Blockstream, along with Block collaborating with Tesla for energy-efficient Bitcoin mining

Crypto mining is usually linked with heavy energy consumers and is environmentally bad by opponents, but firms are trying their best to eliminate the problem

CEO of bitcoin infrastructure firm Blockstream, Adam Back, has announced the beginning of constructing an all-new open-source bitcoin mining facility. The key point here in the project, partnered with a digital payments company, formerly known as Square, Block, is that the mining facility would be powered by solar and energy storage products provided by Tesla’s electric vehicle and clean energy. 

Adam Back said in his announcement that the step would prove the company’s thesis that even the4 bitcoin mining can also fund power infrastructure having zero-emission and building economic growth for upcoming times. The new facility is planned to be completely constructed later this year. It will result in solar renewable power of 3.8 megawatts as projected, for instance, off-grid energy and a hash rate of about 30 Petahash. 

The joint initiative worth $12 million was first announced in June of 2021 as part of the carbon-neutral pledge of Block by 2030. The crypto exchange platform will invest about $6 million, and the other half of the investment will be provided by infrastructure firm, Blockstream. The bitcoin mining facility will be built in Texas, where Blockstream has one of the US sites.  

Blockstream was co-founded by Adam Back in 2014, a British cryptographer who developed a proof of work system earlier, which influenced the anonymous creator of bitcoin, Satoshi Nakamoto. For the same reason, Back himself was rumored to be Satoshi Nakamoto. The company is best known for creating Liquid, a sidechain of bitcoin that made crypto exchanges able to trade and issue digital assets and conduct the transaction more swiftly than the speed that the bitcoin network allows. Blockstream also offers several other services like mining, hosting, and the development of energy efficiency infrastructure. 

The announcement also added that a dashboard showing metrics of the project’s performance in real-time would be available that would be publicly accessible, in addition to providing reports on the economics of the project regularly. The dashboard will also showcase the power output and mind bitcoin’s amount. Later the dashboard will also include further updates on performance data points of solar and storage to serve as a case study in the industry for future projects. 

Earlier the largest bitcoin miner, publicly-traded Marathon Digital Holdings (MARA), has said about its plans to relocate its mining machine to somewhere new. The current place where mining machines are located is a coal-powered site in Montana, but the new locations would have more sustainable and no carbon-emitting power sources. 

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Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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