Tesla, Blockstream, Block Partner For Solar-Powered Bitcoin Mining Facility
Payments firm Block and crypto firm Blockstream have partnered with Tesla to build a solar-powered Bitcoin mining facility in Texas. Bitcoin is the world's largest and most recognized cryptocurrency, but it has often come under fire from environmentalists for its alleged harmful effects on the environment. Not only does Bitcoin mining use massive amounts of power, but Bitcoin transactions are also said to be highly power-intensive. Given the environmental impact of Bitcoin, proponents hope that solar-powered mining facilities will help offset some of that carbon footprint.
Tesla reportedly has massive investments in Bitcoin, with some estimates suggesting that it could be as high as $1.5 billion. Tesla also started accepting Bitcoin payments for new cars last year, although that option was withdrawn pretty swiftly over concerns regarding Bitcoin's environmental impact. Musk, however, is a massive advocate of Dogecoin, and Tesla accepts the memecoin as payment for select merchandise. Musk has also said that Tesla might consider accepting Bitcoin payments again in the future if the mining is done with renewable energy.
Related: Who Created Bitcoin? The Mystery Endures
With relentless pressure from environmental activists to reduce Bitcoin's negative impact on the environment, some crypto companies are now looking to use renewable energy to mine the cryptocurrency. As part of the plan, a joint-venture Bitcoin mining project between blockchain firm Blockstream and payments firm Block has announced a tie-up with Tesla towards starting a massive zero-emission Bitcoin-mining project using only solar energy. According to a press release, the solar infrastructure will come from Tesla Solar, while energy storage solutions will
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