Tesla, Block, Blockstream Collaborate To Mine Bitcoin Using Solar

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Blockstream chief executive Adam Back has confirmed the collaboration between the company, Tesla and Block to mine Bitcoin using solar energy in Texas.

Tesla is an electric vehicle manufacturer, Block is a payment platform formerly known as Square, and Blockstream is a blockchain company.

Blockstream and Block had already announced in June 2021 that they were working on building an open source and solar-powered bitcoin mining facility in the U.S.

Back stated on Friday that Tesla is building the solar energy infrastructure while supplying the megapack batteries needed for the project.

The move to promote bitcoin with renewable energy, such as solar energy, is triggered by the environmental impact of mining bitcoin with fossil fuels.

While Tesla CEO Elon Musk had initially embraced crypto in 2021 by investing and using it as a payment platform for Tesla, he had to backtrack because of the environmental impactthat comes with mining bitcoin.

The sources for this piece include an article in Reuters.



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