Tesla is developing a new farm to mine bitcoins in a fully sustainable manner. The project, which will use solar energy, will have components created by the electric car company.
In addition to Tesla, the mining farm will have the participation of Blockstream and Block, partner platforms of the project. According to the sustainable proposal, the facility will operate in Texas, United States.
Tesla will mine bitcoins in a sustainable way
Through solar energy, the company created by Elon Musk intends to mine bitcoins. The farm will use photovoltaic panels made by Tesla, which can generate power equivalent to 3.8 megawatts/hour.
Another device used on the mining farm premises is the batteries designed by Elon Musk. In this way, the equipment can store up to 12 megawatts of energy every hour.
The project’s proposal seeks to create sustainable ways to generate new blocks in the Bitcoin network. Currently, cryptoasset transactions use the proof of work protocol, which cause large electricity consumption.
Thus, in an interview with CNBC, Blockstream co-founder and CEO Adam Back said that the mining farm will use 100% renewable energy. The cypherpunk further stated that all users would be able to track the solar energy consumption of the project.
“People like to debate about the different aspects related to bitcoin mining. So then we thought, let’s prove it. We will have an open forum so people can act as active players, and maybe they can inform other players to participate as well”.
The consumption of electricity through bitcoin mining concerns personalities like Elon Musk. In 2021, the billionaire suspended bitcoin payments on Tesla’s marketplace by stating that the cryptoasset was not sustainable.