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Business News/ Markets / Cryptocurrency/  Sustainable move? Tesla, Block and Blockstream turn to solar power to mine Bitcoin
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Sustainable move? Tesla, Block and Blockstream turn to solar power to mine Bitcoin

The move aims to show that Bitcoin mining can fund zero-emission power infrastructure starting with a proof-of-concept for 100% renewable energy Bitcoin mining at scale.

Blockstream announced that the construction has begun on a new solar-powered Bitcoin mining facility. (Bloomberg)Premium
Blockstream announced that the construction has begun on a new solar-powered Bitcoin mining facility. (Bloomberg)

In Texas, a new milestone is been set for the cryptocurrency markets as three major companies tie-up to mine Bitcoin using solar power. These firms are electric vehicle giant, Elon Musk-backed Tesla, Block, and a global leader in Bitcoin and blockchain infrastructure, Blockstream. The move aims to show that Bitcoin mining can fund zero-emission power infrastructure starting with a proof-of-concept for 100% renewable energy Bitcoin mining at scale.

Blockstream announced that the construction has begun on a new solar-powered Bitcoin mining facility.

The 3.8 Megawatt (MW) Tesla Solar PV array and 12 megawatt-hours (MWh) Tesla Megapack will power the open-source, solar-powered Bitcoin mining facility at a Blockstream Mining site in the United States.

“Weʼre excited to start the construction of this facility using Tesla Solar and Megapack," said Adam Back, CEO and co-founder at Blockstream. “This is a step to proving our thesis that Bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future."

Once completed, the new solar-powered Bitcoin mining facility will result in a projected 3.8 Megawatts of solar renewable power (e.g. off-grid energy), and a 30 Petahash (PH) hash rate, while it will also include a public-facing performance dashboard for the project.

Further, the facility is seen to strengthen the Bitcoin network by diversifying Bitcoinʼs energy sources. Also, this will lead to encouraging new innovations in powering zero-emission Bitcoin mining.

“By collaborating on this full-stack, 100% solar-powered Bitcoin mining project with Blockstream, using solar and storage technology from Tesla, we aim to further accelerate Bitcoinʼs synergy with renewables," said Neil Jorgensen, Global ESG Lead at Block and Project Lead for Blockʼs Bitcoin Clean Energy Initiative.

In a statement, Blockstream stated that it will provide the mining infrastructure and expertise to build and oversee the project, with the Bitcoin mining facility aiming to be completed later this year. In addition to providing regular reports on the economics of the project, a publicly accessible dashboard showing real-time metrics of the projectʼs performance, including power output and bitcoin mined, will be made available.

"A later version of the dashboard will also include solar and storage performance data points," Blockstream said.

This transparency will allow the project to serve as an industry case study for future projects.

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Published: 09 Apr 2022, 03:21 PM IST
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