Block Stream, Block, and Tesla are all teaming up to mine bitcoin using solar energy in Texas.
Texas Continues to Grow Its Mining Space
Solar and storage technology is being provided by Tesla. In an interview, Adam Back – the CEO and co-founder of Block Stream – explained that the company is going to be a massive experiment in that it will be one of the first crypto mining firms to be fully powered by renewable energy. He says:
People like to debate about the different factors to do with bitcoin mining. We figured, let’s just prove it. Have an open dashboard so people can play along. Maybe it can inform other players to participate… This is a step to proving our thesis that bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future.
The news is huge in that the project boast’s Tesla’s involvement, which at one point seemed like a farfetched goal given the status and feelings of Elon Musk when it comes to the world of crypto mining. Musk, last year, shocked the world when he announced that crypto fans everywhere could buy electric vehicles made by Tesla with bitcoin. The price of the world’s number one digital currency instantly reached a new high, and many felt that Musk was doing wonders for the space by making such a move.
However, things didn’t last as only a few weeks later, the South African billionaire and entrepreneur rescinded the decision, claiming he wasn’t sure about bitcoin mining’s effects on the environment, and he didn’t want to be responsible for further damage.
But the idea that mining can be done fully with renewable energy opens a lot of doors for those who are worried about miners’ effects on Earth’s atmosphere. Shaun Connell – executive vice president of power at Houston-based tech firm Lancium – described west Texas, where the new mining enterprise is set to be headquartered, as a huge base for both solar and wind energy. He commented:
You get this perfect overlap with both sun quality and wind speed in West Texas.
Back says that the company will only be in a pilot stage at first. If it proves successful, the firm – which right now, is only set to utilize solar energy – will add wind energy to its reserves. He stated:
You’re making a sort of calculation of the optimal economic mix between solar and battery. There are 3.8 megawatts of solar and one megawatt of mining, so you can see you have to overprovision, because the peak solar input varies during the day and, of course, it’s not there at night.
How Far Will This Go?
Neil Jorgensen – global ESG lead at Block – also mentioned:
By collaborating on this full-stack, 100 percent solar-powered bitcoin mining project with Block Stream, using solar and storage technology from Tesla, we aim to further accelerate bitcoin’s synergy with renewables.