Block payment company and cryptocurrency company Blockstream to start trading with Tesla Building a bitcoin mining factory moves solar power in Texas. Bitcoin is the largest and most recognized cryptocurrency in the world, but has often been criticized by environmentalists for its alleged adverse environmental effects. Not only does Bitcoin mining use a lot of electricity, but Bitcoin transactions are also considered extremely energy-intensive. Given Bitcoin’s environmental impact, proponents hope that solar mining rigs will help offset some of its carbon footprint.
Tesla has already invested heavily in Bitcoin, with some estimates suggesting it could reach $1.5 billion. Tesla has also started accepting bitcoin for new cars in the past year, although that option has been retired quickly due to concerns about bitcoin’s impact on the environment. Meanwhile, Musk is a major defender of Dogecoin and Tesla accepts memecoin as payment for select products. Musk also said Tesla might consider accepting bitcoin payments again in the future if it uses renewable energy for mining.
While environmentalists continue to push to reduce Bitcoin’s negative environmental impact, some cryptocurrency companies are now trying to use renewable energy to mine cryptocurrency. As part of the initiative, a joint venture bitcoin mining project between blockchain firm Blockstream and payment firm Block announced a partnership with Tesla to launch a large-scale zero-emission bitcoin mining project using only solar energy. Communications from Tesla Solar, while the solar storage solutions will be from Tesla Megapack.
Construction on the new facility, which begins this week, will launch an open code bitcoin mining operation powered by a 3.8 megawatt (MW) Tesla solar photovoltaic array and a 12 megawatt-hour (MWh) Tesla Megapack battery. The factory is expected to be completed this year. Once live, a public access panel will display energy logging, bitcoin mining and solar data points and alerts.
In line with the Cambridge Bitcoin Electricity Consumption Index, Bitcoin Mining consumes more power than many industrialized countries, including the Netherlands. In addition, Bitcoin transactions consume a lot of energy and it is estimated that each transaction consumes 2,292.5 kWh. a typical American house for 78 days, so a sustainable bitcoin mining plan in Texas TeslaBlock and Blockstream are a well-known movement. This will help enough to prove that cryptocurrencies can provide financing “Emission-free electricity infrastructure and building future economic growth” In consultation with Blockstream CEO and co-founder Adam Black.
source: Public Relations Network, Cambridge Bitcoin Electricity Consumption Index, digital economist