Block and Blockstream will mine Bitcoin (BTC) using Tesla’s solar products. The firms will finance the construction of a facility at one of Blockstream’s facilities in Texas. With the news, there was a positive movement in BTC and DOGE prices.
Tesla will power solar BTC mining unit
Block and Blockstream will begin mining Bitcoin from a facility that uses Tesla’s solar products. In addition, the two Bitcoin-focused companies will finance the construction of a Texas facility that will be located at one of Blockstream’s mining bases. Tesla will provide a 3.8-megawatt solar PV array and a 12-megawatt Megapack to power the unit.
Adam Back, co-founder and CEO of Blockstream and a pioneer in the cryptography and early Bitcoin scenes, announced the development today at the Bitcoin 2022 conference in Miami. Back is seen as an influential figure in cryptocurrency circles, and some suggest he may know or be the identity behind Bitcoin’s pseudonymous creator, Satoshi Nakamoto. Back has been head of Blockstream since 2014 and has been helping BTC grow by creating a side-chain called Liquid and establishing mining units around the world.
Similar to Blockstream, Block (formerly Square) has become a major player in the Bitcoin space in recent years. The American payments firm, led by Bitcoin evangelist Jack Dorsey, is trying to help Bitcoin adoption through various efforts, including offering support for the asset through a DeFi exchange called TBD and CashApp. Just yesterday, Cash App announced that it will support Bitcoin salary payments on the Lightning Network in Bitcoin 2022. As we covered in the cryptokoin.com news, Block was also among the first large institutional companies to add Bitcoin to its balance sheet in October 2021, a few months before Tesla announced that it had invested $ 1.5 billion in the asset.
Tesla CEO Elon Musk is known for his belief in Bitcoin, which manages his firm’s Bitcoin investment and has previously announced that he held the asset in his personal crypto portfolio. However, he has expressed his concerns about the environmental impact of Bitcoin mining many times. Musk sent shockwaves through the market in May 2021 when Tesla announced that it had stopped accepting BTC payments due to environmental concerns. However, Tesla continued to hold Bitcoin on its balance sheet. The latest development marks Musk’s commitment to supporting green mining.
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