Tesla Ventures Into 100% Solar-Powered Bitcoin Mining

Tesla is reportedly teaming up with payments platform Block and blockchain tech company Blockstream to mine Bitcoin (BTC) in Texas using solar energy. They will mine BTC using Tesla’s solar panels and proprietary battery storage packs.

According to the report, the mining outfit will feature an open dashboard where anyone can keep track of the facility’s metrics.

Co-founder and CEO of Blockstream, Adam Back, told CNBC at the Bitcoin 2022 conference in Miami that the facility is designed to prove that mining the top crypto asset by market cap can be done purely using 100% renewable energy.

Adam Back said:

“People like to debate about the different factors to do with Bitcoin mining. We figured, let’s just prove it. Have an open dashboard so people can play along…

We’re interested [in proving] our thesis that Bitcoin mining can help fund green power infrastructure.”

According to Adam Back, if the program proves to be profitable, the companies would consider adding wind power to complement solar energy.