There seems to be no limit to Elon Musk’s automotive company. When he launched a Tesla Roadster into space back in 2018 to “inspire the possibility of something new happening” out there, that really should have been it. What more can humans do with cars?
A lot… apparently.
It turns out that Tesla isn’t just orbiting the sun; it’s also making bank in the world of digital currencies. With the right set up, a car can genuinely be used to mine for crypto coins such as Bitcoin and Ethereum.
How is this even possible, is a question we’re sure many of you are asking. And some of you might be wondering what the heck crypto mining even is. As a marketing agency that specialises in both investment and automotive marketing, Strawberry Forge is here to explain.
What is Cryptocurrency & Crypto Mining?
Cryptocurrency is a digital monetary asset. It uses cryptography (secure communication techniques) to verify transactions and to control the creation of new units of a particular cryptocurrency. Essentially, cryptocurrency is decentralised electronic cash — no banks, coins or notes involved.
Mining is how new cryptocurrency is created. Miners are rewarded with virtual currency for verifying and adding transactions to the blockchain, which is a public ledger of all cryptocurrency transactions.
As cryptocurrency is decentralised, and therefore unregulated, it’s a market open for manipulation. That’s why only trusted miners are allowed to log transactions.
Crypto mining isn’t the easiest subject to understand; being a very new industry as well also means it hasn’t become the norm in the world of investments yet. But the briefest way to describe it is:
- Cryptocurrency is electric money
- Mining is how more currency enters circulation by verifying what is being spent
Why are Teslas being Used to Mine for Cryptocurrencies?
Mining for the likes of Bitcoin and Ethereum with a Tesla isn’t the norm by any stretch of the imagination; there are very few people actually using this technique.
But the reason why some individuals are doing it is fairly straightforward: because they can.
Crypto mining with a Tesla is more or less a technical exercise. Those who have a solid understanding of the process involved are simply looking for new challenges and to see how much success they can really have with it.
But given how much effort is involved, it’s unlikely to catch on with your average crypto investor or car enthusiast.
How to Mine for Cryptocurrency Using a Tesla
For full clarification, we’ve not tried this ourselves (though maybe that’s just because our Sales Director Nick hasn’t bought a Tesla yet). We’re simply explaining how the process works according to those who have tested it out.
We’re also not advising on whether you should or shouldn’t try this for yourself. Strawberry Forge specialises in investment marketing as opposed to delivering actual investment advice.
In the most simplest terms, all you need to get started is a computer and a power source (which is where the Tesla comes into play). If you can hook your computer up to the car’s battery with a power inverter to adjust the voltage, you’re all set.
Naturally, it isn’t that straightforward, but it is the nutshell answer. The car’s in-built computer can also be set to mine a specific coin. And the info can be seen via the dashboard screen.
It’s certainly clever, but what do those who have actually done it think?
Is Tesla Crypto Mining Really Worth it?
The few individuals who have tried this are reporting various results, though the general consensus is that crypto mining with a Tesla equals a lot of hassle for a small return.
One reported that mining during the peak of Ethereum’s rise netted him as much as $800 USD per month. However, another miner claimed that it wasn’t worth it anymore, and that he would earn more per hour by working at McDonalds.
To give you a better idea, 60 hours of running your car in 2018 reportedly generated around $10. The wear-and-tear that goes into running an expensive car non-stop for that long is seen as a pointless endeavour — especially when those dollars are converted into pounds.
You should also keep in mind that miners looking to make the most profit were using their Tesla for the free electricity. Anyone who bought their Tesla before 2017 benefits from free charging for the lifespan of their vehicle.
Did You Know You Can Get Great Content With Strawberry Forge?
We might not be experts at actually mining cryptocurrency with electric cars, but we definitely know what we’re talking about when it comes to digital marketing for the investment and automotive industries.
And when it comes to working with companies that blur the lines and take a unique approach to their business, we’re all for it. The more obscure, the better in our opinion, as it gives us something fun and different to write about.
Strawberry Forge has worked with professionals such as car dealers and showrooms, automotive workwear providers and even van rental companies.
If your business needs a tune-up, we’re here to help.