Adam Back’s Blockstream and Jack Dorsey’s Block are jointly building a pilot Bitcoin mine in Texas that would be powered by Tesla (TSLA) solar installation and batteries as announced by Back at the Bitcoin 2022 Conference in Miami.
CEO Adam Back revealed, “Building things is a better solution than arguing about things.” He pointed out that the pilot demonstrates that bitcoin (BTC) mining can fund ‘zero-emission power infrastructure and build economic growth for the future.
A press statement was released pertaining to this matter. It further informed that the 3.8 Megawatt (MW) Tesla Solar PV array and 12 megawatt-hour (MWh) Tesla Megapack will power the open-source, solar-powered Bitcoin mining facility at a Blockstream Mining site in the United States.
This development further supports the previously announced project between Blockstream and Block.
The project will boost the Bitcoin network by diversifying Bitcoinʼs energy sources and will also foster new initiatives in powering zero-emission Bitcoin mining.
Back said that the real-time operational and financial information about the mining system, its energy consumption and hashrate, will be publicly available in a dashboard.
This data is meant to educate the public about off-grid mining and it can fund the expansion of solar power.
In reference to this, Back said, “When people publish just analyst reports, and articles, and blog posts, and data, they are all suspicious. But if we publish the raw data, the raw financial information, I think it speaks for itself.”
This project will cost $12 million and would be splitted evenly between Blockstream and Block, and is expected to be completed this year.
Energy-efficiency is a huge concern at a time when environmental issues are at peak. This has in turn, led Crypto firms to opt for an energy-efficient mining system.
Earlier this year, Dorsey’s Block had revealed its plans to make an open Bitcoin mining system to ensure a more distributed and efficient mining in every aspect from “buying, to set up, to maintenance, to mining”.
