The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

Green Bitcoin mining proof of concept using Tesla solar and battery storage

LinkedIn
Twitter
Reddit
Facebook
Email

Tesla’s Megapack battery energy storage system (BESS) solution as well as the company’s solar PV will power a Bitcoin mining facility in a proof of concept (POC) project in the US. 

Bitcoin mining and services company Blockstream Mining began construction earlier this month on the open-source, solar-powered facility at an undisclosed location. 

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The project is being built in partnership with financial services and digital payments company Block, Inc, which has Twitter co-founder Jack Dorsey as its CEO. 

Blockstream’s CEO and co-founder Adam Back meanwhile said that the facility will be “a step to proving our thesis that Bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future”.

The site will pair a 3.8MW solar PV array with 12MWh of Megapacks, enabling a 30 Petahash hash rate — a measure of the computational power used by the cryptocurrency mining’s proof-of-work. A dashboard will be made publicly available as the plant runs, showing real-time metrics of performance, such as power output and the amount of mined Bitcoin.

“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,” Block’s global ESG lead Neil Jorgensen said. 

The off-grid site aims to prove 100% renewable energy-powered Bitcoin mining is possible, hopefully providing an example to the industry.

Tesla CEO Elon Musk famously said in the past that his company would row back on its interest in Bitcoin due to the use of fossil fuels in mining, despite other attractive characteristics that crypto has. In May 2021 the company stopped accepting it as payment over those concerns

Read Next

June 13, 2024
TCC Group Holdings, the majority owner of New HOrizons Ahead (NHOA), intends to increase its holding and take the company private, delisting it from the Euronext Paris exchange.  
June 11, 2024
A battery energy storage system (BESS) comprising Tesla Megapacks with output of 10.8MW and 43MWh storage capacity has gone into operation in Sendai, Japan.
May 28, 2024
RWE will proceed with an 8-hour duration large-scale battery storage project in New South Wales (NSW), while a tender for more long-duration resources has launched in the state.
May 21, 2024
Sungrow has agreed a partnership to deploy 160MW/760MWh of battery energy storage systems (BESS) and 165MW of PV inverters for a large off-grid project – AMAALA – in Saudi Arabia.
May 2, 2024
Australia’s energy storage sector has seen trio of significant announcements around major battery energy storage system (BESS) projects.

Most Popular

Email Newsletter