In September 2021 came the news that El Salvador, a republic in Central America, had…
Tesla into Bitcoin extraction
There are many well-known names that can be linked to cryptocurrency, both in this country and abroad in the wider world. One of those who has been very vocal in connection with cryptocurrency is Tesla founder Elon Musk. He has expressed his interest through his Twitter account.
However, Tesla took a step further under Bitcoin 2022. It was then announced that they are entering into a partnership with two other companies to engage in the extraction of bitcoin . In this article we will take a closer look at this![mining]
What is Bitcoin 2022?
First of all, we have to answer the following questions: What is Bitcoin 2022?
Bitcoin 2022 is the name of the world’s largest bitcoin festival . This is a festival held in Miami.
At the time of writing, this more or less seems to be an event that is still in the planning process, but maybe it will be a permanent event in a few years. It’s still at a very early stage, so it’s not good to know!
Tesla + Block + Blockstream
During Bitcoin 2022, a new collaboration between Tesla, Block and Blockstream was announced.
We know Tesla well from before – it is an electric car manufacturer. But what are the companies Block and Blockstream known for? Block is a payment company, while Blockstream is a blockchain company.
The collaboration is about building a new plant, and the new plant will be powered by renewable energy. And this is where Tesla comes into the picture, as they are the ones who will provide solar panels and storage technology for the new plant.
That’s why Tesla cut out bitcoin last year
Those who have kept an eye on Elon Musk and Tesla have probably realized that Tesla started accepting payment in the form of bitcoin last year, but then they changed their minds.
It was because they as a company were concerned about the environment , and they are an electric car manufacturer, so the environment is something they are very concerned about. Bitcoin is a cryptocurrency that is extracted using computers that compete to solve the tasks, which leads to a large energy consumption.
Because of this, Tesla chose to withdraw its approval of bitcoin as a means of payment. But now they are trying again – but in a slightly different way than last year.
The goal of this collaboration is thus to create a stronger bitcoin network, because the network gets its energy from various sources. In other words, the collaboration will create more energy sources.
In addition to this, Tesla, Block and Blockstream will also try to encourage innovation in bitcoin mining – but what makes it all unique is that it will have a zero-emission power infrastructure.
The overall goal of the collaboration
The overall goal of the collaboration between Tesla, Block and Blockstream is not just to strike a blow for the environment, although it may be easy to believe that it is.
But they are also thinking a little more long-term, and therefore want to promote economic growth for the future.