Tesla, Block, and Blockstream to mine bitcoin off solar power in Texas

Tesla, Block, and Blockstream to mine bitcoin off solar power in Texas.

Tesla, Block, and Blockstream to mine bitcoin off solar power in Texas

Electric-vehicle maker Tesla Inc TSLA.O>, payments firm Block Inc (SQ.N), and blockchain company Blockstream Corp will collaborate in mining bitcoin using solar power in Texas, Blockstream CEO Adam Back said on Friday.

Tesla is building the solar power infrastructure and providing its Megapack batteries, Back added.

Blockstream and Block, previously known as Square, had said in June that they were collaborating to build an open-source and solar-powered bitcoin mining facility in the United States.

Bitcoin is created when high-powered computers compete against other machines to solve complex mathematical puzzles, an energy-intensive process that often relies on fossil fuels.

In May last year, environmental concerns related to bitcoin mining prompted Tesla to stop accepting bitcoin for car purchases.

Tesla and Block did not immediately respond to requests for comment.


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