Bitcoin company Blockstream and digital payments firm Block (formerly known as Square) will utilize Tesla's Megapack tech for a new solar and battery-powered mining facility.
The $12 million pilot project will be located in Texas and should be concluded in the next few months, Blockstream CEO Adam Back announced Friday morning at the Bitcoin 2022 conference in Miami. The two companies each put in $6 million to fund the Texas pilot project.
The off-grid mining center will feature 3.8 megawatts of renewable solar power, 12 megawatts-hour of battery storage and 30 petahashes (PH/s) per second of mining hashrate. The batteries will be used to power mining at night and at times when sunlight varies during the day.
The project will also include an open dashboard that will show financial metrics and information about the mining capacity and how many bitcoins are being mined in real-time, per the announcement.
Back said this project would demonstrate how bitcoin can help fund the expansion of solar-powered infrastructure, especially in areas rich in renewable energy like Texas.
“We figured we would actually make it a reality and public information in a more transparent way that's usually done for sort of commercial competitiveness reasons so that we can have a more informed discussion,” he said. “If we publish the raw data, the raw financial information, it speaks for itself.”
Square and Blockstream had announced a partnership last year as part of a commitment to carbon neutrality.