Tesla, Block and Blockstream to mine bitcoin off solar power in Texas

The bitcoin mine would use solar and storage technology from Tesla and be entirely run on renewable energy.

FILE PHOTO: FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken January 8, 2021. | Photo Credit: Reuters

Electric-vehicle maker Tesla Inc, payments firm Block Inc and blockchain company Blockstream Corp will collaborate to mine bitcoin using solar power in Texas, CNBC reported on Friday.

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The bitcoin mine would use solar and storage technology from Tesla and be entirely run on renewable energy, the report said.

Blockstream and Square had said in June that they were collaborating to build an open-source and solar-powered bitcoin mining facility in the United States.

Bitcoin is created when high-powered computers compete against other machines to solve complex mathematical puzzles, an energy-intensive process that currently often relies on fossil fuels.

The environmental concerns related to bitcoin mining had in May last year prompted Tesla to stop accepting bitcoin for carpurchases.

Tesla, Block and Blockstream did not immediately respond to Reuters requests for comment.