Tesla, Block, and Blockstream group up to mine bitcoin off solar power
Key takeaways:
- Blockstream and Jack Dorsey’s Block, once Square, is breaking ground on a solar- and battery-powered bitcoin mine in Texas utilizing solar and storage technology from Tesla.
- Tesla’s 3.8 megawatts solar PV array and 12 megawatt-hours Megapack will power the structure.
Blockstream and Jack Dorsey’s Block, previously Square, are breaking ground on a solar- and battery-powered bitcoin mine in Texas that utilizes solar and storage technology from Tesla.
Tesla’s 3.8 megawatts solar PV array and 12 megawatt-hours Megapack will power the structure.
Blockstream co-founder and CEO Adam Back, a British cryptographer and a constituent of the “cypherpunk” team, informed CNBC on the sidelines of the Bitcoin 2022 gathering in Miami that the mining facility is scheduled to be a proof of idea for 100% renewable energy bitcoin mining at scale.
“People like to discuss the different aspects of bitcoin mining. We figured, let’s prove it. Have an open dashboard so individuals can play along; maybe it can report other players to participate,” Back stated.
The dashboard will be publicly available and show real-time metrics of the project’s implementation, including power output and whole bitcoin mined. The firm said a later dashboard version would also have solar and storage performance data issues.
“This is a measure to proving our theory that bitcoin mining can support zero-emission power infrastructure and create economic development for the future,” Back said.
Enhancing the economics of renewables
West Texas is a mecca of renewable power in the United States.
“You get this excellent overlap with sun quality and wind velocity in West Texas,” stated Shaun Connell, executive vice president of energy at Houston-based tech company Lancium.
But much of that wind and solar power is focused in remote areas of the state. There’s little sense in building renewable infrastructure to harness this energy with no monetary incentive.