Taking the devoted mining stage at Bitcoin 2022, Blockstream CEO Adam Back introduced that his firm, in partnership with Jack Dorsey’s Block, Inc., will likely be leveraging Tesla vitality tools for a $12 million bitcoin mining facility.
“The Tesla Solar PV array and Tesla Megapack will energy Blockstream and Block’s open-source, photo voltaic and battery-powered Bitcoin mining facility,” in line with a slide shared by Back through the presentation. “[The facility is] projected [to produce] 3.8 MW photo voltaic renewable energy, 30 PH/s hashrate.”
A Tesla photo voltaic PV array can be a sequence of Tesla’s photovoltaic photo voltaic panels, whereas the Tesla Megapack is a large-scale, rechargeable lithium-ion battery.
Originally introduced final 12 months, the solar-powered bitcoin mining facility was described as a proof-of-concept to exhibit that bitcoin mining could be performed utilizing renewable vitality.
“The facility will likely be a proof-of-concept for a 100% renewable vitality Bitcoin mine at scale, with the economics of the construct out — together with operational prices and returns on funding — made open to the general public,” in line with a press launch from Block, which was known as Square on the time.
Blockstream is one in every of if not the most important Bitcoin infrastructure firms, providing a Bitcoin mining internet hosting companies, the Liquid Bitcoin sidechain, the c-lightning Lightning Network implementation, a Bitcoin blockchain satellite tv for pc community and extra. Block has quite a few divisions centered on advancing the Bitcoin ecosystem as nicely. Both firms will likely be contributing $6 million to the challenge, per Back’s announcement.
With this newest replace, Back emphasised that he sees the challenge as a approach to show to the world that Bitcoin solves vitality crises, quite than create them.
“Bitcoin … can act as a baseload … it may well truly make tasks extra worthwhile and end in an even bigger energy infrastructure for the world,” Back stated. “Basically, Bitcoin ought to be the funding mannequin to drive enlargement of energy infrastructure.”
Bitcoin 2022 is a part of the Bitcoin Event Series hosted by BTC Inc, the dad or mum firm of Bitcoin Magazine.