Block (SQ-US), Blockstream (Blockstream) and Tesla (TSLA-US) announced a partnership to start building a solar-powered bitcoin mining facility powered by Tesla Solar on Friday (8th), scheduled for later this year Completed late, it is estimated to generate 3.8 megawatts of solar energy to mine Bitcoin.
The facility will use a fleet of 3.8 MW Tesla solar PV, and a 12 MW/h Tesla giant battery Megapack.
Neil Jorgensen, head of global ESG at Block, said: “Working with Blockstream to develop this full-end, 100% solar-powered bitcoin mining project, using Tesla’s solar and storage technology, we aim to further accelerate bitcoin and the coordination role of renewable energy.
Block (formerly Square) first allowed select users to trade bitcoin on its mobile payment service Cash App back in 2017.
Block announced Thursday that it will open a service for payroll customers to automatically invest a portion of their paychecks in bitcoin. The app will also launch Lightning Network Receives, allowing users to receive bitcoin on the Cash App via the Lightning Network.
The Lightning Network is a decentralized blockchain network that enables instant payments.
Mining has always been criticized by opponents of cryptocurrencies because the process of mining Bitcoin is quite power-intensive and energy-intensive.
The three companies say the new partnership is aimed at advancing zero-emission mining and diversifying bitcoin’s energy sources.
Block reversed earlier gains on Friday and ended down 2.15% at $123.22 a share. Tesla fell $31.77, or 3 percent, to close at $1,025.49 a share.
Post time: Apr-26-2022