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Tesla to Power Bitcoin Mining Facility

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Fri, 8/04/2022 - 15:55
Tesla to Power Bitcoin Mining Facility
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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. 

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The mining operation will be powered by Tesla's 3.8 megawatts (MW) solar photovoltaic energy facility and the company-s rechargeable battery storage system called Megapack, which is capable of storing 2 megawatt-hours (MWh).

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The 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.

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Tesla 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.

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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.

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