Blockstream And Tesla Partner To Mine Bitcoin In Texas

Blockstream and Tesla partnered to mine bitcoin in Texas and Block will join them so let’s find out more in today’s latest Bitcoin news.

Block, formerly known as Square will join the Blockstream-Tesla team and will mine Bitcoin in Texas. BTC mining is seen as an activity that incentivizes the monetization of renewable power production. Tesla’s solar PV array as well its 12-megawatt-hours Megapack will power the mining facility located in Western Texas. Block also stated that a 100% solar-powered BTC mining project with Blockstream by using solar and storage tech from Tesla, will help them to furhter accelerate the BTC synergy with renewables.

The CEO of Blockstream, Adam Back, said during the Bitcoin 2022 Conference that the company will launch a dashboard capable of putting the power performance data alongside the number of total BTC mined on display and this is to prove that the mining can fund zero-emission power infrastrcuture and to build economic growth for the near future.

The miners are just like energy buyers that create a financial incentive for improving the core economics of renewable power production and will provide the demand for vast renewable energy sources available in Texas. This is a feasible way of renewable allocation. If the project proves profitable in the pilot stage according to Back, the companies involved will add wind power and another source of energy to power the mining and to scale the project. This can reduce the costs and help counteract the impact of solar during downtime. Block’s CEO Jack Dorsey and Tesla’s CEO Elon Musk were touted as major bitcoin supporters. Right now, Blockstream and Tesla will also work together and try to improve and boost the mining process.

Speaking of Block, Block or formerly known as Square, said that an ex Block employee downloaded Cash app investing reports that have customer names and brokerage account numbers back in December after he left the company. After the news, the stock price was down by 7% to $124. Block determined the breach occurred which means that it went undetected for four months. As of December, the app had 44 million monthly transacting customers in the US and Europe according to Block’s reports.