May 25, 2022

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Tesla intervenes in Bitcoin mining

Tesla intervenes in Bitcoin mining

Payment firm Block and Blockstream Corp. will operate. , along with Tesla, will operate solar-powered bitcoin mining in Texas.

The news was announced during Bitcoin 2022, the world’s largest Bitcoin festival in Miami Beach.

Solar panels and storage technology from Tesla will be used in the new plant, which will be powered by renewable energy.

During the world's largest bitcoin festival in Miami Beach, an unofficial hacked Tesla is shown that can mine bitcoins while charging a car.

During the world’s largest bitcoin festival in Miami Beach, an unofficial hacked Tesla is shown that can mine bitcoins while charging a car. (Photo: Johannes Wurso Berg)

Was worried about the environment

Environmental concerns about mining activities led Tesla to stop accepting bitcoin as payment last year. Bitcoin is mined by computers competing to solve mathematical problems. This means a large consumption of energy.

One of the goals of the new project is to show that bitcoin mining can finance zero-emissions infrastructure on a large scale, according to the official press release from Blockstream.

Another is to strengthen the Bitcoin network by generating several types of energy sources. In addition, the three companies want to encourage innovation in bitcoin mining with zero emissions.

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“We are excited to begin building this facility using a Tesla Solar and Megapack,” Adam Back, CEO and Co-Founder of Blockstream, says in the press release.

—This is a step to prove our hypothesis that bitcoin mining can finance zero-emission energy infrastructure and build economic growth for the future, he says.

Blockstream was founded in 2014 and has Bitcoin and Blockchain infrastructure as its main business. The company will contribute mining infrastructure and expertise to the construction and supervision of the project, with the facility to be completed later this year.

Visitors to the world's largest bitcoin event in Miami Beach are studying an unofficial Tesla hacker who can mine bitcoin while charging a car.

Visitors to the world’s largest bitcoin event in Miami Beach are studying an unofficial Tesla hacker who can mine bitcoin while charging a car. (Photo: Johannes Wurso Berg)

Open the dashboard

With a publicly available dashboard, anyone should be able to follow real-time performance metrics, including energy mining and bitcoin mining.

Using solar energy and storage technology from Tesla, we aim to further accelerate Bitcoin’s collaboration with renewable energy, says Neil Jorgensen, Bitcoin Project Manager at Block, a tech company focused on financial services and businesses like Square, Cash App, Spiral, and Tide at the stable.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.

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