Block Teams Up Tesla, Blockstream to Mine Bitcoin
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Blockstream and Block (formerly Square) are teaming up with Tesla to mine bitcoin (EXANTE: Bitcoin) using solar and storage technology from Tesla in Texas, CNBC has learned. The companies will particularly be using Tesla's 3.8 megawatt solar PV array and 12 megawatt-hour Megapack facilities. As per reports, the mining facility will produce a 30 PH/s hash rate.

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While the financial side of the partnerships remains unknown, Blockstream co-founder and CEO Adam Back said the initiative is designed to be a proof of concept for 100% renewable energy bitcoin mining at scale:

"People like to debate about the different factors to do with bitcoin mining. We figured, let us just prove it. Have an open dashboard so people can play along, maybe it can inform other players to participate."

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Moreover, the site will be publicly accessible and show real-time metrics of the project's performance, CNBC says. Back added that the companies want to prove their main thesis that bitcoin mining can "fund zero-emission power infrastructure and build economic growth for the future."

iHodl earlier reported that the US electric vehicle manufacturer earned $627 million thanks to its investment in bitcoin. Tesla invested in 2021 around $1.5 billion into the cryptocurrency. Later, Tesla sold $128 million worth of BTC and, as of December 31, the value of the cryptocurrency on the company's balance sheet amounted to as much as $1.99 billion.

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