Block and Blockstream, a Bitcoin infrastructure provider, are collaborating with Tesla on an open-source, solar-powered Bitcoin mine
Green Bitcoin Mining
The facility will be powered by Tesla’s 3.8-megawatt Solar PV array and its 12-megawatt-hour Megapack, and building has begun. Block, formerly known as Square, originally enabled chosen customers to exchange Bitcoin in 2017 via its Cash App mobile payment service.
With the $12 million Bitcoin mining facility set to be finished by the end of 2022, Blockstream will offer monthly updates on the project’s profitability. A publicly accessible dashboard will give real-time project information like as electricity generation, Bitcoin mined, and hashrate. Furthermore, as the project progresses, the dashboard will offer information on solar and storage performance statistics.
On Thursday, the firm said that it will begin allowing clients to automatically invest a portion of their paychecks in Bitcoin, as well as round up payments to the nearest dollar and buy Bitcoin with the difference. The software will also introduce Lightning Network Receives, which will allow users to receive Bitcoin in Cash App over the Lightning Network. The Lightning Network is a blockchain network that is DeFi and allows for fast payments.
One of the most significant and immediate disadvantages of the bulk of cryptocurrency mining is the massive quantities of energy required to power the sector. Experts have long claimed that scaling Bitcoin with its present power sources is impractical, so seeing Dorsey and Musk collaborate on a sustainable alternative might be a positive turning point for crypto acceptance throughout the world.
Quotes
Neil Jorgensen, global ESG lead at Block, said: “By collaborating on this full-stack, 100% solar-powered BTC mining project with Blockstream, using solar and storage technology from Tesla, we aim to further accelerate bitcoinʼs synergy with renewables.”
Blockstream CEO Adam Back added: “People like to debate about the different factors to do with BTC mining. We figured, let’s just prove it. Have an open dashboard so people can play along, maybe it can inform other players to participate. This is a step to proving our thesis that BTC mining can fund zero-emission power infrastructure and build economic growth for the future.”
