Blockstream, Block, and Tesla join forces to build a fully solar-powered mining facility in Texas, expected to be completed by the end of the year

Blockchain technology company Blockstream, in collaboration with payment company Block (formerly Square) and Tesla, is set to build a "fully solar-powered" Bitcoin mining facility in Texas, expected to be completed by the end of 2022.

All Solar-Powered Mining

According to a announcement by Blockstream, the mining facility will be powered by Tesla's 3.8 megawatt (MW) solar photovoltaic (PV) and 12 megawatt-hour (MWh) Megapack grid-scale energy storage for 100% solar-powered mining.

Blockstream will also provide 24/7 real-time data metrics including power output, bitcoin production, solar power operation status, power reserves, etc., for analysts and blockchain enthusiasts to monitor, serving as a real-time case study for net-zero carbon emissions.

Green Mining Yet to Be Achieved

Compared to the mining facility of listed mining company RIOT Blockchain in Texas, Blockstream's new mining facility has only about one-tenth of the power supply, aiming to demonstrate that bitcoin mining can be fully executed using green energy.

Adam Back, co-founder of Blockstream, stated at the 2022 Bitcoin Miami conference:

This is the first step to prove our point, that bitcoin mining can fund zero-carbon facilities and provide momentum for future economic growth.

Since Tesla's CEO Elon Musk stated in 2021 that bitcoin is not environmentally friendly and suspended accepting payments, stakeholders in the mining industry have been eager to prove the feasibility of green mining, including purchasing carbon credits and similar initiatives to promote green mining like Blockstream.

Tesla is the second-largest bitcoin holder among publicly traded companies, and Musk explicitly stated that once green mining reaches 50%, Tesla will resume accepting bitcoin payments.