(Bloomberg) — Jack Dorsey's Block Inc. and blockchain technology firm Blockstream Corp. plan to mine bitcoin at Tesla Inc.'s solar plant in Texas.
The electric carmaker's 3.8-megawatt solar photovoltaic and 12-megawatt-hour megapack will power the mining facility, said Adam Back, CEO of Blockstream, at the 2022 Bitcoin Conference in Miami. Such facilities can store and stabilize energy production from intermittent solar and wind generations.
The move came after Block, formerly known as digital payments company Square, secured a purchase of Intel Corp.'s efficient bitcoin mining chip. Chip buyers can potentially make their own mining rigs or receive an assembled machine from the circuit manufacturer.
Earlier this year, Dorsey unveiled the plan to decentralize bitcoin mining and make the token's network more secure with Block.
The central and western parts of Texas are among the regions with abundant wind and solar energy resources. In the past year, hordes of bitcoin miners installed mines or expanded their transmission capacity in the region.
Original Note:
Tesla to Partner With Block to Mine Bitcoin at Texas Solar Plant
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