Utilizing Tesla technology in Texas, Block and Blockstream will mine bitcoin.
According to CNBC, Block, previously known as Square, and Blockstream collaborate to mine bitcoin in Texas using solar energy supplied by Tesla.
The commercialization of the generation of renewable energy is thought to be encouraged by the activity of bitcoin mining.
- The bitcoin mining operation in Western Texas will be powered by Tesla’s 3.8-megawatt solar PV array and 12 megawatt-hour Megapack.
- According to Block, “we intend to further advance bitcoin’s synergy with renewables through a 100% solar-powered bitcoin mining initiative with Blockstream, employing solar and storage technologies from Tesla.”
- Blockstream’s CEO, Adam Back, revealed to CNBC during the Bitcoin 2022 Conference that his business would set up a dashboard that will show data on power performance together with the total quantity of bitcoin mined. The purpose of this is to demonstrate how “bitcoin mining can support zero-emission electricity infrastructure and promote economic prosperity for the future.”
- Miners generate demand for the several renewable energy sources that are accessible in Texas, much like energy consumers who give a financial incentive for improving the fundamental economics of renewable power generation. According to Nic Carter of Castle Island Venture, this is a method of allocating renewable energy that is economically viable.
- Back stated that the businesses participating would add wind power as an additional energy source to power the mining and expand the entire project if the project has shown to be viable during its pilot stage. This would lower total expenses and lessen the effect of solar power during the off-peak hours.
- Elon Musk, the CEO of Tesla, and Jack Dorsey, the CEO of Block, have both praised support for bitcoin as a key asset of the century. Block and Tesla have 8,027 and 48,000 bitcoins on their balance sheets, respectively.
