Digital Assets: Giant Bitcoin Mining Outfit In Texas Gets Four Tesla Megapack Batteries
Blockstream and Jack Dorsey’s Block are partners in the bitcoin mining facility.
Tesla (NASDAQ: TSLA) has delivered four Megapacks to the mega-scale bitcoin mining facility in Texas being built by Blockstream and Jack Dorsey’s Block (NYSE: SQ). Megapack is a powerful battery that provides energy storage and support, helping to stabilize the grid and prevent outages. Each unit can store over 3 MWh of energy—that’s enough energy to power an average of 3,600 homes for one hour. (Electrek)
The Texas mining setup will have a solar and Megapack farm for energy storage to be supplied by Tesla. The configuration is a 3.8 Megawatt (MW) Tesla Solar PV array and 12 Megawatt-hour (MWh) Megapack.
The mining hardware at the project, of capacity 30 petahashes per second, will be run entirely by solar energy. It is therefore envisioned as a zero-emission energy bitcoin mine. It is expected to be completed later this year.
Megapacks have landed, repeat the Megapacks have landed!
— Blockstream (@Blockstream) May 18, 2022
Blockstream raised about $40 million for the project through a token called Blockstream Mining Note, which enables people to technically invest in the Bitcoin mining operation powered by Tesla Megapacks and solar by trading the token on Bitfinex.
Last month Blockstream announced that the first series of the Blockstream Mining Note (BMN1)had become available to investors worldwide (initially excluding the US) on MERJ Exchange, a global digital stock exchange.
BMN1 on MERJ will carry the status of a listed security and be open to all classes of investors. This is in contrast to other digital trading venues, which are restricted to accredited or professional investors.
ESG potential of bitcoin mining
A report by Daniel Batten, the CEO of Geneious and an ESG analyst, showed that “using [bitcoin] mining to combust leaking methane can eliminate 5.32% of all global CO2-eq emissions.”
“Bitcoin mining is currently the only way of reducing these methane emissions which is both technologically feasible and does not require significant behaviour change in order to work,” the report said.
Image Credit: Blockstream
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