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Tesla, Block, Blockstream to Mine Bitcoin Off Solar Power in Texas
Electric-vehicle maker Tesla, payments firm Block Inc and blockchain company Blockstream Corp will collaborate to mine bitcoin using solar power in Texas, Blockstream CEO Adam Back said on Friday.
Tesla is building the solar power infrastructure and providing its Megapack batteries, Back added.
Blockstream and Block, which was previously known as Square, had said in June that they were collaborating to build an open-source and solar-powered bitcoin mining facility in the US.
Bitcoin is created when high-powered computers compete against other machines to solve complex mathematical puzzles, an energy-intensive process that currently often relies on fossil fuels. (Bitcoin price in India as of 10.57am on April 9 is Rs. 34,01,602)
Environmental concerns related to bitcoin mining had in May last year prompted Tesla to stop accepting bitcoin for car purchases.
Tesla and Block did not immediately respond to requests for comment.
© Thomson Reuters 2022
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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