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Tesla, Square, and Blockstream intend to mine Bitcoin in Texas using solar energy

Tesla, Square, and Blockstream intend to do Bitcoin mining in Texas using solar power. Tesla is delivering its Megapack batteries as well as the solar power infrastructure. Bitcoin mining is a computationally expensive process that presently relies on fossil fuels. Tesla had previously stopped taking bitcoin for automobile purchases due to environmental concerns.

Blockstream and Block, formerly known as Square, have announced plans for a solar-powered bitcoin mining operation in the United States. Tesla stopped taking bitcoin for car purchases in May of last year due to concerns about its impact on the fossil fuel-reliant mining industry.

Bitcoin mining in Texas using solar power

Bitcoin mining in Texas using solar power

Image Source: NDTV.com

According to Blockstream CEO Adam Back, Tesla Inc, Block Inc, and Blockstream Corp, a blockchain company, would collaborate in Texas to mine bitcoin using solar power. According to Back, Tesla is providing the solar power infrastructure as well as its Megapack batteries.

In June, Blockstream and Block, formerly known as Square, announced that they would collaborate to build a solar-powered, open-source bitcoin mining operation in the United States.

Bitcoin is created by powerful computers competing to solve complex mathematical puzzles, a process that is currently heavily dependent on fossil fuels. Tesla stopped accepting bitcoin for car purchases in May of last year due to concerns about bitcoin mining.

“People like to argue about the various aspects of bitcoin mining. Let’s just prove it, we reasoned. Have an open dashboard so that anybody can play along, and perhaps it will alert other gamers to join in,” Back added.

The dashboard will be open to the public and will display real-time project information like electricity generation and total bitcoin mined. Solar and storage performance data points will be included in a later edition of the dashboard, according to the business. Back stated, “This is a step toward validating our theory that bitcoin mining can support zero-emission power infrastructure and promote future economic growth.”

“We hope to further accelerate bitcoin’s synergy with renewables by collaborating on this full-stack, 100 percent solar-powered bitcoin mining project with Blockstream, using solar and storage technology from Tesla,” said Neil Jorgensen, global ESG lead at Block and project lead for Block’s Bitcoin Clean Energy Initiative.

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