2022-05-14 03:30:17

Why Tesla Wants a Connection between Bitcoin Mine and Solar Energy

Tesla will build a solar and Megapack energy farm in collaboration with Blockstream and Jack Dorsey’s Blocks. In addition, it will power a new Bitcoin mining facility (formerly Square). Tesla invested $1.5 billion in Bitcoin at the beginning of 2021. Almost immediately after that, the car company began accepting cryptocurrency as payment for new vehicles. A few days later, Tesla reversed its stance on cryptocurrencies by removing Bitcoin as a payment option. The company had a concern about the amount of energy needed by the Bitcoin network. Many people in the Tesla community expressed concern when the company first announced it was investing in Bitcoin, and many were angry that the company hadn’t thought of it before. Tesla announced that it would not sell its Bitcoin stake. Furthermore, it would resume accepting Bitcoin payments once the network could demonstrate that it was using more renewable energy. Elon Musk, Tesla and Twitter’s CEO, stated in the summer of 2016 that he believes Tesla will resume accepting Bitcoin payments because Bitcoin mining consumes less energy. This hasn’t happened yet, but Tesla is now directly involved in supplying clean energy to Bitcoin mining. Blockstream and Blocks, formerly Square, collaborate on a Bitcoin mining facility in Texas. They are now in partnership with Tesla to power the facility with a 3.8 MW solar farm and a 12 MWh Megapack system: The sun will provide 30 Petahashes per second ...

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.