Block, Blockstream and Tesla have teamed up to construct an environmentally friendly solar-powered mining farm
The station is presently under construction and is projected to be completed by the end of 2022. According to Blockstream’s Twitter account, the first four megapacks have already arrived at the mining location. Tesla makes Megapacks, which operate like huge batteries that store solar energy. They aren’t very popular yet since they aren’t ready for widespread use.
The Texas mining station will be the first to employ Megapacks as a source of energy. Tesla will deliver a 3.8-megawatt solar farm and a 12-megawatt-hour megapack technology to create and store electricity. Using solely solar power, this combo can operate 30 petahashes per second of computational power. Block and Blockstream are constructing a green Bitcoin (BTC) mining facility in Texas, which will be powered by Elon Musk’s Tesla Inc. solar battery megapacks.
Blockstream and Block, managed by Jack Dorsey, each put approximately $6 million to help support the operation. However, Blockstream is the only company in charge of monitoring the project and supplying mining infrastructure. It also used a cryptocurrency sold on Bitfinex to raise roughly $40 million for the project.
When Elon Musk announced that Tesla cars would accept Bitcoin payments in June 2021, Bitcoin values soared for a short time. According to a new study from the Bitcoin Mining Council, sustainable energy accounts for 58.4 percent of Bitcoin mining in the first quarter. Between the first quarter of 2022 and the first quarter of 2021, the usage of renewable energy in mining climbed by nearly 59 percent on an annual basis.
Musk, on the other hand, has yet to publicly recognize these findings or reverse his decision to cease accepting Bitcoin payments for Tesla vehicles. Tesla bought $1.5 billion in Bitcoin in February and sold $272 million in the following month to create liquidity. Tesla owns $1.26 billion in digital assets, according to its most recent quarterly report.