In the company of a mining farm called Block, which is located in Texas, Tesla will start mining Bitcoin to demonstrate the interest of cryptocurrencies in financing renewable energy. As reported on CNBC, the mining farm is based exclusively on energy alone.
Block is a startup founded by the creator of Twitter Jack Dorsey and Blockstream. But for what purpose was the company created and why did Elon Musk decide to join it? This initiative undoubtedly responds to all Bitcoin detractors who accuse digital currencies of damaging the environment. This is because the energy consumption of the Bitcoin network is constantly compared to the consumption of an entire country.
Based on this, the two companies want to demonstrate that it is possible to mine Bitcoin based on green and renewable energies. In order for people to be sure that the environment is being taken care of from there, Block and Blockstream will provide access to a dashboard in real time. “We said, let’s prove it. Let’s have an open board for people to play, and maybe that will inspire other people to get involved,” says Adam Back, co-founder and CEO of Blockstream.
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On the dashboard, people who want to can see the number of mined bitcoins, energy production or energy consumption. This is a step towards proving our thesis that Bitcoin mining can finance zero emission energy infrastructure and deliver economic growth for the future,” added Adam Back.
But, the union of Tesla with this project is not strange; Last year, Elon Musk engaged in several projects to bring Bitcoin into renewable energy. He even assured that Tesla, his company, will again accept Bitcoin as a means of payment with one condition, that: “the miners use a reasonable amount of clean energy (around 50%)”.