Sci-Tech
Saturday Apr 09 2022
By
Reuters

Tesla, Block, Blockstream to mine bitcoin off solar power in Texas

By
Reuters
Representations of the virtual currency bitcoin are seen in front of the Tesla logo in this illustration taken, on February 9, 2021. — Reuters
Representations of the virtual currency bitcoin are seen in front of the Tesla logo in this illustration taken, on February 9, 2021. — Reuters

  • Blockstream CEO Adam Back makes the announcmenet.
  • Tesla building solar power infrastructure, Back says.
  • Creation process of bitcoin has prompted environmental concerns.


Electric-vehicle maker Tesla, payments firm Block, and blockchain company Blockstream Corp will collaborate to mine bitcoin using solar power in Texas, Blockstream CEO Adam Back said on Friday.

Tesla is building the solar power infrastructure and providing its Megapack batteries, Back added.

Blockstream and Block, which was previously known as Square, had said in June that they were collaborating to build an open-source and solar-powered bitcoin mining facility in the United States.

Bitcoin is created when high-powered computers compete against other machines to solve complex mathematical puzzles, an energy-intensive process that currently often relies on fossil fuels.

Environmental concerns related to bitcoin mining in May last year prompted Tesla to stop accepting bitcoin for car purchases.

Tesla and Block did not immediately respond to requests for comment.