Block and Blockstream join forces to mine Bitcoin using Tesla technology that provides and stores solar energy
CNBC reports that Blockstream has partnered with the company founded by former CEO and Twitter founder Jack Dorsey—Block (formerly known as Square)—to use Tesla-produced equipment to mine Bitcoin in Texas.
Elon Musk’s company will provide a 3.8 megawatt solar PV array and a 12 megawatt-hour Megapack for that purpose.
Using 100% green energy for bitcoin mining
Blockstream head, British cryptographer Adam Back, told CNBC at the Bitcoin 2022 conference in Miami that the goal of this project is to prove that large-scale Bitcoin mining can be 100% environmentally friendly. environment through the use of renewable energy sources.
Back stated that the project will have an open dashboard, and other players from the Bitcoin sphere can join in on Blockstream and Block.
The dashboard will openly display the output power of the project and the total amount of BTC that has been mined. Additionally, it will also show data points that will demonstrate the performance of batteries and solar energy storage.
Green Bitcoin mining prospects in Texas
West Texas is a perfect spot in the U.S. to produce renewable energy, as facilities here can draw in energy from both the sunlight and the wind, according to Shaun Connell, a high-ranking rep of Lancium, a Houston-based tech company.
Lots of solar and wind power can be found and harnessed in remote parts of Texas. Therefore, you need financial incentives to erect the infrastructure to capture all that renewable energy.
Crypto miners, according to Connell, create a demand for Bitcoin and other PoW cryptos and economically justify the production of green energy in Texas. Currently, West Texas can offer a potential 34 gigawatts of power with only five gigawatts of demand.
Adam Back said if his mining project with Block succeeds beyond the pilot phase, the participating companies would add wind power to solar power and increase the scale of the project.
Tesla and Bitcoin mining
In May 2021, Elon Musk announced that Tesla would stop accepting Bitcoin for its e-cars since BTC mining produces a lot of emissions. The period during which the automobile giant accepted the flagship crypto did not last long; it had begun in February.
Musk then announced that the company would resume accepting Bitcoin for its cars as soon as BTC mining was at least 50% based on renewable energy.
According to Michael Saylor, this metric was achieved later the same year. However, Tesla has not resumed taking Bitcoin payments. Instead, it has started accepting Dogecoin (a Bitcoin joke hardfork that also works on the non-eco-friendly PoW algorithm) for merch.
The community chastised Musk for this hypocrisy, but he hasn’t changed his attitude on the matter. However, Tesla still keeps about 43,000 BTC, and Musk’s personal crypto stash also includes Bitcoin (as well as Ethereum and Dogecoin).
