Tesla, Block and Blockstream are teaming up to mine Bitcoin off of solar power in Texas.
The facility will include a 3.8-megawatt solar array and a 12 megawatt-hour Megapack to power the facility located in West Texas.
The mining facility is proof of concept that companies can use 100 per cent renewable energy to mine Bitcoin at scale.
Blockstream co-founder and CEO Adam Back had this to say on the project.
“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.”
The dashboard mentioned above will show real-time metrics of the facility’s performance. Including power output, total Bitcoin mined and will later include performance data points.
While Block’s Global ESG Lead Neil Jorgensen said this:
“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.”
If the project is profitable, the project’s next stage would be to add wind power and scale.
According to those involved, adding wind will balance out the power needed during solar downtime and reduce the overall costs.
None of the parties confirmed when the proof of concept facility will start mining.