Elon Musk, Jack Dorsey finally link-up! Now, Block to mine Bitcoin at Tesla Texas Solar Plant
Tesla Inc. is collaborating with Jack Dorsey’s Block Inc. and crypto firm Blockstream Corp. to mine Bitcoin at a solar-powered battery manufacturing facility run by the automaker in Texas. The mining farm will tap into Tesla’s energy storage technology with rechargeable large-scale batteries at the site, Adam Back, chief executive of Blockstream, said at the Bitcoin Conference 2022 in Miami. Back didn’t specify the location.
The venture is the latest manifestation of the aligning interests of Tesla Chief Executive Elon Musk and Twitter co-founder Dorsey, including over the energy usage of Bitcoin. Earlier this week, Dorsey said he was happy that Musk joined the board of directors of Twitter after Musk revealed his sizable stake in the social media giant.
Musk expressed his interest in Bitcoin and Dogecoin early last year and allowed Tesla customers to buy the electric cars with Bitcoin, helping to send the crypto market to record highs. However, the carmaker later suspended the Bitcoin payment opening citing environmental concerns over Bitcoin mining.
The latest move comes after Block, which is formerly known as digital payment company Square, secured a purchase from Intel Corp.’s Bitcoin mining chip. Buyers of the chip can potentially either make their own mining rigs or receive an assembled machine from the chipmaker.
Dorsey revealed the plan to decentralize Bitcoin mining and make the token’s network more secure with Block earlier this year.
In the meanwhile, Dorsey has fully embraced the largest cryptocurrency by including Bitcoin micropayment Lightening Network in Twitter’s tipping function and launching the NFT profile function. He has funded Bitcoin developers and planned to decentralize Bitcoin mining.
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