Tesla, Block, Blockstream to Mine Bitcoin Off Solar Power in Texas

Tesla is building the solar power infrastructure and providing its Megapack batteries.

By Reuters | Updated: 9 April 2022 11:15 IST

Tesla, Block, Blockstream to Mine Bitcoin Off Solar Power in Texas

Tesla stopped accepting Bitcoin due to environmental concerns

Highlights

Blockstream and Block have collaborated to build bitcoin mining facility
Bitcoin mining an energy-intensive process that relies on fossil fuels
Tesla and Block has not responded yet

Electric-vehicle maker Tesla, payments firm Block Inc and blockchain company Blockstream Corp will collaborate to mine bitcoin using solar power in Texas, Blockstream CEO Adam Back said on Friday.

Tesla is building the solar power infrastructure and providing its Megapack batteries, Back added.

Blockstream and Block, which was previously known as Square, had said in June that they were collaborating to build an open-source and solar-powered bitcoin mining facility in the US.

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Bitcoin is created when high-powered computers compete against other machines to solve complex mathematical puzzles, an energy-intensive process that currently often relies on fossil fuels. (Bitcoin price in India as of 10.57am on April 9 is Rs. 34,01,602)

Environmental concerns related to bitcoin mining had in May last year prompted Tesla to stop accepting bitcoin for car purchases.

Tesla and Block did not immediately respond to requests for comment.

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© Thomson Reuters 2022

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