Elon Musk led Tesla Inc. collaborates with Jack Dorsey’s Block Inc. and crypto firm Blockstream Corp. to mine Bitcoin at Tesla Texas Solar Plant.
Tesla Inc. collaborates with Jack Dorsey’s Block Inc. and crypto firm Blockstream Corp. to mine Bitcoin at a solar-powered battery manufacturing facility run by the automaker in Texas. The mining farm will leverage Tesla’s energy storage technology with large-scale rechargeable batteries on site, Blockstream chief executive Adam Back said at the Bitcoin 2022 conference in Miami. Back did not specify the location.
The venture is the latest manifestation of Tesla CEO Elon Musk and Twitter co-founder Dorsey’s alignment of interests, including on Bitcoin’s energy consumption. Earlier this week, Dorsey said he was happy to have Musk join Twitter’s board after Musk revealed his significant stake in the social media giant.
Musk expressed interest in Bitcoin and Dogecoin early last year and enabled Tesla customers to buy electric cars with Bitcoin, helping send the crypto market to record highs. However, the automaker later suspended the opening of Bitcoin payment citing environmental concerns about Bitcoin mining.
The latest move comes after Block, formerly known as digital payments company Square, secured a purchase from Intel Corp’s Bitcoin mining chip. Buyers of the chip can potentially manufacture their own mining rigs or receive an assembled machine from the chipmaker.
Dorsey revealed the plan to decentralize Bitcoin mining and make the token’s network more secure with Block earlier this year.
Meanwhile, Dorsey has fully embraced the biggest cryptocurrency by including the Bitcoin Lightening Network micropayment in Twitter’s toggle feature and launching the NFT profile feature. He funded bitcoin developers and planned to decentralize bitcoin mining.
Tesla’s first-quarter filing revealed the company held $2.48 billion in Bitcoin as of March 31. Bitcoin revenue contributed more than half of Block’s Cash App total net income, according to a separate filing.
Central and West Texas are among the regions rich in wind and solar energy. Bitcoin miners have flocked to the region, installed mines or increased transmission capacity over the past year.
A Tesla subsidiary registered as Gambit Energy Storage LLC is building a more than 100 megawatt energy storage project in Angleton, Texas, a town about 40 miles south of Houston.