Jack Dorsey’s Block and crypto firm Blockstream are working together to build a Bitcoin mining farm with Tesla’s solar-powered battery in Texas.
The mining farm will tap into Tesla’s energy storage technology with rechargeable large-scale batteries at the site, Adam Back Blockstream CEO, said at the Bitcoin Conference 2022 in Miami. Back didn’t specify the location.
The venture is the latest manifestation of the aligning interests of Tesla CEO Elon Musk and Twitter co-founder Dorsey, including over the energy usage of Bitcoin. Earlier this week, Dorsey said he was happy that Musk joined the board of directors of Twitter after Musk revealed his sizeable stake in the social media giant.
Musk expressed his interest in Bitcoin and Dogecoin early last year and allowed Tesla customers to buy the electric cars with Bitcoin, helping to send the crypto market to record highs. However, the carmaker later suspended the Bitcoin payment opening citing environmental concerns over Bitcoin mining.
The latest move comes after Block, which is formerly known as digital payment company Square, secured a purchase from Intel’s Bitcoin mining chip. Buyers of the chip can potentially either make their own mining rigs or receive an assembled machine from the chipmaker.
Dorsey revealed the plan to decentralise Bitcoin mining and make the token’s network more secure with Block earlier this year.
Dorsey has embraced the largest cryptocurrency by including Bitcoin micropayment Lightening Network in Twitter’s tipping function and launching the NFT profile function. He has funded Bitcoin developers and planned to decentralise Bitcoin mining.
Tesla’s first-quarter filing disclosed the company held $2.48bn (roughly R36,342,788,000) in Bitcoin by March 31. Bitcoin revenue contributed to more than half of the total net revenue of Block’s Cash App, a separate filing showed.
The central and western parts of Texas are among the regions with rich wind and solar power resources. Bitcoin miners have flocked to the region, set up mines or expand transmission capacity in the past year.
A Tesla subsidiary registered as Gambit Energy Storage is building a more than 100 megawatt energy storage project in Angleton, Texas, a town roughly 64km south of Houston.
More stories like this are available on bloomberg.com
Block and Blockstream join Tesla to mine Bitcoin in Texas
Image: Bloomberg
Jack Dorsey’s Block and crypto firm Blockstream are working together to build a Bitcoin mining farm with Tesla’s solar-powered battery in Texas.
The mining farm will tap into Tesla’s energy storage technology with rechargeable large-scale batteries at the site, Adam Back Blockstream CEO, said at the Bitcoin Conference 2022 in Miami. Back didn’t specify the location.
The venture is the latest manifestation of the aligning interests of Tesla CEO Elon Musk and Twitter co-founder Dorsey, including over the energy usage of Bitcoin. Earlier this week, Dorsey said he was happy that Musk joined the board of directors of Twitter after Musk revealed his sizeable stake in the social media giant.
Musk expressed his interest in Bitcoin and Dogecoin early last year and allowed Tesla customers to buy the electric cars with Bitcoin, helping to send the crypto market to record highs. However, the carmaker later suspended the Bitcoin payment opening citing environmental concerns over Bitcoin mining.
The latest move comes after Block, which is formerly known as digital payment company Square, secured a purchase from Intel’s Bitcoin mining chip. Buyers of the chip can potentially either make their own mining rigs or receive an assembled machine from the chipmaker.
Dorsey revealed the plan to decentralise Bitcoin mining and make the token’s network more secure with Block earlier this year.
Dorsey has embraced the largest cryptocurrency by including Bitcoin micropayment Lightening Network in Twitter’s tipping function and launching the NFT profile function. He has funded Bitcoin developers and planned to decentralise Bitcoin mining.
Tesla’s first-quarter filing disclosed the company held $2.48bn (roughly R36,342,788,000) in Bitcoin by March 31. Bitcoin revenue contributed to more than half of the total net revenue of Block’s Cash App, a separate filing showed.
The central and western parts of Texas are among the regions with rich wind and solar power resources. Bitcoin miners have flocked to the region, set up mines or expand transmission capacity in the past year.
A Tesla subsidiary registered as Gambit Energy Storage is building a more than 100 megawatt energy storage project in Angleton, Texas, a town roughly 64km south of Houston.
More stories like this are available on bloomberg.com
Italy approves new car incentives of €650m per year
Mercedes-Benz to reveal all-new EQS SUV in April
Musk promises 'dedicated robotaxi' with futuristic look from Tesla
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most read
Latest Videos