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Earning $800 a month with Tesla Mining is fake, says Expert

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Tesla Mining

The largest expense of mining, as we all know, is electricity bills and graphics card investment, but mining with electric cars is also an excellent notion if you can get past the fallacy that electric cars are free to charge, which has already been accomplished.

According to reports, the price of cryptocurrencies is on the rise, and the wave of mining craze continues. Siraj Raval, an amateur miner in the United States, with all its earning purchased Tesla Model 3 in 2018.

He also bought an Apple Mac Mini box computer, installed free bitcoin mining software, and used an inverter to get the power he required from the Tesla electric car’s 12-volt onboard power source. At the same time, He purchased a graphics card, installed it in the Tesla’s front trunk, and began “mining” using the vehicle’s battery pack.

Raval said that he spent roughly 20 hours a day mining with his Tesla battery and that he paid $30 to $60 a month charging the battery.

Raval said he connected the Tesla to an Apple Mac Mini, with Tesla continuously powering the mining software, and claimed he was netting between $400 and $800 a month in 2021.

ethereum Tesla mining

Even though these actions will void the car’s warranty, Raval believes it is well worth it. According to Raval, the price of Ethereum increased dramatically last year, and mining on electric vehicles can make an extra $800.

Tesla and cryptocurrency enthusiasts, on the other hand, questioned Raval’s claims. According to Thomas Somers, a bitcoin “miner,” and “hacker” says Raval claims are false.

Tesla Mining for $800 in Reality

According to Somers, the Tesla Model 3 has GPU transfer speeds of up to 7-10 Mh/s. According to Etherscan statistics, the Ethernet Square price is currently about 3149 US dollars, which means that at this rate, miners can earn up to $13 per month, not considering costs.

Tesla mining reality
Source: etherscan.io

Raval only makes $20 per month, even at Ethereum’s all-time high of $4,812. Some Tesla owners claim that mining cryptocurrency with their cars is inefficient even with unlimited supercharging.

Mining for cryptocurrency is considered an energy-intensive process. It requires machines around the world to contribute their computing power to the overall crypto network, which then creates new coins and validates transactions of existing tokens, according to an analysis by CNBC.

Chris Allessi, a YouTube author and a miner who also makes custom electric cars in his spare time, echoed Somers’ comments, “Why would you want to put that kind of wear and tear on a $40,000 to $100,000 car?… The difficulty is so high…I could make more money working at McDonald’s.”

Shashank
Shashank is an experienced tech blogger. He has completed his master's in business administration, but his heart lies in technology, gadgets & anime. He is basically creative in nature and his one of favorite thing is capturing nature closely whenever he gets the free time.

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