the rig. He further used the Tesla Model 3’s frunk to string up some GPUs that ultimately helped in doing all the computation. Also Read - Tesla is in a 'weird stalemate situation' with the Indian govt: Report
It is obvious that doing all this to your car will void the warranty. However, that aspect doesn’t bother Raval. He claims it is actually ‘worth it’. Raval has tried mixing and matching different mining setups using his car. He concluded that the easiest way to do it is to hack into the car’s computer and just setup the GPUs. Considering that a Tesla already has a lot of processing power to run features such as self-driving tech, it is compatible enough to work as a CPU for the mining rig. Hacking into the computer of the car allows the powertrain to route more power to the rig.
Raval claims that while he has to pay for the power he’s using, it just takes around $10 (around Rs 750) to recharge his car. While we can’t be sure if this setup will continue to remain profitable, it does enhance the risk manifold by just including an expensive car in the mix. Warranty or no warranty, the wear and tear of the battery will decrease the range of the vehicle over time.