Block, Blockstream and Tesla partner up to create eco-friendly mining farm powered by the sun

Block and Blockstream are mounting up a greenish Bitcoin (BTC) mining station successful Texas, powered by Elon Musk‘s sustainable star artillery megapacks produced by Tesla Inc.

Both Blockstream and Block — which is led by Jack Dorsey — invested $6 cardinal each to money the operation. However, Blockstream unsocial is overseeing the wide task and providing the mining infrastructure. It besides raised astir $40 cardinal for the task done a token traded connected Bitfinex.

Blockstream CEO Adam Back commented connected this inaugural and said:

“This is simply a measurement to proving our thesis that Bitcoin mining tin money zero-emission powerfulness infrastructure and physique economical maturation for the future.”

The presumption is presently successful the gathering signifier and is expected to decorativeness by the extremity of 2022.

Megapacks

The archetypal 4 megapacks person already arrived astatine the mining site, according to Blockstream’s Twitter account.

Megapacks person landed, repetition the Megapacks person landed!

The @Blockstream, @blocks and @Tesla 100% renewable zero-emission #BitcoinMining installation is conscionable getting started. #Bitcoin pic.twitter.com/5hMj6F8yT4

— Blockstream (@Blockstream) May 18, 2022

Megapacks are manufactured by Tesla and behave similar elephantine batteries by storing star power. They’re not wide fashionable yet arsenic they are not acceptable for wide nationalist use. The mining presumption successful Texas volition beryllium the archetypal 1 to usage Megapacks arsenic an vigor source.

In total, Tesla volition supply a 3.8-megawatt star workplace to nutrient vigor and a 12-megawatt-hour megapack strategy to store it. This operation is capable to tally 30 petahashes per 2nd worthy of computing powerfulness utilizing lone star power.

The 4 megapacks that person arrived are capable to store astir 5.2-megawatt-hours of vigor and cost astir $6 million.

Tesla supports greenish mining

In June 2021, Bitcoin prices spiked a portion erstwhile Elon Musk said the institution volition accept Bitcoin payments for Tesla cars.

However, Musk changed his caput rapidly owed to the concerning ecological interaction of Bitcoin mining. He tweeted:

This is inaccurate. Tesla lone sold ~10% of holdings to corroborate BTC could beryllium liquidated easy without moving market.

When there’s confirmation of tenable (~50%) cleanable vigor usage by miners with affirmative aboriginal trend, Tesla volition resume allowing Bitcoin transactions.

— Elon Musk (@elonmusk) June 13, 2021

A  report from Bitcoin Mining Council precocious confirmed that 58.4% of Bitcoin mining is done via sustainable vigor arsenic of the archetypal quarter. The usage of renewable vigor successful mining has accrued by astir 59% connected an yearly ground betwixt the archetypal 4th of 2022 and the archetypal 4th of 2021.

However, Musk did not publically admit these results oregon retrieved his determination to halt accepting Bitcoin payments for Tesla cars.

Tesla purchased $1.5 cardinal worthy of BTC past February and sold $272 cardinal worthy of BTC the pursuing period to supply liquidity. According to Tesla’s past quarterly report, it has $1.26 cardinal invested successful integer assets.