Block and Blockstream are setting up a inexperienced Bitcoin (BTC) mining station in Texas, powered by Elon Musk‘s sustainable solar battery megapacks produced by Tesla Inc.
Both Blockstream and Block — which is led by Jack Dorsey — invested $6 million each to fund the operation. However, Blockstream alone is overseeing the overall project and providing the mining infrastructure. It also raised around $40 million for the project through a token traded on Bitfinex.
Blockstream CEO Adam Back commented on this initiative and said:
“This is a step to proving our thesis that Bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future.”
The station is currently in the building stage and is expected to finish by the end of 2022.
The first four megapacks have already arrived at the mining site, according to Blockstream’s Twitter account.
Megapacks have landed, repeat the Megapacks have landed!
— Blockstream (@Blockstream) May 18, 2022
Megapacks are manufactured by Tesla and behave like large batteries by storing solar energy. They’re not broadly fashionable but as they aren’t prepared for basic public use. The mining station in Texas will probably be the first one to use Megapacks as an power supply.
In complete, Tesla will present a 3.8-megawatt photo voltaic farm to produce power and a 12-megawatt-hour megapack system to retailer it. This mixture is sufficient to run 30 petahashes per second value of computing energy utilizing solely solar energy.
The 4 megapacks which have arrived are sufficient to retailer practically 5.2-megawatt-hours of power and cost roughly $6 million.
Tesla helps inexperienced mining
In June 2021, Bitcoin costs spiked some time when Elon Musk mentioned the firm will accept Bitcoin funds for Tesla vehicles.
However, Musk modified his thoughts rapidly due to the regarding ecological affect of Bitcoin mining. He tweeted:
This is inaccurate. Tesla solely offered ~10% of holdings to affirm BTC may very well be liquidated simply with out shifting market.
When there’s affirmation of cheap (~50%) clear power utilization by miners with optimistic future pattern, Tesla will resume permitting Bitcoin transactions.
— Elon Musk (@elonmusk) June 13, 2021
A report from Bitcoin Mining Council not too long ago confirmed that 58.4% of Bitcoin mining is completed by way of sustainable power as of the first quarter. The use of renewable power in mining has elevated by about 59% on an annual foundation between the first quarter of 2022 and the first quarter of 2021.
However, Musk didn’t publicly acknowledge these outcomes or retrieved his determination to cease accepting Bitcoin funds for Tesla vehicles.
Tesla purchased $1.5 billion value of BTC final February and offered $272 million value of BTC the following month to present liquidity. According to Tesla’s final quarterly report, it has $1.26 billion invested in digital property.