Blockstream and Block will use solar energy to mine Bitcoin with the help of Tesla

Taproot – popular with Bitcoin wallets, but not exchanges

Blockstream will partner with Tesla, Elon Musk’s company, to provide solar energy to its Bitcoin mining farm. The plant will be installed in the United States (USA) with the help of Jack Dorsey’s Block Inc, plausibly this year.

The announcement was made by the CEO of the company that develops solutions for Bitcoin based in Canada, Adam Back, during the Bitcoin Conference 2022, which is being held in Miami, Florida. It is a alliance between Blockstream, Block and Teslawho came together to mine Bitcoin with renewable energy on US soil.

Elon Musk’s company will be in charge of supplying the solar panels Tesla Solar PV, with which the energy emanated by the star will be obtained. In addition, they will have the Tesla Megapack accumulators, to harness electricity at night.

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Blockstream and Block will use solar energy to mine Bitcoin with the help of Tesla

In addition to that, Tesla is building the necessary infrastructure for the mining farm that Blockstram and Block will install. run on clean energy.

Tesla Solar and Blockstream.
Blockstream will rely on Elos Musk’s company to produce solar energy and self-sustain the farm that it will install with Block in Texas. Source: Bitcoin Magazine / YouTube.

On the other hand, Back announced that they are creating a public access dashboard next to Block, where the project’s metrics will be displayed. “Basically all the project funding and real-time information on how many bitcoins are mined, real-time hash recharge times and duty cycle, among other things,” he said.

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Said they seek to make the information more transparent than is normally done for reasons of competition between companies. This will allow, in his words, “to have a more informed discussion in the media and in politics where people can just watch.”

A pilot project that will make landfall in Texas

Back clarified that it is a pilot project, but that it should “be online” in a few months in Texas, an American region that has grown significantly in its hashrate.

The total investment was USD 12 million: USD 6 million from Blockstream and USD 6 million from Block. “That works out to about 30 PH of hash rate, which is about a megawatt,” he detailed.

Adam Back at Bitcoin Conference 2022.
Blockstram CEO Adam Back announced the alliance with Tesla to obtain solar energy. Source: Bitcoin Magazine / YouTube.

Although he did not give an exact date, Adam Back was encouraged by the project, powered by bitcoin, a currency that, he argued, should be a model financing:

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Blockstream and Block will use solar energy to mine Bitcoin with the help of Tesla

Bitcoin can act as a base charge and absorb excess energy. It can make projects more profitable, shorten the return on investment, and result in a larger energy infrastructure for the world. Basically, bitcoin should be the funding model to drive expansion.

Adam Back, CEO of Blockstream.

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