Exploring Crypto Mining with Tesla: A Unique Side Hustle
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Chapter 1: The Concept of Mining Cryptocurrency
In the evolving world of cryptocurrency, many enthusiasts are not just investing but also actively mining digital assets. While traditional mining often requires substantial computational power and energy, innovative methods are emerging. One intriguing example involves a man claiming to earn as much as $800 monthly by mining Ethereum using his Tesla.
Recently, CNBC’s Mackenzie Sigalos highlighted Siraj Raval, a tech influencer from the San Francisco area, who boasts over 714,000 subscribers on his YouTube channel. Raval has developed a lucrative side business by utilizing his 2018 Tesla Model 3 to mine Ethereum (ETH).
Raval has experimented with various mining techniques inside his Tesla, such as connecting multiple graphics processing units (GPUs) through the car’s "frunk" and leveraging the 12-volt socket in the center console to run free Bitcoin mining software on his Apple Mac mini M1. Although these activities might void the vehicle's warranty, Raval believes the potential earnings justify the risk, claiming he can generate up to $800 a month from mining Ether.
Section 1.1: Mining Efficiency and Cost Considerations
Others have also tried mining using their Tesla vehicles. Alejandro de la Torre, a Bitcoin miner, explained to CNBC, "The primary factor is the cost of electricity. If it’s more economical to use an electric vehicle, then why not?"
Raval believes he has discovered the most effective mining method for his Tesla by directly connecting his CPUs to the car's electric motor. Throughout 2021, he reported earning between $400 and $800 per month, utilizing his vehicle's power for approximately 20 hours daily.
Subsection 1.1.1: Charging Costs and Vehicle Wear
Depending on when Tesla owners purchased their vehicles, some may benefit from free charging for a limited period. However, many question whether the profits from mining are worth the potential wear on the car. Additionally, the time and effort involved can be significant. With Tesla models starting in the mid $40,000s, various factors must be weighed before repurposing a vehicle for crypto mining.
Section 1.2: Divergence from Official Use
Using a Tesla for cryptocurrency mining diverges from its intended purpose, leading to criticism from some quarters. Nonetheless, Raval is confident in his approach. As he describes himself on his YouTube channel, he is "a technologist on a mission to spread data literacy," showcasing his determination to leverage technology for personal gain and to assist others.
Chapter 2: The Future of Crypto Mining with Electric Vehicles
The second video titled "Let's Build a GPU Mining Rig Together In A PoloMiner Pro Server Case" explores the process of creating a mining rig. This video can offer insights into setting up an efficient mining operation, appealing to those interested in the technical aspects of cryptocurrency mining.
DISCLAIMER: The author is not a financial advisor. The views expressed in this article are for general educational and entertainment purposes only and should not be construed as specific advice. Individual investors should conduct their own research and make informed decisions. The author holds a minor position in Ethereum and Tesla at the time of publication.
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