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.

Samsung Wins Patent for a Tri-Fold Smartphone With Specialised Barrier Layer for Improved Durability

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.

Uttar Pradesh Chief Minister Yogi Adityanath’s Office Twitter Account Hacked

© Thomson Reuters 2022

Can OnePlus 10 Pro beat iPhone 13 Pro and Galaxy S22 Ultra? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.