Just-In: Tesla Plans To Mine Bitcoin With Blockstream and Block

Electric car maker Tesla entered a bitcoin mining in partnership with blockchain firm Blockstream and Jack Dorsey’s payments firm Block. The three companies will collaborate on mining bitcoin in an open-source, solar-powered mining facility in Texas. The facility will be powered by solar power and battery infrastructure provided by Tesla.

Tesla, Blockstream and Block Take Renewable Approach to Bitcoin Mining

During the Bitcoin Conference 2022, Blockstream CEO Adam Back announced the firm working on a solar energy and storage battery-powered bitcoin mining facility with Block and Tesla in Texas. The companies have taken a renewable energy approach to mining bitcoin.

Commenting on the possibility of 100% renewable bitcoin mining, Blockstream CEO said:

” This is a step to proving our thesis that Bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future.”

With the $12 million Bitcoin mining facility scheduled to be completed by 2022 end, Blockstream will provide regular reports on the economics of the project. A publicly available dashboard will provide real-time details on the project, including power output, bitcoin mined, and hashrate. Moreover, as the project becomes functional, the dashboard will also provide details on solar and storage performance data.

Adam Back believes that Bitcoin mining could help develop zero-emission energy infrastructure and support economic growth in the future.

The plan of constructing a 100% percent renewable energy bitcoin mining facility was announced last year by Blockstream and Block.

Tesla’s Involvement in the Bitcoin Market

Bitcoin mining has been criticized over its high power requirements, which increases the token’s carbon footprint. Last year, Tesla’s CEO Elon Musk also remarked on the environmental impact of bitcoin mining and recommended the industry look for energy-efficient ways.

Since then, bitcoin miners have been looking to use renewable sources of energy for bitcoin mining. Tesla, an energy storage leader, has continued to look for energy-efficient innovative technologies for the future. The latest project with Blockstream and Block will help encourage new innovations in powering zero-emission Bitcoin mining.