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Cryptocurrency

How to Mine Bitcoin Using Your Tesla

Mining for crypto is considered an energy-intensive process, as it requires machines around the world to contribute their computing power to the overall digital network, which then creates new coins and validates transactions of existing tokens

One innovative way to mine Bitcoin is through the use of a Tesla. A unique way has been found to utilize the electric car beyond its driving purposes. It’s possible to mine Bitcoin using the car’s internal battery.

Introducing BitLQ – an app that analyzes the market, predicts the price changes of cryptocurrencies, and makes accurate trading decisions that will result in profits.

How to Mine Bitcoin Using Your Tesla

Moving on, Tesla owner and Bitcoin miner Siraj Raval was the first to discover this method of mining Bitcoin.

Here’s how Raval broke down his simple approach on how to mine Bitcoin with your Tesla:

  • Purchase an Apple M1 computer and plug it into the Tesla’s cigarette lighter. 
  • It will then connect to the car’s Wi-Fi, granting the user access to download a mining tool of choice such as Honeyminer, which is preferable.
  • Run the free Bitcoin software on your Apple computer which you have already been powered when plugged into your Tesla.
  • Then power the interconnected graphics processing units to the front trunk of your Tesla, known as the “frunk.”  

After following the above steps, it should begin the mining operation. At this point, it requires nothing else, just run it 24 hours a day, and if you plug your car in your garage, it’s always powered.

These are the simple steps of mining Bitcoin using your Tesla.

By powering his Bitcoin software through his Tesla, Raval has made as much as $800 a month last year.  He has only tried mining for Ethereum and Bitcoin. 

Will Using This Method Affect Your Tesla?

The purpose of mining crypto is to make a profit. And though Raval said he has profited the most using this method, did he overlook the side effects or are there none?

This method requires a combination of hacking into Tesla’s internal computer and plugging interconnected graphics processing units directly into the car’s electric motor, which can be described as essentially hijacking the car’s internal firmware to allow for extra power usage. 

The benefits Tesla cars offer to mine cryptocurrency may be limited, as it can risk voiding the car’s warranty. Some Tesla owners who purchased cars before 2017 were grandfathered into a plan where owners have free and unlimited supercharging for the life of their vehicle.  

Most Tesla owners say, even with unlimited supercharging, using the cars to mine for cryptocurrency isn’t efficient.  

Skeptics are not sold on the idea and they voice this very puzzling question:

“Why would you want to put that kind of wear and tear on a $40,000 to $100,000 car that’s not built for that purpose?”

The price of Bitcoin remains unstable, and even when the price for bitcoin goes up dramatically, so does the difficulty level for mining. 

I’m not trying to discourage anyone from trying this method out, but there are machines better suited to the task of mining Bitcoin.

Most remain undeterred though, they argue that even though they must continue to pay to charge their Tesla, they believe the battery itself is no exception, and able to get them more profit for their expense. 

They plan to use the earnings from both transportation services and cryptocurrency mining services, to pay for the expenses, like repairs, electricity costs, and upgrades, as well as invest them into a diversified portfolio of emerging crypto-community networks.

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