Blockstream and Block to Use Tesla Equipment for Renewable Bitcoin Mining

According to a release from Block, known as Square at the time, "The facility will be 100% renewable energy bitcoin mining on a large scale, with the economics of the expansion (including operating costs and return on investment) already publicly available."

Blockstream is one of the largest Bitcoin infrastructure companies, offering Bitcoin mining hosting services, Liquid Bitcoin sidechain, c-lightning lightning network implementation, Bitcoin blockchain satellite network and other services. Block also includes several divisions dedicated to the development of the Bitcoin ecosystem. According to Back's announcement, the two companies will contribute $6 million to the project.

In a recent update, Back emphasized that he sees the project as a way to show the world that bitcoin solves energy shortages rather than causes them.

"Bitcoin ...... can be used as the base load ...... "It could really make the project more profitable and lead to a larger global electricity infrastructure. " Back added. "Bitcoin should essentially be the financial paradigm that drives electricity infrastructure."