Bitcoin mining in Texas using 100% renewable energy?

Two US tech companies have announced the opening of Bitcoin mining factories powered by Tesla batteries and solar panels. Consumption data from this Texas-based website will be publicly available.

The American giants want to find solutions

Two tech companies, Block (ex-Square) and Blockstream are preparing to launch a fully solar-powered bitcoin mining hub in June, a new attempt to lower the ecological cost of cryptocurrencies.

Paperless payments group Block and blockchain specialist Blockstream have each invested $6 million in the pilot project, which will initially produce around 0.1 bitcoin per day, manager Adam Baker told AFP’s Reuters on Friday.

Important feature, this farm runs on solar power and batteries only. Its installation is supported by the American company Tesla, which is expected to supply 3.8 MW of photovoltaic panels and 12 MWh of batteries.

All the information about the mining rig’s performance is displayed in real-time: energy production, total bitcoins mined, and even solar and storage statistics. Adam Black also explained that this will be designed as a Proof of Concept (PoC) for Bitcoin mining using 100% renewable energy: “This is a step to prove our thesis that mining Bitcoin mining is a finance emission-free electricity infrastructure and build economic growth for the future. »

More than just creating bitcoin, “the goal is to show that ‘mining’ can help fund renewable energy infrastructure.” According to Adam Back, bitcoin creation hubs can only use excess capacity from facilities that generate renewable energy, while most of the electricity would be used for routine domestic and commercial consumption.

The creation of bitcoins requires a series of complex computer calculations that require ever-increasing amounts of electricity. In this way, the creative activity will make it possible to smooth consumption related to renewable energies, avoiding peaks and troughs. The website’s consumption data will be publicly available.

Make blockchain greener

Adam Back said the two project partners are already planning to expand the site by 100 if the testing phase is successful. At this time, we do not know the size and power of the unit, nor its mining capabilities.

We discovered it a few months ago, Elon Musk is a passionate advocate for the environment and renewable energy. In May of last year, he slammed the environmental impact of Proof-of-Work (PoW) mining while announcing that Tesla would stop accepting BTC payments until its environmental impact developed.

Since then, Tesla’s CEO has pledged to support the ecological transformation of bitcoin miners. Last year, he hosted a get-together with North American miners to persuade them to share their current and future strategies for using renewable energy in their operations, and urged their peers around the world to do the same.

This is not the first cryptocurrency project that relies entirely on renewable energy. For example, in El Salvador, where bitcoin is now an official currency, mining uses geothermal power plants that harness energy from nearby volcanoes.

At the Bitcoin 2022 conference in Miami, Adam Back told US broadcaster CNBC that the project must demonstrate the feasibility of Bitcoin mining using 100% renewable energy. The creation of bitcoin requires a series of complex computer calculations that require ever-increasing amounts of electricity. As a result, the mining farm’s website will include a publicly available record of the energy generated on site and the amount of Bitcoin mined, according to CNBC.

Leave a Comment