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Tesla Teams Up With Block and Blockstream to Mine Bitcoin Using Solar Energy

Mining is a critical process for Bitcoin as it validates and confirms new transactions, ensuring the network’s overall security. However, the power consumption and environmental impact of mining the asset has become an increasing source of concern.

To ensure the sustainability of the Bitcoin network, Blockstream, Block (formerly Square), and Tesla have each set out to mine Bitcoin using solar energy.

Solar-Powered Bitcoin Mining Has Begun  

On April 8th, Blockstream announced that it had begun to build a fully solar-powered #BitcoinMining facility with Block and Tesla. The partnership between the three tech giants was intially announced in June 2021.

The goal of the project is to achieve zero-emission Bitcoin mining at a large scale. The solar mining facility will be built in Texas and use Tesla’s photovoltaics and Megapack battery equipment. 

It has been claimed that 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 is projected to be completed before the end of 2022.

At the Miami 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 products and services because of the “rapid, increasing use of fossil fuels for Bitcoin mining and transactions.”

Why You Should Care

By turning to solar energy, the companies hope to improve the economics of renewable energy for mining, and turn miners towards a green future.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.