Blockstream and Block to launch bitcoin mining powered by solar tech
by: Dynasty GI2022-04-15
A new bitcoin mining centre will be built in the US state of Texas using Tesla’s battery system and solar power. The centre will be built by bitcoin company Blockstream and digital payments business Block, with each of them investing US$ 6 million in the venture.
According to the announcement made at the recent Bitcoin 2022 event in Miami, the centre will operate off-grid, supported by 3.8 megawatts of solar power generation to be stored in a 12 megawatts-hour battery system provided by Tesla, with a mining hashrate of 30 petahashes per second. The plans reflect the growing presence of bitcoin mining in the US, following China’s crackdown on the activity since last year, combined with a drive to make crypto mining more environmentally friendly given its high electricity demands, often sourced from non-renewables such as gas or coal-based power generation plants. The announcement follows Square’s and Blockstream’s decisions last year to enter into a partnership aimed at making their activities carbon neutral.
"The Achilles heel of mining-based cryptos has been its poor environmental track record. Moves like this venture show that the combination of new technology and innovative approaches can help make the digital asset sector carbon neutral, playing its part in tackling global warming."
Commented Eduardo Carvalho, the founder and CEO of Dynasty Global.