Block & Blockstream have partnered with Tesla to mine bitcoin in West Texas, and the partnership has a number of exciting potentials for the renewable energy industry. In addition to the solar panels, Blockstream and Tesla will be able to track the amount of energy produced by the Bitcoin miner, and they will also be able to track how much Bitcoin is mined. This is a major breakthrough for the energy industry, as much of the available renewable energy infrastructure is located in remote parts of the country.
Tesla and Block partnered with Tesla to mine bitcoin in West Texas, a state with abundant solar and wind energy resources. Although this may sound like a risky proposition for Tesla and Block/Blockstream, the idea is promising. The energy assets of a Bitcoin miner are temporary buyers, which means that the power generated is only used until the grid can absorb it. Additionally, bitcoin miners can be located anywhere, without regard for local infrastructure. Additionally, if bitcoin mining is profitable, they can add wind power to balance out the downtime of solar. Wind power would reduce the overall cost of the energy.
The collaboration between the two companies could prove to be financially viable for Bitcoin mining using green technologies, as both companies have extensive experience in this field. Furthermore, it could pave the way for Tesla to play a more active role in Bitcoin’s future trajectory. Tesla has demonstrated that he has a complete grasp over the technology, which is a big advantage for both parties. Further, Tesla has already invested over $1 billion into Bitcoin.
With this new partnership, Block & Blockchain will build an open-source bitcoin mining facility in Texas, using Tesla’s solar energy products. The Tesla-built mine will use a 3.8 megawatt solar PV array and a 12-megawatt-hour Megapack. The companies plan to begin construction on the mine in Texas in the second half of 2019.
In addition to the Tesla energy storage, Block & Blockchain are collaborating with Blockstream to build a carbon-neutral Bitcoin mining facility in Texas. Tesla’s megapack technology will power the bitcoin mining facility. Tesla is a long-time advocate of renewable power and bitcoin mining, and this partnership will make it feasible. However, it is not yet clear where exactly the mining facility will be built.
The two companies are also partnering with Twitter co-founder Jack Dorsey. Musk recently joined the board of directors at Twitter. Dorsey was happy to have Musk join the company’s board. Musk has also publicly declared an interest in Bitcoin in the past. Earlier this year, Tesla even allowed customers to pay for their vehicles using Bitcoin, but later suspended the program over environmental concerns. The update indicates Musk’s commitment to green mining.