- April 9, 2022
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Per a press release, Blockstream and Block will build a Bitcoin mining facility powered 100% by renewable energy. The BTC mining operation will use Tesla Solar panels that will provide 3.8 Megawatt (MW) and the Tesla Megapack batteries that will provide 12 Megawatt/hours (MWh) of power.
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The Bitcoin mining operations will be built completely off the main energy grid in a location-based in the United States, West Texas. In addition to its 3.8 Megawatts of power, the mining operation is expected to produce around 30 Petahash (PH) of hash rate that will secure the Bitcoin network.
The project was created to demonstrate BTC’s capacity to fund zero-emission power infrastructure. In that sense, it’s a proof-of-concept for 100% renewable energy BTC mining at scale, as the press release claims.
In addition, the partners believe that the BTC network will benefit from diversifying in terms of energy sources. Adam Back, CEO and co-founder at Blockstream said the following about their initiative:
Weʼre excited to start the construction of this facility using Tesla Solar and Megapack. This is a step to proving our thesis that Bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future.
The BTC mining operations should be completed by the end of 2022. Blockstream, a company founded in 2014 as a blockchain technology provider, will support the project by delivering the BTC mining infrastructure and expertise in the construction and supervision of the operation.
In order to achieve its objective and be transparent about the energy consumption and sustainability of the operation, this BTC mining facility will publish regular reports on its economy, the release claimed. The public will be available to access a dashboard to check on the project’s real-time metrics and performance.
Blockstream and Block will disclose the facility’s power output, the amount of Bitcoin mined, and more. The partners expect that their transparency is helpful for future projects.
What Bitcoin Can Do To Clean Energy Models
As mentioned, Adam Back is CEO at Blockstream, and inventor of Hashcash a major component in the Bitcoin consensus algorithm. This company has been working with Block, formally known as Square and led by BTC bull Jack Dorsey, on this project for some time.
The integration of Tesla hardware represents a major step in this building phase. Neil Jorgensen, Global ESG Lead at Block and Project Lead for Block’s Bitcoin Clean Energy Initiative added:
By collaborating on this full-stack, 100% solar-powered Bitcoin mining project with Blockstream, using solar and storage technology from Tesla, we aim to further accelerate Bitcoinʼs synergy with renewables.
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As of press time, BTC’s price trades at $42,500 with an 8% loss in the last 7-days.
