Crypto analysts claim that Tesla can mine Ethereum for free

Tesla’s market value has now reached 600 billion US dollars, more than the nine major auto companies combined. Tesla needs to complete the delivery of 500,000 vehicles in 2020, which means that it needs to deliver more than 181,000 vehicles this quarter. In order to complete the sales target, Tesla has authorized its North American sales staff on December 12 to provide consumers of newly purchased Model 3 and Model Y with unlimited free supercharging services for one year. Consumers who have bought these two models of Tesla can enjoy free electricity.

Can Tesla’s free electricity be used for mining? Like Ethereum?

In a recent tubing video, cryptocurrency trader and analyst Tyler Swope discussed the possibility of mining with Tesla’s free electricity.

Swope checked Tesla’s power efficiency statistics and entered the data in the cryptocurrency mining monitoring and management software Minerstat, and found that if you use Tesla to mine Ethereum, you can earn $76 a day and $532 a week. Can earn $2281 per month.

He believes that if all mining conditions such as Ethereum’s computing power and price remain unchanged, then the total income of using Tesla to mine Ethereum for a year will exceed 27,000 US dollars! And if Ethereum rises, the profit based on legal currency (such as the US dollar) will be greater.

As of the time of publication, Ethereum, the world’s second largest by market value, currently has a total market value of nearly US$7.4 billion on Coinmarketcap, with a unit price of approximately US$644. If you consider the cost of electricity alone, this approach seems feasible.

However, mining must first buy a mining machine, so the analyst compared the estimated earnings with the upfront cost including four Ethereum mining machines.

The graphics card mining machine A10 Pro is about $4,500 per unit. Swope pointed out that $12,000 can buy a fully functional second-hand Tesla. The analyst said that with a second-hand Tesla plus four A10 Pros, the initial investment is nearly US$30,000, and the theoretical annual income is US$27,000, which means that the investment can pay for itself in just one year. 

Swope believes that using Tesla’s free electricity to mine Ethereum for free is absolutely feasible in theory.

But he emphasized that this is only a theoretical feasibility and cannot be implemented: “I don’t recommend this. This may invalidate your warranty, may blow up the vehicle and the battery, so don’t do it. This is just for existing possibilities. Feasibility study.”

In fact, super charging is indeed dangerous. Last month, foreign media reported that a 2015 Tesla Model S was suspected of spontaneous combustion in the United States due to a battery explosion.

Tesla stated under the supercharge service on the official website: “Frequent use of Tesla Supercharger charging (or charging through other fast charging methods) will result in a slight decrease in the peak charging rate of the battery. To ensure maximum mileage As well as battery safety, when the battery temperature is very low, the battery is close to full, and the battery condition changes due to use and aging, the charging rate will also decrease. Such changes in battery condition may gradually extend the supercharge time, approximately a few times each time. minute.” 

Even if a second-hand Tesla can enjoy super charging and super charging is safe enough, the one-year payback cycle is obviously not sustainable. The Ethereum 2.0 beacon chain was released at the beginning of this month. Many people expect that within one year, that is, before the end of next year, Ethereum will complete the transition from POW to POS. The time left for Ethereum graphics card miners is obviously not More abundant.

Leave a Reply
Related Posts

0x Finance | How many wash transactions are there on Blur?

Author: Golden Finance Jason. Golden Finance Blockchain March 1st In recent weeks, the upstart NFT market Blur has taken the top position in this field. Through tokenized transaction rewards, Blur has surpassed the market leader OpenSea. That sparked skepticism in the crypto…
Read More