Block, formerly named Square, and Blockstream team up to mine bitcoin off Tesla-supported solar power in Texas, as reported by CNBC.
Bitcoin mining is seen as an activity that incentivizes the monetization of renewable power production.
- Tesla’s 3.8 megawatts solar PV array, along with 12 megawatt-hours Megapack, will power the bitcoin mining facility located in Western Texas.
- Block stated that “100% solar-powered bitcoin mining project with Blockstream, using solar and storage technology from Tesla, we aim to further accelerate bitcoin’s synergy with renewables.”
- Adam Back, the CEO of Blockstream, told CNBC during Bitcoin 2022 Conference that the company will install a dashboard capable of putting power performance data along with the number of total bitcoin mined on display. This is to prove that “bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future.”
- Miners – like energy buyers who create a financial incentive for improving the core economics of renewable power production – provide demand for vast renewable energy sources available in Texas. This is an economically feasible way of renewables allocation, claimed by Castle Island Venture’s Nic Carter.
- If the project has proven profitable in its pilot stage, said Back, the companies involved would add wind power as another source of energy to power the mining and scale the entire project. This would reduce overall costs and help counteract the impact of solar during the downtime.
- Block’s CEO, Jack Dorsey, and Tesla’s CEO, Elon Musk, have both touted support for bitcoin as a major asset of the century. Currently, Block and Tesla, respectively hold 8,027 BTC and 48,000 BTC on their balance sheets.