Blockstream, a blockchain technology firm, has kick-started the construction of a Bitcoin mining facility that is all solar. The company is building the Bitcoin mining facility in partnership with Block, Inc., And Tesla, in Texas.
The collaboration was declared last year when Block, formerly called Square, dedicated $5 million to the project. The facility is expected to be completed by the 2022 end, says Blockstream.
The solar mining operation will be utilizing Megapack battery equipment and Tesla photovoltaic, in order to operate completely on renewable energy. The 12 megawatt-hours (MWh) battery and 3.8 megawatts (MW) Tesla solar array will create 30 petahashes per second of mining power.
According to the hash rate, the total combined computational power is used to mine and process transactions.
At the time of writing, the price of Bitcoin was standing at $42,489.08 and as per the data from Cryptocompare, the facility could mine roughly 4.11 BTC per month.
It is also important to note that the Blockstream facility will be pretty small in comparison to the 300 MW operation that RIOT Blockchain has developed at a former Alcoa aluminum plant in Rockdale, Texas named Whinstone U.S. The 100-acre site will be producing 750 MW of power once the RIOT operation is over.
However, Blockstream and its partners aren’t exactly constructing the biggest North American Bitcoin mining facility. They just want to derive home the fact that it can be done with all renewable energy.
Adam Back, co-founder and CEO at Blockstream, in an interview with CNBC during the Bitcoin 2022 conference in Miami said that it is a step towards proving “our thesis that bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future.”
In order to put an end to it, Blockstream intends to create a public dashboard where anyone would be able to see its Bitcoin production and power output. Besides, there will also be a later version that will provide updates on power storage, uptime, and solar power being generated by the Tesla array.
On the other hand, Tesla and SpaceX CEO have long stated that he wishes to see more Bitcoin mining being dependent on renewable energy sources.
ALSO READ: 13 Year Nyla Hayes Becomes Multimillionaire via NFTs Featuring Long-Necked Women
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2022/04/09/blockstream-tesla-and-block-kick-start-construction-on-all-solar-bitcoin-mining-facility-in-texas/