Tesla, Block, Blockstream to mine Bitcoin from solar power in Texas





Electric vehicle maker Tesla, payment company Block Inc and blockchain company Blockstream Corp will collaborate to mine bitcoin using solar power in Texas, Blockstream CEO Adam Back said Friday.

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

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

Bitcoin is created when powerful computers compete with other machines to solve complex mathematical puzzles, an energy-intensive process that currently often relies on fossil fuels. (Bitcoin price in India at 10:57 a.m. on April 9 is Rs. 34,01,602)

Environmental concerns related to bitcoin mining had in May last year prompted Tesla to stop accepting bitcoin for car purchases.

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

© Thomson Reuters 2022


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