Crypto trader and analyst Tyler Swope says he’s looking to make a profit mining Ethereum – with a Tesla.
In a new YouTube video, Swope discusses whether it’s possible to turn a profit by placing mining rigs in the back of a Tesla and utilizing the free electricity available to some Tesla owners.
Swope explores Tesla’s electricity efficiency statistics and plugs them into Minerstat.com to calculate the amount that could be earned mining Ethereum with the free electricity. It comes out to $76 a day, $532 per week and $2,281 a month.
“Not freaking bad whatsoever, as that’s over $27,000 for the year if all things stay the same including the hash rate and Ethereum’s price. But, if Ethereum goes up, you will be in the profit in USD terms even more, but you have to take into account the cost for the machines.”
The analyst then compares that to the upfront cost of four A10 Pro GPU Ethereum miners.
“The cheapest you’re paying is around $4,500 for an A10 Pro. So four of those is going to cost you about $18,000, a large upfront cost. But you also have to remember that you have to find a Tesla which has unlimited supercharging, and it is transferrable. A tough find, meaning no third-party dealer, no use from Tesla, meaning no payment plan, and another large upfront cost. Although the cost for the Tesla is not terrible though.”
Swope notes that it’s possible to purchase a functional used Tesla for about $12,000. That, in combination with the four A10 Pros, comes out to about a $30,000 initial investment, which, compared to the annual $27,000 in theoretical yearly revenue, means the investment could pay for itself in just over a year, the analyst explains.
It’s a strictly theoretical possibility, says Swope, referencing a Vice article that looks into the possibility.
“I’m not recommending this whatsoever. It will probably void your warranties, you could possibly blow up your vehicle and battery, so don’t do it. This is just a feasibility look into the possibilities that are out there.”
lDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/ParabolStudio