Tesla to provide solar energy for Bitcoin mining

Tuesday 12 April 2022 14:18 CET | News

Blockchain company Blockstream has partnered with payments firm Block and Tesla to create a solar-powered Bitcoin mining facility in the US, according to edie.

The environmental impact of cryptocurrency mining has been widely questioned in recent months, as the sector continues to grow exponentially. Mining requires high-powered computers capable of solving complex mathematical equations. According to experts at the University of Cambridge, global Bitcoin mining operations now consume more energy annually than Norway and Ukraine combined.

As an energy-intensive process, Bitcoin mining adds pressure to the grid when undertaken at scale. Moreover, it often happens in locations where the electricity mix is high-carbon, with China and the US being the two largest global markets.

In a bid to help prove the viability of running mining operations on renewable electricity, Tesla, Block, and Blockstream will collaborate to build an open-source, solar-powered Bitcoin mining facility in Texas, Blockstream’s chief executive confirmed.

Tesla’s role in the project will be the provision of solar panels, Megapack batteries for energy storage, and related infrastructure. The facility is due to begin operations later in 2022 and will have a total capacity of 3.8MW in the first instance.

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Keywords: partnership, Bitcoin, Tesla, green finance, mining
Categories: DeFi & Crypto & Web3
Companies: Block, Blockstream, Tesla
Countries: United States
This article is part of category

DeFi & Crypto & Web3






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