Leading blockchain infrastructure builder Blockstream and financial services provider Block (previously Square) will build a facility in Texas for mining Bitcoin using Tesla's solar and storage technology.
Related: Square and Blockstream to Create Solar-Powered BTC Mining
Adam Back, Blockstream's co-founder, and CEO unveiled the news at Bitcoin 2022. Together with Jack Dorsey's Block, the companies will use Tesla energy resources for a $12 M BTC mining facility powered by the photovoltaic system (PV system) and the battery storage, Tesla Megapack.
Block and Blockstream revealed their plans to develop a BTC mining facility for the first time in June. According to the plans, the facility will be a proof-of-concept for 100% green energy and built due to an open partnership.
Back revealed that the companies will contribute $6 M to the project. He mentioned that the project will serve to prove that BTC solves energy crises and doesn't create them.
Adam Back believes Bitcoin can act as a baseload, helping projects maximize their profits and creating bigger power infrastructure.