Blockstream CEO Adam Back announced that Blockstream and the bitcoin infrastructure company Blockstream have started construction on a new open source bitcoin mining facility. It will be powered by Tesla’s solar and energy storage products.
He said, “This is a step towards proving our thesis Bitcoin mining can fund zero emission power infrastructure and build economic prosperity for the future.” It is expected that the facility will be complete by the end of this year. The project will produce 3.8 Megawatts (e.g.) of solar renewable energy. Off-grid energy and a 30 Petahash PH hash rate
Block announced the $12 million joint initiative in June 2021, as part of its pledge to become carbon neutral by 2030. Blockstream will provide the other half of the $6 million investment. The facility will be constructed at Blockstream’s Texas site.
Back, a British cryptographer, co-founded Blockstream in 2014. His early proof of work system had a profound impact on Satoshi Nakamoto, the anonymous creator of bitcoin. Blockstream, Victoria, Canada, is most well-known for creating Liquid, a sidechain that allows cryptocurrency traders, exchanges, and institutions to issue digital assets, and to conduct transactions at a faster speed than the bitcoin network. It also provides hosting, mining and energy efficiency development services.
The announcement states that the dashboard will provide real-time metrics on the project’s performance including power output, bitcoin mined, and regular reports on its economics. The dashboard will include data points on storage and solar performance in a later version. This is to be used as a case study for industry projects.
Recently, many bitcoin miners have switched to green strategies, despite being frequently criticized for their high energy consumption. In Texas, which is the most popular spot for crypto mining, miners such as HODL Ranch or Riot Blockchain, buy excess energy, and then release it back onto the grid to ensure there is enough power for extreme events, like ice storms or heat waves. also connect with grids where the majority comes from renewable energy sources, like solar and wind.
Marathon Digital Holdings, the largest bitcoin miner publicly traded (MARA), stated that it intends to move its mining machines from Montana’s coal-powered site to new (unspecified locations) with’more sustainable and non-carbon emitting power sources.