Block and Blockstream will use Tesla’s solar products to mine Bitcoin. The companies will fund the construction of a facility at a Blockstream factory in Texas. This is the latest in a series of major updates for Bitcoin 2022 this week in Miami.
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Tesla also holds bitcoin on its balance sheet.
Tesla to Power Solar Bitcoin Mining Units
Block and Blockstream will start mining Bitcoin from facilities using Tesla’s solar products.
The two bitcoin-focused companies will fund the construction of a Texas facility located at one of Blockstream’s mining sites. Tesla will provide a 3.8 MW solar PV array and a 12 MW residential Megapack to power the installation.
Adam Back, co-founder and CEO of Blockstream, cryptography and early Bitcoin pioneer, announced the update today at the Bitcoin 2022 conference in Miami. Back is seen as an influential figure in cryptocurrency circles, and some believe he may know or be the identity behind Satoshi Nakamoto, the pseudonymous creator of Bitcoin. Back has been at the helm of Blockstream since 2014, helping the top cryptocurrency grow by building a sidechain called Liquid and setting up mining units around the world.
Similar to Blockstream, Block (formerly known as Square) has become a key player in the Bitcoin space in recent years. The U.S. payments company, run by Bitcoin evangelist Jack Dorsey, has been pushing to help Bitcoin adoption grow through various efforts, including a DeFi exchange called TBD and backing the asset through CashApp . Yesterday, Cash App announced that it will support Bitcoin salary payments on the Lightning Network at Bitcoin Conference 2022. Block is also one of the first major companies to add bitcoin to its balance sheet in October 2021, months after Tesla announced it had made a $1.5 billion investment in the asset.
Tesla CEO Elon Musk, known for his interest in bitcoin, has led his company’s bitcoin investments, having previously revealed that he holds the asset in his personal crypto portfolio. However, he has also repeatedly expressed concerns about the environmental impact of Bitcoin mining. Musk shocked the market in May 2021 when he announced that Tesla would stop accepting bitcoin payments due to environmental concerns, even though Tesla continued to hold bitcoin on its balance sheet. The latest update hints at Musk’s commitment to supporting green mining.
Bitcoin 2022 has been in Miami all week and has seen a slew of major Bitcoin-related announcements.In addition to the Tesla and Cash App news, former Blockstream executive Samsom Mow announced yesterday Prospera, Madeira and Mexico are moving towards Bitcoin adoption. Strike CEO Jack Mallers also revealed that his company has partnered with Shopify and other payment providers to help Strike customers use bitcoin at major U.S. retailers.
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