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Tesla, Blockstream, Block to Mine Bitcoin Using Solar Power in Texas

Blockstream is reportedly in the process of starting to build an all-solar Bitcoin mining facility it is building in Texas with Block, Inc. and Tesla.

The partnership was announced last year, when Block (formerly known as Square) committed $5 million to the project. According to Blockstream, the facility will be completed by the end of 2022.

The solar mining operation will use Tesla photovoltaic equipment and Megapack batteries to run entirely on renewable energy. Tesla’s 3.8 megawatt (MW) solar array and 12 megawatt hour (MWh) battery will generate 30 petahashes per second of mining power.

Hashrate refers to the total combined computing power used to mine and process transactions.

At the current Bitcoin price of $43,676.41, the facility can mine around 4.11 BTC per month, according to Cryptocompare.

To make that happen, the Blockstream facility will be tiny compared to the 300 MW operation that RIOT Blockchain has built at Whinstone U.S., a former Alcoa aluminum plant, in Rockdale, Texas. When RIOT operation is complete, the 100-acre site will generate 750 MW of capacity.

But Blockstreams and its partners are not necessarily building the largest Bitcoin mining facility in North America. They want to show that it can be done with all renewable energy.

“This is a step to prove our point that bitcoin mining can fund zero-emissions energy infrastructure and build economic growth for the future,” said Blockstream Co-founder and CEO, Adam Back told CNBC at the Bitcoin 2022 conference in Miami.

To that end, Blockstreams plans to maintain a public dashboard where everyone can see its electricity and Bitcoin output. A newer version will also report on uptime, electricity storage capacity, and solar energy generated by the Tesla array.

Tesla CEO Elon Musk has long said that he would like to see more Bitcoin mining based on renewable energy sources.