Tesla Teams Up With Block and Blockstream to Mine Bitcoin With Solar Energy
2022.04.11 15:31
Tesla Teams Up With Block and Blockstream to Mine Bitcoin With Solar Energy
Mining is a critical process for Bitcoin, as it validates and confirms new transactions and ensures the network’s security. However, the power consumption and environmental impact of mining have been a source of concern.
To ensure the sustainability of the Bitcoin network, Blockstream, Block (formerly Square), and Tesla (NASDAQ:TSLA) have set out to mine Bitcoin using solar energy.
The Solar-Powered Bitcoin Mining Has Begun
On April 8, Blockstream announced that it has begun to build a fully solar-powered #BitcoinMining facility with Block and Tesla. The partnership between the three tech giants was first announced in June 2021.
The goal of the project is to achieve zero-emission Bitcoin mining on a large scale. The solar mining facility will be built in Texas and use Tesla’s photovoltaics and Megapack battery equipment.
The 3.8 megawatts (MW) Tesla solar array and 12 megawatt-hours (MWh) battery will generate 30 petahashes per second of mining power. The mining facility will be completed before the end of 2021.
At the Bitcoin 2022 conference, Blockstream co-founder and CEO Adam Back stated that the mining facility is designed to be a proof of concept for scale 100% renewable energy bitcoin mining.
On The Flipside
- In May 2021, Tesla stopped accepting Bitcoin as payment for its merc because of the “rapid increasing use of fossil fuels for Bitcoin mining and transactions.”
Why You Should Care
By turning to solar energy, these companies hope to improve the economics of renewables for mining and as miners turn towards a green future.
Continue reading on DailyCoin
