Blockstream, Block, and Tesla team up on renewable Bitcoin mining facility

April 8, 2022

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Block (formerly Square) and Bitcoin infrastructure company Blockstream are Tesla ($)TSLA) Help build Bitcoin mining facilities designed to prove that BTC can help finance zero-emission electricity infrastructure.

The facility runs out of solar panels and battery chargers provided by electric vehicle manufacturers. Blockstream founder and CEO Adam Back made a presentation on stage at the Bitcoin conference in Miami on Friday. Blockstream previously announced a project with Block last year.

According to a release shared with Yahoo Finance, when the $ 12 million project is completed, 3.8 MW of renewable energy will be generated and a public performance dashboard will be displayed.

“If you’re trying to achieve funding for a solar or renewable energy project, you need to show the funder that you have a buyer for electricity, so you need a source of revenue that the project can repay its capital. Cost. ” “Our first theory after discussing with electricity producers was that Bitcoin mining could help grow a zero-emission energy infrastructure.”

Cryptocurrency miners will be seen in the immersion cooling mining tank of the TMG core stand during the Bitcoin Conference 2022 held in Miami Beach, Florida, USA on April 6, 2022.Reuters / Marco Bello

Mining facilities that haven’t been built yet in Texas “should be online within a few months,” publishing a public dashboard showing indicators of energy production and consumption for the project.

The energy intensity of Bitcoin mining remains a hotly debated topic in the political arena among climate activists, ESG investors and Bitcoin miners. Part of the problem is that much of the underlying data on the energy consumption of the mining industry is still too new to provide historical background and is often self-reported.

The Bitcoin’s total energy consumption (143 terawatt hours per year) requires more electricity than Ukrainian countries, but comparing Bitcoin’s energy usage with countries can be problematic without additional context. I also admitted that I have sex.

Miami, FL-April 7: Cryptocore, a single-phase liquid immersion cooling mining tank developed by TMG Core during the Bitcoin 2022 conference held by Murad Kheraj (R) at the Miami Beach Convention Center on April 7. We will sell at the exhibition hall. 2022 in Miami, Florida. The world's largest Bitcoin conference will take place April 6-9 and is expected to attract more than 30,000 attendees and 7 million livestream viewers worldwide (Photo courtesy of Marco Bello / Getty Images). ) — Miami, FL-April 7: Cryptocore, a single-phase liquid immersion cooling mining tank developed by TMG Core during the Bitcoin 2022 conference held by Murad Kheraj (R) at the Miami Beach Convention Center on April 7. We will sell at the exhibition hall. 2022 in Miami, Florida. The world’s largest Bitcoin conference will take place April 6-9 and is expected to attract more than 30,000 attendees and 7 million livestream viewers worldwide (Photo courtesy of Marco Bello / Getty Images). )

In the United States, Senator Elizabeth Warren (D-MA) is one of the most solid critics in the Bitcoin mining industry. In late January, Warren and other politicians Expressed concern to some large Bitcoin miners about their energy usage, pointing out how Bitcoin’s total energy consumption tripled between 2019 and 2021. Did.

but, According to a study by Ark Invest, the mining industry draws 76% of its electricity from renewable energy sources, not only helping to harness wasted natural gas, but also much more renewable than the entire US energy grid. It is possible.

According to Back, the idea behind the dashboard is real-time metrics and quarterly results to inform the debate about whether Bitcoin’s energy consumption can serve as a benefit to renewable energy development. Is to provide.

“The evidence is in the pudding,” said Buck. “If it works and economics makes sense, it will end the dispute.”