“Weʼre excited to start the construction of this facility using Tesla Solar and Megapack,” said Adam Back, CEO and co-founder at Blockstream. “This is a step to proving our thesis that Bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future.”
MIAMI (PRWEB) April 08, 2022
Blockstream today announced construction has begun on a new solar-powered Bitcoin mining facility. The 3.8 Megawatt (MW) Tesla Solar PV array and 12 megawatt-hours (MWh) Tesla Megapack will power the open-source, solar-powered Bitcoin mining facility at a Blockstream Mining site in the United States, a significant development that supports the previously announced project between Blockstream and Block, Inc.
The unique mining facility, once completed, will:
- Result in a projected 3.8 Megawatts of solar renewable power (e.g. off-grid energy), 30 Petahash (PH) hash rate
- Include a public-facing performance dashboard for the project
- Aim to show that Bitcoin mining can fund zero-emission power infrastructure starting with a proof-of-concept for 100% renewable energy Bitcoin mining at scale
- Strengthen the Bitcoin network by diversifying Bitcoinʼs energy sources
- Encourage new innovations in powering zero-emission Bitcoin mining
“Weʼre excited to start the construction of this facility using Tesla Solar and Megapack,” said Adam Back, CEO and co-founder at Blockstream. “This is a step to proving our thesis that Bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future.”
Blockstream will provide the mining infrastructure and expertise to build and oversee the project, with the Bitcoin mining facility aiming to be completed later this year. In addition to providing regular reports on the economics of the project, a publicly accessible dashboard showing real-time metrics of the projectʼs performance, including power output and bitcoin mined will be made available. A later version of the dashboard will also include solar and storage performance data points.
This transparency will allow the project to serve as an industry case study for future projects.
“By collaborating on this full-stack, 100% solar-powered Bitcoin mining project with Blockstream, using solar and storage technology from Tesla, we aim to further accelerate Bitcoinʼs synergy with renewables” said Neil Jorgensen, Global ESG Lead at Block and Project Lead for Blockʼs Bitcoin Clean Energy Initiative.
About Blockstream Mining
Founded in 2014, Blockstream is the global leader in Bitcoin and blockchain infrastructure. Blockstream Mining offers turnkey Bitcoin mining services and solutions designed to provide institutions full transparency and control over their mining operations. By providing secure state-of-the art facilities for a reliable miner colocation, coupled with exceptional technical talent infrastructure, Blockstream Mining purpose-built data centers meet the strict physical and network security requirements of global institutional and enterprise customers. Keeping mining carbon emissions to a minimum, current mining sites are located in the US and Canada, using a majority of non-fossil power sources.
About Block, Inc.
Block, Inc. (NYSE: SQ) is a global technology company with a focus on financial services. Made up of Square, Cash App, Spiral, TIDAL, and TBD, we build tools to help more people access the economy. Square helps sellers run and grow their businesses with its integrated ecosystem of commerce solutions, business software, and banking services. With Cash App, anyone can easily send, spend, or invest their money in stocks or Bitcoin. Spiral builds and funds free, open-source Bitcoin projects. Artists use TIDAL to help them succeed as entrepreneurs and connect more deeply with fans. TBD is building an open developer platform to make it easier to access Bitcoin and other blockchain technologies without having to go through an institution.