Mining crypto

Tesla, Block, Blockstream Link Up for Solar Bitcoin Mining

Key points to remember

  • Block and Blockstream will mine Bitcoin using Tesla’s solar energy products.
  • The companies will fund the construction of a facility at one of Blockstream’s locations in Texas.
  • This is the latest in a series of major updates coming out of Bitcoin 2022, which is happening this week in Miami.

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Tesla also holds Bitcoin on its balance sheet.

Tesla to Power Bitcoin Solar Mining Unit

Block and Blockstream will begin mining Bitcoin from a facility that uses Tesla’s solar energy products.

The two Bitcoin-focused companies are to fund the construction of a facility in Texas located at one of Blockstream’s mining bases. Tesla will provide a 3.8 megawatt solar photovoltaic array and a 12 megawatt Megapack to power the unit.

Adam Back, co-founder and CEO of Blockstream and a pioneer in the crypto and early bitcoin scenes, announced the update today at the Bitcoin 2022 conference in Miami. Back is considered an influential figure in cryptocurrency circles, with some suggesting he may know or be the identity behind pseudonymous Bitcoin creator Satoshi Nakamoto. Since 2014, Back has been the head of Blockstream, helping the major cryptocurrency grow by creating a sidechain called Liquid and establishing mining units around the world.

Similar to Blockstream, Block (formerly known as Square) has become a key player in the Bitcoin sphere in recent years. The American payments company led by Bitcoin evangelist Jack Dorsey has been pushing to help Bitcoin adoption grow through various initiatives, including a DeFi exchange called TBD and offering support for the asset through CashApp. Yesterday, Cash App announced that it would support Bitcoin paycheck payments on the Lightning Network in Bitcoin 2022. Block was also among the first major companies to add Bitcoin to its balance sheet in October 2021, a few months before Tesla only announces that it had made a $1.5 billion investment in the asset.

Tesla CEO Elon Musk is known for his interest in Bitcoin, having spearheaded his company’s Bitcoin investment and previously revealed he holds the asset in his personal crypto wallet. However, he has also repeatedly expressed concerns about the environmental impact of Bitcoin mining. Musk sent shockwaves through the market in May 2021 when he announced that Tesla had stopped accepting bitcoin payments due to environmental concerns, although Tesla continued to hold bitcoin on its balance sheet. The latest update hints at Musk’s commitment to supporting green mining.

Bitcoin 2022 is happening all this week in Miami and has seen a slew of big Bitcoin-related announcements. In addition to Tesla and Cash App news, former Blockstream executive Samsom Mow announced yesterday that Próspera, Madeira and Mexico were heading towards Bitcoin adoption. Strike CEO Jack Mallers also revealed that his company has partnered with Shopify and other payment providers to help Strike customers spend Bitcoin at major retailers across the United States.

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