Elon Musk to power a bitcoin mining facility with Tesla.
Elon Musk-helmed Tesla has agreed to power a solar-powered Bitcoin mining facility in Texas in partnership with Block (formerly Square) and Blockstream, CNBC reports.
Blockstream CEO Adam back told the outlet that the $12 million projects are supposed to show that Bitcoin mining has the capacity of funding Zero-emission power Infrastructure.
His self-owned company also believes that the facility will be able to bolster the network by integrating new energy sources into the mix.
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The mining operation will be powered by Teslas’ 3.8 megawatts (MW) solar photovoltaic energy facility and the company’s rechargeable battery storage system called Megapack, which is capable of storing two megawatt-hours (MWh).
The mining facility is expected to go live in a few months. The pilot crypto mining operation will only be able to deliver 30 petahash/second (PH/s) in computing power.
As reported by U.Today, Blockstream announced a partnership with Block in early May to construct a Bitcoin mining facility fully powered by solar energy.
Tesla originally bought $1.5 billion worth of Bitcoin last February, but the move attracted criticism due to the flagship cryptocurrency’s excessive power consumption.
The e-car market also started accepting Bitcoin on its website last March but then dropped the payment method due to climate-related concerns. The U-turn sparked heated debates about the sustainability of Bitcoin mining.
Notwithstanding, Musk said that Tesla would restore bitcoin payments if the percentage of renewable energy in bitcoin mining were to surpass the 50% threshold. It now seems that the company itself is working on increasing the survival of the largest cryptocurrency.
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