Blockstream and Block are developing a pilot crypto mine in Texas which will be powered by a Tesla solar installation.
The news was announced by Blockstream CEO, Adam Black at the Bitcoin 2022 Conference in Miami where he said that the pilot is intended to show that the mining of Bitcoin can fund renewable energy installations and innovation. He said:
“Building things is a better solution than arguing about things.”
The project will be completely off-grid and real-time operational and financial information about the mine, including hashrate and energy consumption, will be publicly available in a dashboard, Back said, adding:
“When people publish just analyst reports, and articles, and blog posts, and data, they are all suspicious. But if we publish the raw data, the raw financial information, I think it speaks for itself.”
The Bitcoin mining operation is expected to be up and running around summer and the $12 million in development costs will be split evenly between Blockstream and Block.
Noting that Bitcoin can be a catalyst for renewable energy, Back said:
“Bitcoin is not the question, Bitcoin is the answer.”
In October of last year, Jack Dorsey, already leaked plans of developing a Bitcoin mining system as he stressed the importance of clean energy mining solutions, a long-used and popular point of critique by Bitcoin adversaries:
“Driving towards clean and efficient energy use is great for Bitcoin’s economics, impact, and scalability. Energy is a system-level problem that requires innovation in silicon, software, and integration,”
In January of this year, Block reconfirmed its ambition of building an open-source Bitcoin mining system. Thomas Templeton, General Manager at the firm said that they “want to make mining more distributed and efficient in every way, from buying, to set up, to maintenance, to mining.”
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