Blockstream has started construction on the all-solar Bitcoin miningmining facility it’s building in Texas with Block, Inc. and Tesla.
The partnership was announced last year, when Block (formerly known as Square) committed $5 million to the project. According to Blockstream, the facility will be completed by the end of 2022.
The solar mining operation will use Tesla photovoltaics and Megapack battery equipment to run entirely on renewable energy. The 3.8 megawatt (MW) Tesla solar array and 12 megawatt-hour (MWh) battery will generate 30 petahashes per second of mining power.
Hash rateHash rate refers to the total combined computational power used to mine and process transactions.
At the current Bitcoin price of $43,676.41, the facility could mine roughly 4.11 BTC per month, according to Cryptocompare.
We're excited to share our collaborative effort with @Blocks to build a fully solar-powered #BitcoinMining facility has begun.@Tesla photovoltaics & Megapack will power the 30 PH/s facility, aiming to show the world 100% zero-emission #Bitcoin mining at scale is viable. ☀️🔋 pic.twitter.com/C1YVyn5ktS
To put that into perspective, the Blockstream facility will be very small compared to the 300 MW operation that RIOT Blockchain has built at Whinstone U.S., a former Alcoa aluminum plant, in Rockdale, Texas. When the RIOT operation is complete, the 100-acre site will generate 750 MW of power.
But Blockstreams and its partners haven’t necessarily set out to build the biggest North American Bitcoin mining facility. They want to show that it can be done with all renewable energy.
“This is a step to proving our thesis that bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future,” Blockstream co-founder and CEO Adam Back told CNBC at the Bitcoin 2022 conference in Miami.
To that end, Blockstreams plans to maintain a public dashboard so that people can see its power output and Bitcoin production. A later version will also report on uptime, power storage and solar power being generated by the Tesla array.
Tesla CEO Elon Musk, has long said he wants to see more Bitcoin mining rely on renewable energy sources.
Tesla Solar + Powerwall battery enables consumers to be their own utility
Metaplanet Inc. plans to establish a wholly owned subsidiary in Florida, aiming to raise $250 million to further fuel its Bitcoin treasury strategy.
The Tokyo-listed investment firm, which crossed the 5,000 BTC threshold last week, will operate its new entity as Metaplanet Treasury Corp. to expand its access to U.S. institutional investors and bolster 24-hour operations across time zones.
"The reason for choosing Florida is clear: the state is rapidly emerging as a global hub for Bitcoin innovat...
Medical device company Semler Scientific purchased another 165 Bitcoin for $15.7 million between the dates of April 25-29, bolstering its Bitcoin treasury to 3,467 BTC.
The purchase marks the firm’s second major Bitcoin acquisition in the last week after it announced that it added 111 BTC for $10 million on April 25. As of Wednesday, Semler’s Bitcoin treasury is valued at more than $327 million.
“We bleed orange,” Semler Scientific Chairman Eric Semler posted on X (formerly known as Twitter), j...
Galaxy Digital Holdings plans to list on the Nasdaq Global Select Market next month, the firm said Wednesday in a statement, a byproduct of the pro crypto pivot of U.S. federal regulators and policymakers.
The listing, which is subject to shareholder approval, will tentatively go live on May 16, according to Galaxy Digital's statement. The company's Class A common stock will trade under the ticker GLXY.
In listing on the Global Select Market, Galaxy Digital aims to broaden its access to capital,...