Tesla Ventures Into 100% Solar-Powered Bitcoin (BTC) Mining With Jack Dorsey’s Block: Report

Tesla Ventures Into 100% Solar-Powered Bitcoin (BTC) Mining With Jack Dorsey’s Block: Report

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Electric vehicle giant Tesla is reportedly teaming up with payments platform Block and blockchain tech company Blockstream to mine Bitcoin (BTC) in Texas using solar energy.

According to a new report by CNBC, the trio will mine BTC using Tesla’s solar panels and proprietary battery storage packs.

The mining outfit will feature an open dashboard where anyone can keep track of the facility’s metrics, such as power output, total BTC mined as well as data on solar and storage performance.

Adam Back, co-founder and CEO of Blockstream, told CNBC at the Bitcoin 2022 conference in Miami that the facility is designed to prove that mining the top crypto asset by market cap can be done purely using 100% renewable energy.

Back says,

“People like to debate about the different factors to do with Bitcoin mining. We figured, let’s just prove it. Have an open dashboard so people can play along…

We’re interested [in proving] our thesis that Bitcoin mining can help fund green power infrastructure.”

According to Back, once the program proves to be profitable, the companies would consider adding wind power to complement solar energy.

Bitcoin is exchanging hands at $42,518 at time of writing, a 2% drop on the day.

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Featured Image: Shutterstock/solarseven/Sensvector

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