Blockstream and Jack Dorsey's Block are breaking ground on a solar- and battery-powered bitcoin mine in Texas using solar and storage technology from Tesla.
Blockstream co-founder and CEO Adam Back, a British cryptographer and a member of the "cypherpunk" crew, told CNBC on the sidelines of the Bitcoin 2022 conference in Miami that the mining facility is designed to be a proof of concept for 100% renewable energy bitcoin mining at scale.
"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 said.West Texas is a mecca of renewable energy in the United States. Enter bitcoin miners. When these energy buyers co-locate with renewables, it creates a financial incentive for buildout and improves the core economics of renewable power production, which has been fraught with volatility.
Back said the off-grid mine, expected to be completed later this year, highlights another key tenet of the bitcoin network: Miners are location agnostic and can "do it from anywhere without local infrastructure."
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