financetom
Cryptocurrency
financetom
/
Cryptocurrency
/
Tesla, Block and Blockstream to mine bitcoin off solar power in Texas
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Tesla, Block and Blockstream to mine bitcoin off solar power in Texas
Apr 8, 2022 1:16 PM

Electric-vehicle maker Tesla Inc TSLA.O, payments firm Block Inc and blockchain company Blockstream Corp will collaborate to mine bitcoin using solar power in Texas, CNBC reported on Friday.

The bitcoin mine would use solar and storage technology from Tesla and be entirely run on renewable energy, the report said.

Blockstream and Square had said in June that they were collaborating to build an open-source and solar-powered bitcoin mining facility in the United States.

Also Read:

Bitcoin Conference 2022: The biggest developments so far

Bitcoin is created when high-powered computers compete against other machines to solve complex mathematical puzzles, an energy-intensive process that currently often relies on fossil fuels.

The environmental concerns related to bitcoin mining had in May last year prompted Tesla to stop accepting bitcoin for car purchases.

Tesla, Block and Blockstream did not immediately respond to requests for comment.

Also Read: How Norway has turned into a green oasis for Bitcoin mining

At the ongoing Bitcoin Conference in Miami, Shark Tank star and Canadian millionaire Kevin O’Leary said that Bitcoin mining could save the world.

He spoke about how the adoption of green energy by mining companies could reduce fossil fuel usage and trigger a wider acceptance of sustainable energy. “The next generation of Bitcoin miners and software represented right here are starting to work with energy that does not require carbon,” O’Leary said in the Bitcoin panel.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
These Shiba Inu Indicators Skyrocket as the SHIB Price Bounces by 20%: Details
These Shiba Inu Indicators Skyrocket as the SHIB Price Bounces by 20%: Details
Aug 7, 2024
TL;DR Shiba Inu (SHIB) surged 20% on August 6, with significant increases in transaction volume and burn rate. The overall meme coin niche rebounded, with its market capitalization rising above $40 billion amid notable gains from Dogecoin, Pepe, and Bonk Inu. SHIB Metrics Explode The popular meme coin Shiba Inu was among the best-performing cryptocurrencies on August 6 and even...
No Demand? BlackRock’s ETH Fund Enters Top 6 ETF Launches of 2024
No Demand? BlackRock’s ETH Fund Enters Top 6 ETF Launches of 2024
Aug 7, 2024
BlackRock has been proving the pundits wrong amid claims that there has been little or no demand for spot Ethereum’s ETFs, The asset manager’s ETHA ETF took another $108.4 million in daily inflows on Aug. 6. This comes in the same week that the underlying asset devalued by around 25%. On “crypto black Monday,” the fund took $47 million, bringing...
Important Ripple (XRP) Metric Hits a Three
Important Ripple (XRP) Metric Hits a Three
Aug 7, 2024
TL;DR Ripples XRP saw a significant drop to $0.43 but quickly rebounded to $0.51, with active XRP accounts increasing by 45% on a 24-hour scale. Analysts envision a potential bull run for the asset, but some caution that staying below the $0.54 EMA could be followed by another pullback. This Indicator Headed North Ripples XRP was severely affected by the...
This European Hedge Fund Giant Announces $464 Million Investment in Spot Bitcoin ETFs
This European Hedge Fund Giant Announces $464 Million Investment in Spot Bitcoin ETFs
Aug 6, 2024
Capula Investment Management LLP, one of Europes largest hedge funds, informed that it holds $464 million in shares of spot Bitcoin ETFs from BlackRock and Fidelity. Capula’s disclosure contributes to institutional investors rising interest in U.S. spot Bitcoin ETFs. Capula’s Spot Bitcoin ETF Shares A filing with the U.S. Securities and Exchange Commission on August 5 revealed that Capula Investment...
Copyright 2023-2025 - www.financetom.com All Rights Reserved