Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.

Payments firm Block and blockchain company Blockstream Corp will collaborate to mine bitcoin using solar power in Texas.

Tesla will install a 3.8-megawatt (MW) solar power plant, and 12-megawatt-hour (MWh) Megapack batteries to power the venture.

Block (formerly called Square) teased the deal last June promising an investment of $5 million in a solar-powered mine.

The project will be completely off-grid and will cost $12 million — a bill that will be split evenly between Blockstream and Block.

It is expected to be complete, and producing power later this year.

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