Block (formerly Square) and Blockstream have teamed up to mine bitcoin from solar power backed by Tesla in Texas, according to reports. Bitcoin mining is seen as an activity that incentivizes the monetization of renewable energy production.
Tesla's 3.8-megawatt solar photovoltaic array, along with its 12-megawatt-hour Megapack, will power a bitcoin mining facility in West Texas. A 100% solar-powered bitcoin mining project using Tesla's solar and storage technology, our goal is to accelerate bitcoin's synergy with renewable energy.
Blockstream CEO Adam Back told CNBC during the 2022 Bitcoin Conference that the company will install a dashboard capable of displaying power performance data along with the total number of bitcoins mined. This is to demonstrate that Bitcoin mining can fund zero-emission electricity infrastructure and build economic growth for the future.
Miners — such as energy buyers who create economic incentives to improve the core economy of renewable energy production — provide demand for the vast amount of renewable energy available in Texas. Castle Island Venture's Nic Carter claims it's an economically viable way to distribute renewable energy.
If the project proves profitable in the pilot phase, Back said, the companies involved will add wind energy as another energy source to power mining and scale up the overall project. This will reduce overall costs and help offset the impact of solar during downtime.
Block CEO Jack Dorsey and Tesla CEO Elon Musk have both touted support for Bitcoin as the primary asset of the century.
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