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Mining Bitcoin with Tesla’s Energy Technology

Blockstream and Block started Bitcoin mining in Texas, using solar energy and electric batteries developed by Tesla.

Blockstream and Block’s Bitcoin mining pool uses 3.8 MW solar power facility and 12 MW battery power. “This facility is designed to test the concept of Bitcoin mining with 100% renewable energy on a large scale. People argue about the factors involved in Bitcoin mining. We think it needs to be proven and Set up a public dashboard so everyone can participate,” said Adam Back, co-founder and CEO of Blockstream.





A solar farm in the US.  Photo: CNBC.

A solar power farm in the US. Image: CNBC

The dashboard allows Internet users arbitrary access, showing parameters such as mining performance, electricity consumption, Bitcoins mined in real time. Subsequent versions may include data on solar power and battery capacity.

“This is a step towards demonstrating that Bitcoin mining can provide capital for greenhouse gas-free infrastructure, as well as support future economic development,” Back added.

“Western Texas is considered a mecca for renewable energy thanks to its abundant light and wind year-round,” said Shaun Connell, vice president of energy at technology company Lancium.

However, many of these are concentrated in remote areas of the state. Without financial incentives, there is little reason for businesses to invest in renewable energy infrastructure to take advantage of this resource. Bitcoin miners are what incentivize businesses to build and improve renewable energy systems, increase demand, and ensure mining in Texas is financially profitable.

CEO Back thinks companies will add wind power and expand the project if the mine shows a profit during the pilot phase. This also helps to reduce costs and balance energy in the absence of sunlight sources. According to Blockstream, the main goal of the project is to strengthen the Bitcoin network by diversifying the power source for the mining system.

The environmental pollution caused by Bitcoin mining has long been criticized. Attempts to “green” Bitcoin mining have been made, but the real change comes in May 2021, after Elon Muskwho is a cryptocurrency advocate, said Tesla will refuse to accept payments in Bitcoin, fearing that they “use more and more fossil fuels in mining and trading”.

“Musk’s tweet put the Bitcoin mining industry in crisis,” commented Michael Saylor, CEO of MicroStrategy, who has invested heavily in Bitcoin. “However, it does help the companies in the cryptocurrency industry to wake up: Let’s learn what is clean energy, what is sustainable energy.”

Diep Anh (according to CNBC)

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