(Bloomberg) — Jack Dorsey’s Block Inc. and crypto firm Blockstream Corp. plan to mine Bitcoin at Tesla Inc.’s solar plant in Texas.
The electric car manufacturer’s 3.8 megawatts solar PV and 12 megawatt-hour Megapack will power the mining facility, Adam Back, chief executive of Blockstream, said at the Bitcoin Conference 2022 in Miami. Such facilities can store energy and stabilize power output from intermittent wind and solar generations.
The move came after Block, which is formerly known as digital payment company Square, secured a purchase from Intel Corp.’s Bitcoin mining chip. Buyers of the chip can potentially either make 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.
The central and western parts of Texas are among the regions with rich wind and solar power resources. Bitcoin miners have flocked to the region, set up mines or expand transmission capacity in the past year.
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