Can mining cryptocurrencies with a Tesla earn you big bucks?

In the last few years, few technological advances have seen as big a leap forward as electric cars and cryptocurrencies.

In the latter, processors and other computer chips are used in large numbers to govern what happens on the blockchain. Indeed, for this technology to work, "miners" are needed. These people donate some (or all) of their computing power to verify transactions and record them.

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 a part of the loot. Mining is therefore a very fashionable activity in the world of cryptos, and the biggest fish in this field can earn a lot of money quite easily, provided that they sit on their environmentalist convictions (mining is very energy consuming, and therefore very polluting).

Mining and electric cars: the unexpected marriage

So, these two worlds, the electric car and the mining one don't 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 platform could support the car's OS, then it's logical to wonder how Raval can use his car to mine.

In reality, things are more complicated and less "beautiful" than they seem. Indeed, the mining is not done inside the car, but Siraj Raval takes advantage of the XXL battery of the latter to run an Apple Mac Mini M1 or GTX 1070 from Nvidia. According to him, he manages to power computer components long enough to produce up to $800 a month of ethereum when the cryptocurrency's price is in the black.

Mining crypto with a Tesla? It's possible, but not profitable

If on paper cryptocurrency mining is, therefore, possible, other voices such as Chris Alessi explain that profitability should not be the goal. Indeed, without even counting the electricity costs, which are usually staggering when it comes to mining, why would you need to use a car at more than €40,000 to mine, even with 800 dollars 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 reflection and analysis before getting started. It is possible to participate in the maintenance of the blockchain directly with one's computer or special devices, but it is still very difficult to make a decent living from mining, not to mention the insane ecological impact of this technology.