Block and Blockstream will begin mining Bitcoin using solar energy supplies from Tesla. The two Bitcoin-focused businesses will finance the development of a Texas facility next to one of Blockstream’s mining operations. Tesla will power the facility with a 3.8 megawatt solar photovoltaic array and a 12 megawatt-house Megapack.
Adam Back, co-founder and CEO of Blockstream and a pioneer in the early Bitcoin and cryptography communities, presented the change at the Bitcoin 2022 conference in Miami. Back is a well-known figure in bitcoin circles, with some speculating that he may know or be the pseudonymous founder of Bitcoin, Satoshi Nakamoto.
Similar to Blockstream, Block (previously known as Square) has emerged as a significant participant in the Bitcoin space over the last several years. The American payments startup founded by Bitcoin advocate Jack Dorsey has been promoting Bitcoin adoption via a variety of initiatives, including the launch of a DeFi exchange dubbed TBD and support for the commodity through CashApp.
Elon Musk, Tesla’s CEO, is well-known for his conviction in Bitcoin, having spearheaded his company’s investment in the asset and previously announced that he held it in his personal cryptocurrency portfolio. He has, however, voiced worry on many occasions about the environmental effects of Bitcoin mining. Due to environmental concerns, Musk shocked the market in May 2021 when he declared that Tesla would no longer accept Bitcoin payments owing to environmental concerns. This was despite the fact that Tesla retained Bitcoin on its financial sheet. Musk’s latest update demonstrates his devotion to green mining.
This week’s Bitcoin 2022 conference in Miami has witnessed a rush of big Bitcoin-related announcements. Apart from the Tesla and Cash App announcements, Samsom Mow, a former Blockstream executive, claimed yesterday that Próspera, Madeira, and Mexico were considering Bitcoin adoption. Strike CEO Jack Mallers also announced a partnership with Shopify and other payment providers to enable Strike consumers to spend Bitcoin at major merchants in the United States.