Tesla and two other companies turn to Solar Energy to mine Bitcoin
Three prominent firms have teamed up to mine Bitcoin using solar power in Texas, marking a new milestone for the cryptocurrency markets. Elon Musk’s Tesla, Block, and Blockstream, a global leader in Bitcoin and blockchain technology, are among these companies. They are starting with a proof-of-concept for 100 percent renewable energy. Bitcoin mining at scale, the move hopes to show that Bitcoin mining can fund zero-emission electricity infrastructure.
Blockstream has announced that work on a new solar-powered Bitcoin mining facility has begun.
It makes power resources in remote locations profitable, which would otherwise not be. Those resources can then be used for other things too.https://t.co/r1PJQomRFC
— Lyn Alden (@LynAldenContact) April 10, 2022
The open-source, solar-powered Bitcoin mining operation at a Blockstream Mining site in the United States will be powered by a 3.8 megawatt (MW) Tesla Solar PV array and a 12 megawatt-hours (MWh) Tesla Megapack.
“We’re delighted to get started on the development of this facility with Tesla Solar and Megapack,” says the company, “Blockstream’s CEO and co-founder, Adam Back, stated. “This is a step toward validating our premise that Bitcoin mining can fund zero-emission power infrastructure while fostering future economic growth.”
The new solar-powered Bitcoin mining facility, once completed, will generate 3.8 Megawatts of solar renewable power (e.g., off-grid energy) and a 30 Petahash (PH) hash rate, as well as a public-facing project performance dashboard.
Also, read – How Bitcoin is becoming a hedge against inflation?
Furthermore, by diversifying Bitcoin’s energy sources, the facility strengthens the Bitcoin network. This will also encourage new developments in the field of zero-emission Bitcoin mining.
“By collaborating with Blockstream on this full-stack, 100 percent solar-powered Bitcoin mining project, we hope to further accelerate Bitcoin’s synergy with renaissance technology.” “Neil Jorgensen, Block’s Global ESG Lead and Project Lead for Block’s Bitcoin Clean Energy Initiative, said, “wables.”
Blockstream said in a statement that it would offer the mining infrastructure and the knowledge to build and operate the project, which is expected to be completed later this year. In addition to giving regular updates on the project’s economics, a publicly accessible dashboard will be made available, revealing real-time measures of the project’s performance, such as power output and bitcoin mined.