Jack Dorsey’ Block Is Working On Tesla-Powered Solar-Powered Bitcoin Mining

blockchain green energy

Blockstream and Block Inc are working to create a solar-powered Bitcoin mining farm to combat the environmental problems of Bitcoin network operations.

Right now, Bitcoin’s decentralized nature is at a peak, meaning there is huge competition among the miners to mine Bitcoin. This strong competition among the Bitcoin mining companies increases the consumption of high computational energy and power, resulting in massive carbon dioxide (CO2) emissions into the Earth’s environment. Bitcoin critics always choose pollution because of the Bitcoin network.

To combat such bitcoin network pollution challenges, Blockstream and Block Inc are working to build a bitcoin mining system, based on all-solar energy. These two companies use Tesla solar panels.

This mining facility is under construction in Texas where the influx of Bitcoin miners and their mining capacity are constantly increasing as they get a better ecosystem for Bitcoin mining activities.

With the use of Tesla’s photovoltaic solar cell, the Bitcoin mining facility will reach a total potential of 3.8 megawatts (MW) of electrical power. And they will also set up a 12 MWh Megapack, a very powerful electricity storage battery powered by Tesla.

Theoretically, this initiative by these two companies was aimed at getting to zero carbon Bitcoin mining operations, but it is not getting a better response from the legendary Bitcoin mining companies.

In the middle of last year, the world’s largest Bitcoin mining pool, Braiins, conducted research and analysis of the Bitcoin solar mining system and concluded that if we assume electricity costs are about zero and in favorable weather, still in those situations Bitcoin solar powered mining operations cannot make a profit.

It will be interesting to see if these two companies introduce a better idea for the Bitcoin mining system. Block (formerly Square) was already working on his decentralized bitcoin mining system and also mining rigs to create a highly efficient Bitcoin mining system and also make it accessible to the whole world just like a graphics card on PCs.

Also Read: 5 Out Of 12 Crypto Firms Operating Under Temporary Regime In UK

Leave a Reply

Your email address will not be published. Required fields are marked *