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.

Video Articles

Fortune Bay: The Potential Billion Dollar Project

Japan Gold Enters New Chapter as Barrick Alliance Concludes – John Proust

Barrick Mining’s “Company Defining [Gold] Discovery”

Recommended

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Altamira Gold Encounters Porphyritic Intrusive Rocks In Initial Scout Drilling At Regional Targets

Related News

CyberFlop: Cybertruck Launch Disappoints On Specs, Price Points

Tesla (NASDAQ: TSLA) has officially kicked off deliveries of its highly anticipated Cybertruck, marking a...

Friday, December 1, 2023, 12:56:00 PM

War And Crypto: Bitcoin Rallies As Global Economy Freezes Out Russia

Apparently, even in times of war, everything is going digital. As economic sanctions mount on...

Tuesday, March 1, 2022, 11:19:00 AM

MicroStrategy CEO On Its Own CFO’s US$21,000-Bitcoin Price Benchmark For Margin Call: “That’s All FUD”

MicroStrategy’s (Nasdaq: MSTR) bitcoin strategy is being threatened by the latest price crash, ushering in...

Wednesday, June 15, 2022, 10:21:00 AM

Tesla Targets June 12 Austin Robotaxi Launch Amid Safety, Regulatory Concerns

Tesla Inc (Nasdaq: TSLA) is targeting a June 12 launch for its robotaxi service in...

Thursday, May 29, 2025, 12:08:00 PM

Musk Floats Idea of Tesla Funding xAI Amid Earnings Decline

Elon Musk is “testing the waters” on X, asking users whether Tesla (Nasdaq: TSLA) should...

Wednesday, July 24, 2024, 03:10:00 PM