Tesla, Blockstream and Block start work on Bitcoin mining facility that runs on renewable energy

What 

The three tech giants have finally started work on a Bitcoin mining facility in Texas that will run 100% on renewable energy, following an announcement of the partnership in June last year

Why 

The proof of concept mining facility seeks to prove that Bitcoin can be mined using only renewable energy, thereby proving that mining Bitcoin can actually contribute to the financing and development of renewable energy projects

What next 

The project will run an open dashboard that will be updated with real-time metrics, including the financials and the hashrate 

The story 

“This is a step to proving our thesis that bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future,” said Blockstream co-founder Adam Back, speaking to CNBC at the recent Bitcoin Miami conference. The project will be powered by Tesla’s solar panels and its Megapack battery, and is expected to produce 3.8 MW of renewable energy. 

Block and Blockstream have each provided half of the funding, while Blockstream is providing the infrastructure and expertise to build and manage the project. The facility will cost around $12 million to operate, a relatively small facility by Blockstream standards.

“We’re interested to prove our thesis that Bitcoin mining can help fund green power infrastructure,” Back said. The project will provide an open dashboard where financials and other metrics like the hashrate will be displayed in real time. 

Back explained that Bitcoin miners that tap into the oversupply of power from renewable plants such as this one can help with the funding of these projects in future, actually contributing to the drive for renewable energy. “It’s basically off-grid, so you can do this anywhere,” he said.

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