Tesla, Jack Dorsey’s Block Team up to Create Solar-Powered Bitcoin Mining Facility

Jack Dorsey’s digital payments company Block (NYSE: SQ), formerly known as Square, teamed up with Canadian-based bitcoin infrastructure company Blockstream to create a renewable energy-powered bitcoin mining facility in Texas using Tesla’s (NASDAQ: TSLA) solar and energy storage products.

“This is a step to proving our thesis that Bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future,” announced Blockstream CEO Adam Back during the Bitcoin 2022 conference in Miami, as cited by Forbes. The new facility is slated for completion before the end of the year, and will produce 3.8 megawatts of off-grid solar power and a 30 Petahash (PH) rate. Powering the facility will be Tesla’s 3.8 megawatt solar PV array and its 12 megawatt-hour Megapack.

The $12 million joint project, of which Block will contribute $6 million and Blockstream the other half, was initially unveiled in June of last year as part of Jack Dorsey’s plan to make his fintech company carbon neutral by 2030. The off-grid mine will be located in West Texas, and will have a dashboard accessible to the public showing the project’s real-time performance, such the number of bitcoins mined and power output.

Bitcoin mining has repeatedly faced criticism over its significant energy consumption and subsequent contribution to greenhouse gas emissions. “By collaborating on this full-stack, 100% solar-powered bitcoin mining project with Blockstream, using solar and storage technology from Tesla, we aim to further accelerate bitcoin’s synergy with renewables,” said Block global ESG lead Neil Jorgensen, as cited by CNBC.

Information for this briefing was found via Forbes and CNBC. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.