Collaboration Between Tesla and Blockstream for Energy-efficient Bitcoin mining
Energy-efficient Bitcoin mining, Crypto mining is often associated with high energy consumption and is considered environmentally harmful by critics, however companies are working hard to address the issue.
Adam Back, the CEO of bitcoin infrastructure company Blockstream, has announced the start of construction on a brand-new open-source bitcoin mining facility. The mining operation would be powered by solar and energy storage goods provided by Tesla’s electric vehicle and clean energy, according to the initiative, which is partnered with a digital payments business, formerly known as Square, Block.
According to Adam Back, the move will verify the company’s theory that bitcoin mining can also fund zero-emission power infrastructure while simultaneously fostering economic growth in the future. The new facility is expected to be completed by the end of the year. It is expected to provide sun renewable power of 3.8 megawatts, as well as off-grid energy and a hash rate of around 30 petahash.
Energy-efficient Bitcoin mining: Clean Energy
The $12 million joint venture was first announced in June 2021 as part of Block’s carbon-neutral pledge by 2030. The crypto exchange platform will invest approximately $6 million, with Blockstream providing the other half of the investment. The bitcoin mining facility will be built in Texas, which is home to one of Blockstream’s US locations.
Blockstream was formed in 2014 by Adam Back, a British cryptographer who had previously devised a proof of work method that influenced Satoshi Nakamoto, the enigmatic developer of bitcoin. Back was rumored to be Satoshi Nakamoto for the same reason.
The company is most known for developing Liquid, a bitcoin sidechain that allows crypto exchanges to trade and issue digital assets at a faster rate than the bitcoin network permits. Blockstream also provides other services such as mining, hosting, and energy efficiency infrastructure development.
In addition, the statement stated that a dashboard displaying real-time measures of the project’s performance would be available and that regular reports on the project’s economics would be provided. The dashboard will also show the power output and the current value of bitcoin. Later updates on solar and storage performance data points will be added to the dashboard, which will serve as a case study for future initiatives in the sector.
Marathon Digital Holdings (MARA), the world’s largest bitcoin miner, had previously stated its intention to shift its mining machine to a new location. The existing location of mining machines is a coal-powered site in Montana, while the new locations would use more environmentally friendly and carbon-free power sources.