Blockstream and Block Inc are working to create a Solar energy-based Bitcoin mining farm to fight against the environmental issues of Bitcoin network operations.
At present, the decentralized nature of Bitcoin is at a peak level, which means there is huge competition among the miners to mine bitcoin. This high competition among the Bitcoin mining firms is increasing the consumption of high computational energy and power, which results in huge emissions of carbon dioxide (CO2) in the environment of earth. Bitcoin critics always pick the matter of pollution because of the Bitcoin network.
To fight against such bitcoin network pollution challenges, Blockstream and Block Inc are working to build a bitcoin mining system, based on fully Solar energy. These two companies are using Solar panels manufactured by Tesla.
This mining facility is under construction in Texas, where Bitcoin miners Inflow and their mining capacity continuously increases because they are getting a better ecosystem for Bitcoin mining operations.
With the use of Tesla’s Solar photovoltaic cell, the Bitcoin mining facility will attain a potential of a total of 3.8 megawatts (MW) of electrical capacity. And also they will set up a 12 MWh Megapack, which is a highly powerful electricity storage battery, powered by Tesla.
Theoretically, this initiative by these two companies aimed to bring zero-carbon emission-based Bitcoin mining operations but it is not getting a better response among the legendary Bitcoin mining firms.
In mid of last year, the world’s largest Bitcoin mining pool, Braiins, did research and analysis on the solar-powered Bitcoin mining system and concluded that if we assume electricity costs approx zero & under favorable weather then still in those situations Solar-powered Bitcoin mining operations can’t generate profit.
It will be interesting to see if these two companies will introduce a better idea for the Bitcoin mining system. Block (Formerly Square) was already working on its bitcoin mining decentralized system and also mining rigs to make a highly efficient Bitcoin mining system and also make it accessible to the whole world just like plug graphic card to PCs.
Read also: 5 out of 12 crypto companies active under a temporary regime in UK
Jack Dorsey’ Block working on Tesla powered solar Bitcoin mining
https://bitcoinik.com/jack-dorsey-block-working-on-tesla-powered-solar-bitcoin-mining/feed/
https://bitcoinik.com/jack-dorsey-block-working-on-tesla-powered-solar-bitcoin-mining/feed/
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