Innovative Crypto Mining: Can You Mine with Your Car?
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Chapter 1: The Concept of Crypto Mining with Vehicles
As the popularity of cryptocurrency mining surges, the availability of essential hardware is dwindling. This scarcity has led to some creative solutions, including the idea of mining cryptocurrencies using cars. Is this a viable option?
Bitcoin Mining with a Tesla Model S
In early 2018, YouTuber KmanAuto pondered whether it was feasible to mine Bitcoin using a Tesla. At that time, the shortage of graphics processing units (GPUs) was not as pronounced, and his curiosity drove him to experiment.
Chris Allessi, known by his YouTube handle, owned a Tesla Model S and began testing its capabilities. Like many contemporary vehicles, Teslas come equipped with onboard computers.
Despite his enthusiasm, Allessi soon discovered that the car's internal computing capacity fell short of what was needed for Bitcoin mining. The process demands high-performance processors, leading him to utilize the vehicle merely as a power source for a traditional miner.
Allessi connected his Antminer S9 to the Tesla, which, at the time, was generating approximately $1,000 monthly from two of these ASIC miners, effectively increasing his output.
Understanding ASIC Miners
ASIC miners are specialized devices engineered to efficiently solve specific algorithms. Different blockchains employ distinct mining algorithms, which miners must resolve to earn cryptocurrency rewards. Most miners collaborate in mining pools to achieve more consistent earnings, sharing the rewards among participants.
Bitcoin relies on the SHA-256 algorithm, while Monero utilizes the RandomX algorithm. The term ASIC stands for application-specific integrated circuit.
Section 1.1: The Feasibility of Mining with Cars
While Allessi's initiative was intriguing, he cautioned that it was primarily experimental. He noted that the car's large battery simply served as a power supply, and miners could just as easily connect to a stable power source.
Siraj Raval, who conducted a similar experiment with Ethereum mining, echoed Allessi's sentiments. In 2021, he managed to earn up to $800 monthly by using GPUs stored in the front trunk of his Tesla Model 3. He mentioned that the only potential advantage of using a car for mining might be lower electricity costs when charging the battery compared to powering miners directly.
For Teslas purchased before January 2017, charging at Tesla stations remains free. However, Allessi questioned the practicality of subjecting a car valued between $40,000 and $100,000 to such demands.
Exploring Monero Mining as an Alternative
Different algorithms have varying strengths, and Monero's RandomX is designed to resist ASIC miners, promoting decentralization and privacy within its network. Each miner contributes only a small portion of the overall computing power, preventing dominance by a few large stakeholders.
Allessi considered Monero mining, noting that it relies on CPU rather than GPU power. Many devices in the Internet of Things have low processing capabilities, making it feasible to mine Monero using the car's integrated computer. However, Allessi eventually abandoned crypto mining, concluding that the returns were insufficient to justify the effort. He remarked that he could earn more working at McDonald's in the same timeframe.
Chapter 2: A New Era with Daymak's Mining Car
In an exciting development, Canadian startup Daymak has designed electric vehicles that can mine cryptocurrencies using their onboard batteries. This innovative approach allows the vehicle to generate income while parked, effectively "paying for itself." Currently, the Spiritus model is available for pre-order, with an expected price of around $21,500 and delivery slated for 2023.
The vehicle comes equipped with an integrated crypto wallet and offers an optional upgrade to enhance its mining capabilities by 30% for an additional $1,000.
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