Tesla, Block, Blockstream Link Up for Solar Bitcoin Mining

Tesla, Block, Blockstream Link Up for Solar Bitcoin Mining


Key Takeaways

Block and Blockstream will mine Bitcoin using Tesla’s solar energy products.
The firms will fund the construction of a facility at one of Blockstream’s site in Texas.
It’s the latest in a series of major updates coming out of Bitcoin 2022, which is happening this week in Miami.

Share this article

Tesla also holds Bitcoin on its balance sheet. 

Tesla to Power Solar Bitcoin Mining Unit 

Block and Blockstream will begin mining Bitcoin from a facility that uses Tesla’s solar energy products. 

The two Bitcoin-focused companies are to fund the construction of a Texas facility located at one of Blockstream’s mining bases. Tesla will provide a 3.8 megawatt solar PV array and a 12 megawatt-house Megapack to power the unit. 

Betfury

Adam Back, the co-founder and CEO of Blockstream and a pioneer in the cryptography and early Bitcoin scenes, announced the update today at the Bitcoin 2022 conference in Miami. Back is seen as an influential figure in cryptocurrency circles, with some suggesting that he could either know or be the identity behind Bitcoin’s pseudonymous creator Satoshi Nakamoto. Since 2014, Back has been at the helm of Blockstream, helping the top cryptocurrency grow by building a sidechain called Liquid and establishing mining units worldwide. 

Similar to Blockstream, Block (formerly known as Square) has become a key player in the Bitcoin sphere in recent years. The American payments company run by Bitcoin evangelist Jack Dorsey has been pushing to help Bitcoin adoption grow through various endeavors, including a DeFi exchange called TBD and offering support for the asset through CashApp. Yesterday, Cash App announced that it would support Bitcoin paycheck payments on the Lightning Network at Bitcoin 2022. Block was also among the first major corporate companies to add Bitcoin to its balance sheet in October 2021, a few months before Tesla announced it had made a $1.5 billion investment in the asset. 

Tesla CEO Elon Musk is known for his interest in Bitcoin, having led his firm’s Bitcoin investment and previously disclosed that he holds the asset in his personal crypto portfolio. However, he’s also expressed concerns about the environmental impact of Bitcoin mining on multiple occasions. Musk sent shockwaves through the market in May 2021 when he announced that Tesla had stopped accepting Bitcoin payments due to environmental concerns, though Tesla continued to hold Bitcoin on its balance sheet. The latest update hints at Musk’s commitment to supporting green mining. 

Bitcoin 2022 is happening all this week in Miami and has seen a flurry of significant Bitcoin-related announcements. Besides the Tesla and Cash App news, former Blockstream executive Samsom Mow announced yesterday that Próspera, Madeira, and Mexico were moving toward adopting Bitcoin. Strike CEO Jack Mallers also revealed that his firm has partnered with Shopify and other payment providers to help Strike customers spend Bitcoin at major retailers across the United States. 

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Get up to $600 in AVAX or LUNA

With our goal of bringing the next 100 million people to crypto, Celsius is always looking to provide the best experiences and opportunities for our community. This includes looking for…

More Regions Are Following El Salvador’s Bitcoin Play

The Honduras city of Próspera will also introduce Bitcoin as legal tender, while Madeira has announced that it will not charge taxes on Bitcoin.  Mexico Weighs Bitcoin Adoption  Mexico is…

“That’s Insane!”: Jack Mallers Announces Strike Inte…

Strike CEO Jack Mallers made waves today in announcing that his company had partnered with Shopify, NCR, and Blackhawk.  Strike Announcements In the last speech of its first day, Jack…

Cash App Now Supports Bitcoin Paycheck Payments

Block’s payments service wants to help customers get “Paid in Bitcoin.”  Cash App Adds Bitcoin Paycheck Payments Cash App has added a new feature that lets customers invest their paychecks…



Source link

Leave a Reply

Your email address will not be published.

Pin It on Pinterest