Tesla to mine “green” Bitcoin using solar energy
This is Tesla’s plan. An American company, one of the 10 largest in the world, has just joined forces with Block and Blockstream to mine “green” Bitcoins. Although this project is presented today, it is actually the result of an initial collaboration between Block and Blockstream that began in June 2021.
To create this eco-friendly mining farm, interested parties want to be located in Texas and use solar energy. The solar technology will be Tesla’s own development.
To tell about their ambitions, the companies issued a press release. It says the project should be completed by the end of 2022. As a justification for this collaboration, Adam Back, co-founder of Blockstream, mentions the desire to prove that Bitcoin mining can be carried out on a large scale using renewable energy. It seems to be becoming more and more likely.
Indeed, according to the CryptoSlate platform, in a few years there has been a jump in the production of cryptocurrencies using renewable energy sources. It has grown from 1% to more than 58% today. And this trend will continue.
How will this objects work?
A press release about the project states that the farm will be powered by 3.8 megawatts of solar panels. It is accompanied by a mega package with a capacity of 12 megawatt-hours. This equipment will be supplied by Tesla giant. In terms of performance, the operation should provide a hashrate of 30 petahash per second.
The installation will also be equipped with a dashboard. This would allow the general public to monitor the progress of the project and its development in real time. The main performance indicators include energy production and the total amount of BTC mined with the installation. Thus, Tesla intends to offer an interactive project. And why not see how other projects will follow suit.
In any case, this more environmentally friendly setup raises questions about the California firm`s interest in Bitcoin. In recent months, Tesla has changed its attitude to BTC several times. And all this against the background of environmental issues.
BTC, first accepted as a means of payment and then rejected by Elon Musk, may regain some popularity due to Tesla. To such an extent as to make it a generally accepted means of payment? Well, the BTC doesn`t actually need this. In any case, this is the path that many supporters of the cryptocurrency world agree with.
Bitcoin mining is a relevant issue
The emergence of a real ecological consciousness is the main issue of the 21st century. And in this matter Bitcoin is clearly not an exception to the rule. Bitcoin is being regularly criticized for its high energy consumption, and this causes controversies. But…
It is based on the proof of work principle. The mining protocol is designed in such a way that mining becomes more and more complex. It takes more and more computing power to solve longer mathematical calculations. This complexity gradation requires more energy consumption. And this is the mechanism of exponential consumtion that seems the most frightening.