Block and Blockstream are starting to build a solar and battery powered bitcoin (BTC-USD) mining operation in Texas that uses solar and storage technology from Tesla (NASDAQ:TSLA), CNBC reported Friday, citing comments made by Blockstream CEO Adam Back at the Bitcoin 2022 conference in Miami.
The facility is meant to prove that bitcoin (BTC-USD) can be mined at scale with 100% renewable energy, he told CNBC on the sidelines of the conference.
“This is a step to proving our thesis that bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future,” he said.
Some crypto enthusiasts argue that bitcoin-mining facilities can offer financial incentives for building out renewable energy infrastructure in remote areas. The miners bring demand to semi-stranded assets and make renewables in Texas economically viable, Castle Island Venture’s Nic Carter said.
The Blockstream mine is expected to be completed later this year
If it is profitable in its pilot phase, then the companies plan to add wind power to the mix and scale the entire project, Back told CNBC.
“By collaborating on this full-stack, 100% solar-powered bitcoin mining project with Blockstream, using solar and storage technology from Tesla (TSLA), we aim to further accelerate bitcoin’s synergy with renewables,” said Neil Jorgensen, global ESG lead at Block (SQ) and project lead for Block’s Bitcoin Clean Energy Initiative said.
In Friday trading, Block (SQ) stocks edges up 0.1%, bitcoin (BTC-USD) rises 1.2% to $43.8K, and Tesla (TSLA) falls 1.9%.
In the past year, Block (SQ) stock has dropped 49%, more than bitcoin’s (BTC-USD) 24% decline as seen in this chart.
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