Key Takeaways
Block and Blockstream will mine Bitcoin using Tesla’s solar energy products.
The firms will fund the construction of a facility at one of Blockstream’s site in Texas.
It’s the latest in a series of major updates coming out of Bitcoin 2022, which is happening this week in Miami.
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Tesla also holds Bitcoin on its balance sheet.
Tesla to Power Solar Bitcoin Mining Unit
Block and Blockstream will begin mining Bitcoin from a facility that uses Tesla’s solar energy products.
The two Bitcoin-focused companies are to fund the construction of a Texas facility located at one of Blockstream’s mining bases. Tesla will provide a 3.8 megawatt solar PV array and a 12 megawatt-house Megapack to power the unit.
Adam Back, the co-founder and CEO of Blockstream and a pioneer in the cryptography and early Bitcoin scenes, announced the update today at the Bitcoin 2022 conference in Miami. Back is seen as an influential figure in cryptocurrency circles, with some suggesting that he could either know or be the identity behind Bitcoin’s pseudonymous creator Satoshi Nakamoto. Since 2014, Back has been at the helm of Blockstream, helping the top cryptocurrency grow by building a sidechain called Liquid and establishing mining units worldwide.
Similar to Blockstream, Block (formerly known as Square) has become a key player in the Bitcoin sphere in recent years. The American payments company run by Bitcoin evangelist Jack Dorsey has been pushing to help Bitcoin adoption grow through various endeavors, including a DeFi exchange called TBD and offering support for the asset through CashApp. Yesterday, Cash App announced that it would support Bitcoin paycheck payments on the Lightning Network at Bitcoin 2022. Block was also among the first major corporate companies to add Bitcoin to its balance sheet in October 2021, a few months before Tesla announced it had made a $1.5 billion investment in the asset.
Tesla CEO Elon Musk is known for his interest in Bitcoin, having led his firm’s Bitcoin investment and previously disclosed that he holds the asset in his personal crypto portfolio. However, he’s also expressed concerns about the environmental impact of Bitcoin mining on multiple occasions. Musk sent shockwaves through the market in May 2021 when he announced that Tesla had stopped accepting Bitcoin payments due to environmental concerns, though Tesla continued to hold Bitcoin on its balance sheet. The latest update hints at Musk’s commitment to supporting green mining.
Bitcoin 2022 is happening all this week in Miami and has seen a flurry of significant Bitcoin-related announcements. Besides the Tesla and Cash App news, former Blockstream executive Samsom Mow announced yesterday that Próspera, Madeira, and Mexico were moving toward adopting Bitcoin. Strike CEO Jack Mallers also revealed that his firm has partnered with Shopify and other payment providers to help Strike customers spend Bitcoin at major retailers across the United States.
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