Tesla, Blockstream, and Block to start mining bitcoin off solar power
Blockstream CEO Adam Back stated that the project will prove the possibility of mining cryptocurrencies using renewable energy sources
09.04.2022 - 07:30
425
1 min
0
What’s new? Blockstream and Jack Dorsey’s Block (formerly Square) have started cooperating with Tesla to build a cryptocurrency mining data center in Texas. A Tesla 3,8 MW solar array and a 12 MWh Megapack system will be used to power the facility.
What does Blockstream’s representative say? According to Blockstream co-founder and CEO Adam Back, the mining facility aims to prove that large-scale bitcoin mining can be powered 100% by renewable energy. According to Back, if the project proves profitable in the pilot phase, the companies will add wind power and scale the entire project.
What had happened before? In February 2021, Tesla announced a $1,5 billion bitcoin purchase. In March, the company began accepting the asset as a means of payment but refused it two months later. Tesla’s representatives argued that they are concerned about the impact of mining on the environment. At the end of March 2021, the company sold $272 million worth of bitcoins, making a profit of $101 million.
In July, the company’s CEO Elon Musk announced that Tesla would likely resume accepting payments in bitcoins. The main factor for making this decision will be to improve the environmental friendliness of cryptocurrency mining and increase the share of renewable energy in digital asset mining processes to 50%.
Useful material?
Market
Due to supply shortages, the asset’s pre-market exchange rate was climbing above $1000
Dec 16, 2024
Incidents
Reports about the hacking of the exchange with calls to withdraw assets began to spread on December 13
Dec 13, 2024
Crypto regulations
Stablecoins from issuer Circle will not be affected by the changes
Dec 12, 2024
Crypto regulations
The platform will launch after meeting the preconditions of the local exchange authority
Dec 9, 2024
Market
The $1,1 billion figure was reached after the bitcoin correction
Dec 6, 2024
Crypto regulations
By early January, all open positions and loans of local users will be closed and repaid automatically
Dec 5, 2024