Blockstream and Block will mine Bitcoin with solar energy powered by Tesla batteries – DiarioBitcoin

Texas could raise funds through NFT and harness 'abundant' energy to mine Bitcoin

Blockstream and Block will mine Bitcoin with solar energy powered by Tesla batteries - DiarioBitcoin For Hannah Perez

Blockstream and Block will open a Bitcoin mining farm in Texas to test if this activity can be carried out 100% with renewable energy.

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Three heavyweights of the technology industry, Tesla, block (listed on the stock exchange) and Blockstreamare joining forces to promote the mining of Bitcoin with renewable energy.

The company focused on Bitcoin, Blockstreamand the signing of digital payments, block (previously Square), announced this Friday that they are building a solar-powered crypto mining center powered by cloud technology Tesla.

The pilot mining facility of Bitcoin it will be located in Texas and will be built in the coming months. This was announced by the pioneer of cryptocurrencies and CEO of BlockstreamAdam Back, during the conference ‘Bitcoin 2022‘ in Miami.

Building things is a better solution than arguing about thingsBack said, explaining that the pilot project is meant to show that mining of Bitcoin can finance renewable energy installations and innovation. The middle CNBC collected the statements.

Bitcoin mining with 100% renewable energy

The crypto mining center will feature 3.8 megawatts of renewable solar energy, 12 megawatt-hours of battery storage, and 30 petahashes (PH/s) per second of hash rate of mining. In accordance with Cointelegraphthe facility will have a mega packa powerful lithium-ion battery manufactured by Tesla that provides energy storage and support.

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The Block adds that the batteries of Tesla they will be used to power mining farm operations at night and during times of lower sunlight intensity. According to reports, the firms Blockstream and block, by Jack Dorsey, have invested a total of USD $12 million to finance the project. The expense is divided equally between both companies.

Dorsey, who is also the founder of Twitter and a strong advocate for Bitcoinhad advanced plans for the project in June last year, saying that it would be a proof of concept for a mine of Bitcoin powered by 100% renewable energy.

We are committed to driving greater adoption and efficiency of renewable energy within the Bitcoin ecosystem, which is why we have partnered with Blockstream to launch an open source renewable energy mining project.“wrote the official Twitter account of block at that moment. In his presentation this Friday, Black confirmed this intention:

This is a step towards proving our thesis that Bitcoin mining can finance zero emission energy infrastructure and generate economic growth for the future.

Data available to the public

In addition to the construction of the physical facility, both companies have also committed to generating reports on the economics and energy cost of the project. A public dashboard will record periodic mining farm metrics, including the amount of Bitcoin extracted, storage performance, total uptime, energy costs, and return on investment.

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These data are intended to generate a “more informed discussion about mining Bitcoin and the environmental impact of this activity, an issue that has been at the center of recent debates.

When people post only analyst reports, articles, blog posts, and data, everyone is suspicious. But if we publish the raw data, the raw financial information, I think it speaks for itself.”Back said at the event. .


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Article by Hannah Estefanía Pérez / DailyBitcoin

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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