top of page
Search

Tesla, Blockstream and Jack Dorsey's Block Team up to Mine Bitcoin Sustainably

GB Market Commentary 11/04/2022

by Marcus Sotiriou


Blockstream, Jack Dorsey’s Block (formerly Square) and Tesla have teamed up to mine Bitcoin sustainably using renewable energy. They have announced that they are working on a solar and battery powered Bitcoin mine in Texas that uses solar and storage technology from Tesla. Adam Back, the CEO of Blockstream said, “this is a step to proving our thesis that Bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future.”


This can also have a huge impact on the future of Bitcoin mining, as this integration creates financial incentives for the buildout of renewable energy infrastructure. Blockstream said that a key goal is ultimately to strengthen the bitcoin network by diversifying the cryptocurrency’s energy sources.


The project lead at Block for this Clean Energy Initiative (and Global ESG lead) Neil Jorgensenat said, “by collaborating on this full-stack, 100% solar-powered bitcoin mining project with Blockstream, using solar and storage technology from Tesla, we aim to further accelerate Bitcoin’s synergy with renewables.”


Tesla, Blockstream and Jack Dorsey's Block Team Up to Mine Bitcoin Sustainably

Bitcoin bulls will be happy to see some progress in making Bitcoin more environmentally friendly, after Bitcoin mining was under attack for its carbon footprint last week, with Greenpeace, Environmental Working Group, and Ripple's Chris Larsen launching a campaign. This campaign is called ‘Change the Climate: not the code’, which aims to raise awareness of the energy that Bitcoin is using to force the community to either transition away from Proof of Work to a different consensus mechanism, or change the current Proof of Work model.


Bitcoin’s climate change issue will become more prominent as price scales, so we will have no choice but to come up with solutions. It seems as though Chris Larsen believes that using renewable energy to mine Bitcoin is not an adequate solution due to fossil fuels being cheaper around the globe – especially in countries like Saudi Arabia. I think that over the next few years we will see who is right and have confidence that we will the Bitcoin community will be able to adapt to make Bitcoin sufficiently environmentally friendly.

Comments

GCEX New Logo and Icons 300X300 (1).png

Terms & Conditions

Privacy & GDPR Policy

Cookie Policy

Jurisdictions

Complaints Procedure

+44 20 4634 3947

info@globalblock.eu

​

  • LinkedIn

GlobalBlock is a trading brand of GC Exchange A/S, part of GCEX Group. GC Exchange A/S is a company incorporated and registered in accordance with the laws of the Kingdom of Denmark (CVR 43088777), authorised by the Danish Financial Supervisory Authority (FTID 45020) as a Currency Exchange and registered as a Virtual Asset Service Provider (FTID 17524) under the Danish Act on the Prevention of Money Laundering and Financing of Terrorism. ​

 

All fiat and cryptoassets transferred to GC Exchange A/S are received and held on a title transfer basis, meaning ownership passes to GC Exchange A/S and clients hold a contractual claim for equivalent amounts. Fiat funds do not constitute deposits or electronic money under Danish or EU law and are not protected by any deposit guarantee or investor compensation scheme. Cryptoassets are not safeguarded or insured, and clients bear the full risk of loss.

 

Cryptoasset services are not regulated by the UK Financial Conduct Authority (FCA). Clients will have no recourse to the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS).

 

Cryptoassets are volatile investment instruments that carry a high degree of risk. The value of cryptoassets can go down as well as up, and you may lose the entire amount invested. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. If necessary, seek independent financial advice.

 

GCEX’s products and services are intended for professional and institutional clients only and are not marketed to retail clients in the United Kingdom.

 

The information on this website is provided for information purposes only and does not constitute investment advice or a solicitation to buy or sell any financial instrument or virtual asset.

bottom of page