Tesla, Block and Blockstream Team Up To Mine Bitcoin Off Solar Power in Texas

Blockstream and Jack Dorsey's Block, formerly Square, are breaking ground on a solar- and battery-powered bitcoin mine in Texas that uses solar and storage technology from Tesla. Tesla's 3.8 megawatt solar PV array and 12 megawatt-hour Megapack will power the facility. From a report: Blockstream co-founder and CEO Adam Back, a British cryptographer and a member of the "cypherpunk" crew, told CNBC on the sidelines of the Bitcoin 2022 conference in Miami that the mining facility is designed to be a proof of concept for 100% renewable energy bitcoin mining at scale. [...] Miners provide demand to these semi-stranded assets and make renewables in Texas economically viable, according to Castle Island Venture's Nic Carter. The constraint is that West Texas has roughly 34 gigawatts of power, five gigawatts of demand, and only 12 gigawatts of transmission. You can think of bitcoin miners as temporary buyers who keep the energy assets operational until the grid is able to fully absorb them. Back said the off-grid mine, expected to be completed later this year, highlights another key tenet of the bitcoin network: Miners are location agnostic and can "do it from anywhere without local infrastructure."

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