BULLISH: Elon Musk & Tesla Join Jack Dorsey's Block to Start Mining Bitcoin

Um What? Elon Musk & Tesla Join Jack Dorsey's Block, Blockstream to Mine Bitcoin in Texas

elon-musk-is-bullish-on-bitcoin-for-summer-2022

  • Carmaker’s batteries will power a Bitcoin mining farming site
  • Jack Dorsey’s Block cuts teeth in mining through the venture

Jack Dorsey’s Block Inc. and crypto firm Blockstream Corp. are working together to build a Bitcoin mining farm with Tesla Inc.’s solar-powered battery in Texas. 

The mining farm will tap into Tesla’s energy storage technology with rechargeable large-scale batteries at the site, Adam Back, chief executive of Blockstream, said at the Bitcoin Conference 2022 in Miami. Back didn’t specify the location.

 

The venture is the latest manifestation of the aligning interests of Tesla Chief Executive Elon Musk and Twitter co-founder Dorsey, including over the energy usage of Bitcoin. Earlier this week, Dorsey said he was happy that Musk joined the board of directors of Twitter after Musk revealed his sizable stake in the social media giant. 

Musk expressed his interest in Bitcoin and Dogecoin early last year and allowed Tesla customers to buy the electric cars with Bitcoin, helping to send the crypto market to record highs. However, the carmaker later suspended the Bitcoin payment opening citing environmental concerns over Bitcoin mining. 

Shares of Tesla fell 2.1%, while dropped 1.4%. Blockstream is a private company.

H/T: https://www.bloomberg.com/news/articles/2022-04-08/tesla-to-partner-with-block-to-mine-bitcoin-at-texas-solar-plant

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