Elon Musk-helmed Tesla has agreed to power a solar-powered Bitcoin mining facility in Texas in partnership with Block (formerly Square) and Blockstream, CNBC reports.
Blocksteam CEO Adam Back told the outlet that the $12 million project is supposed to prove that Bitcoin mining is capable of funding zero-emission power infrastructure.
His company also believes that the facility with be able to bolster the network by adding new energy sources to the mix.
Alex DovbnyaThe mining facility is expected to go live in a few months. The pilot crypto mining operation will only be able to deliver 30 petahash/second (PH/s) in computing power.
As reported by U.Today, Blockstream announced a partnership with Block in early May to construct a Bitcoin mining facility fully powered by solar energy.
Tomiwabold OlajideTesla originally bought $1.5 billion worth of Bitcoin last February, but the move attracted criticism due to the flagship cryptocurrency's excessive power consumption.
The e-car market also started accepting Bitcoin on its website last March but then dropped the payment method due to climate-related concerns. The U-turn sparked heated debates about the sustainability of Bitcoin mining.
However, Musk said that Tesla would bring back Bitcoin payments if the percentage of renewable energy in Bitcoin mining were to surpass the 50% threshold. It now seems that the company itself is working on increasing the sustainability of the largest cryptocurrency.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Yuri Molchan
Arman Shirinyan
Dan Burgin
Vladislav Sopov