Elon Musk and Jack Dorsey Ready Solar-Powered Bitcoin Mine in Texas
An ambitious project for zero-emissions crypto mining
Elon Musk joining Twitter’s board of directors isn’t the only way his path is increasingly overlapping with that of his fellow board member Jack Dorsey, the company’s co-founder and former CEO. These days, Dorsey’s attention is largely focused on another company he founded — Block, previously known as Square.
Now, Block and Tesla are teaming up with Blockstream for an ambitious bitcoin mining venture located in Texas. Besides the big names involved, what makes this particular mine interesting is its source of power. You’ve probably heard of it — it’s at the center of the solar system and is very, very hot.
CNBC has more details on the planned bitcoin mine — which will be a joint venture between Block and Blockstream using Tesla solar and battery technology for its power source. The mine is slated to be off the power grid and will be located in West Texas, and Blockstream CEO Adam Back envisions the project as a harbinger of more to come.
“This is a step to proving our thesis that bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future,” Back told CNBC. Given that many of the concerns around bitcoin relate to the emissions mining can produce, this could change the discourse around it in a big way.
Back told CNBC that the mine will be up and running by the end of the year.
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