According to CNBC, Blockstream and Jack Dorsey’s Block, (previously Square) have partnered to build a Bitcoin mining facility that will use Solar energy from Tesla’s solar and storage technology in Texas.
At the Bitcoin 2022 conference in Miami, Blockstream co-founder and CEO Adam Back, a British cryptographer and member of the “cypherpunk” group, told CNBC that the mining operation is aimed to be a proof of concept for 100 percent renewable energy bitcoin mining at scale. The mining facility will be powered by Tesla’s 3.8 megawatts solar PV array and 12 megawatt-hours Megapack
“People like to debate about the different factors to do with bitcoin 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,” Back said.
The dashboard will be open to the public and will display real-time project information like electricity generation and total bitcoin mined. Solar and storage performance data points will be included in a later edition of the dashboard, according to the business.
Back stated, “This is a step toward validating our theory that bitcoin mining can support zero-emission power infrastructure and promote future economic growth.”
Bitcoin mining with renewable energy
Bitcoin miners, according to some crypto enthusiasts, can provide financial incentives for developing renewable energy infrastructure in rural areas.
According to Nic Carter of Castle Island Ventures, the miners bring demand to semi-stranded assets and make renewables in Texas commercially viable.
The Blockstream and Block mine should be finished by the end of the year. Back told CNBC that if the pilot phase is lucrative, the firms want to add wind power to the mix and scale the entire project.
“We hope to further accelerate bitcoin’s synergy with renewables by collaborating on this full-stack, 100 percent solar-powered bitcoin mining project with Blockstream, using solar and storage technology from Tesla (TSLA),” said Neil Jorgensen, global ESG lead at Block and project lead for Block’s Bitcoin Clean Energy Initiative.
