Blockstream, Block, Tesla tie up in solar Bitcoin mining project

Digital payments company Block Inc (NYSE:SQ) and bitcoin infrastructure firm Blockstream have started building a bitcoin mining facility that will be powered by solar and energy storage capacity using technology by Tesla Inc (NASDAQ:TSLA).

The open-source bitcoin mining site will be equipped with 3.8 MW of photovoltaic (PV) panels and a 12-MWh Megapack battery, Blockstream said on Friday. The facility will be installed at one of the company’s US mining sites and is planned to go into operation later in 2022.

Blockstream will take care of construction activities and will provide the required mining infrastructure.

Blockstream and Block, formerly Square, agreed to realise the project last summer when the latter committed to investing USD 5 million (EUR 4.6m) in the initiative. The scheme is designed to serve as a proof-of-concept for a 100% renewable energy Bitcoin mine at scale.

“This is a step to proving our thesis that Bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future,” said Adam Back, CEO of Blockstream.

The solar and storage performance data points will be available to the public through a special dashboard with real-time metrics.

(USD 1.0 = EUR 0.917)

Choose your newsletter by Renewables Now. Join for free!