Blockstream along with Jack Dorsey’s Block (NYSE: SQ) (previously Square) announced construction has begun on a new solar-powered Bitcoin mining facility. The 3.8 Megawatt (MW) Tesla Solar PV array and 12 megawatt-hours (MWh) Tesla Megapack will power the open-source, solar-powered Bitcoin mining facility at a Blockstream Mining site in the United States, a significant development that supports the previously announced project between Blockstream and Block, Inc. However, even after the positive development the SQ stock was down.

The unique mining facility, once completed, will:

  • Result in a projected 3.8 Megawatts of solar renewable power (e.g. off-grid energy), 30 Petahash (PH) hash rate.
  • Include a public-facing performance dashboard for the project.
  • Aim to show that Bitcoin mining can fund zero-emission power infrastructure starting with a proof-of-concept for 100% renewable energy Bitcoin mining at scale.
  • Strengthen the Bitcoin network by diversifying Bitcoinʼs energy sources.
  • Encourage new innovations in powering zero-emission Bitcoin mining.
CEO’s Statement

“Weʼre excited to start the construction of this facility using Tesla Solar and Megapack. This is a step to proving our thesis that Bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future.”

said Adam Back, CEO and co-founder at Blockstream

Blockstream will provide the mining infrastructure and expertise to build and oversee the project. Moreover, the Bitcoin mining facility is expected to be completed later this year. In addition to providing regular reports on the economics of the project, a publicly accessible dashboard showing real-time metrics of the projectʼs performance, including power output and bitcoin mined will be made available. A later version of the dashboard will also include solar and storage performance data points.

This transparency will allow the project to serve as an industry case study for future projects.

“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 Bitcoinʼs synergy with renewables”

said Neil Jorgensen, Global ESG Lead at Block and Project Lead for Blockʼs Bitcoin Clean Energy Initiative.
SQ stock

The SQ stock was down by 1.32% and traded at $124.27 (down by 1.66 points) at (-1.32%) 01:48 p.m. EDT in the market trading session today. The market capitalization of the stock stood at $72.01 billion. The share volume traded for the SQ was 9,880,596, much lesser than the average share volume of 21,714,787.

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