Tesla, Block and Blockstream to mine bitcoin off solar power in Texas

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.

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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.