Tesla plans to mine Bitcoin in partnership with prominent companies in the crypto sector
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Answer Tesla plans to mine Bitcoin in partnership with prominent companies in the crypto sector
Electric car maker Tesla has entered into bitcoin mining in partnership with Blockstream and Block, a digital payments company founded by Jack Dorsey.
The three companies will collaborate to mine bitcoin at an open-source, solar-powered mining facility in Texas.
The facility will be powered by solar energy and battery infrastructure provided by Tesla.
Tesla, Blockstream and Block Rely on Renewable Energy for Bitcoin Mining:
During the Bitcoin 2022 conference, Blockstream CEO Adam Buck announced that the company is working on a solar-powered Bitcoin mining and battery energy storage facility with Blockstream and Tesla in Texas.
The companies have taken a renewable energy approach to bitcoin mining.Read:The Private Office of His Highness Sheikh Saeed Al Maktoum signs a partnership with the (Aergo) project
Commenting on the 100% renewable bitcoin mining potential, the CEO of Blockstream stated:
This is a step to prove our hypothesis that bitcoin mining can finance zero-emission energy infrastructure and build economic growth for the future.
With a $12 million Bitcoin mining facility set to be completed by the end of 2022, Blockstream will be reporting regularly on the project.
The publicly available dashboard will provide real-time details of the project, including energy consumption, bitcoin mining, and hashing.
As the project goes live, the dashboard will also provide details on solar energy and storage performance data.
Adam Buck believes that bitcoin mining can help develop zero-emission energy infrastructure and support future economic growth.
The plan to build a 100% renewable energy bitcoin mining facility was announced last year by Blockstream and Block.
Tesla’s participation in Bitcoin mining:
Bitcoin mining has been criticized for its high energy requirements, which increase the carbon footprint of the mining process.
Last year, Tesla CEO Elon Musk noted the environmental impact of bitcoin mining and recommended that the industry look for energy-saving methods.Read:Convert 41,000 Bitcoins to Coinbase Pro in One Hour… Should You Worry?
Since then, bitcoin miners have been looking to use renewable energy sources to mine bitcoin.
Tesla, the leader in energy storage and use in its electric vehicles, continues to research innovative energy-saving technologies for the future.
The latest project with “Blockstream” and “Block” will help encourage new innovations to run Bitcoin mining in a green way.
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