Tesla, Block and Blockstream partner up to mine Bitcoin

It’s a brand new trading week, and it’s gonna be a short one. Do note that the U.S. markets are closed on Friday due to Good Friday.

In terms of earnings, big banks and financial companies such as JPMorgan Chase (JPM), BlackRock (BLK), Wells Fargo (WFC), Morgan Stanley (MS), Goldman Sachs (GS), Citibank (C), U.S. Bancorp (USB), PNC Financial (PNC), and Ally Financial (ALLY) are reporting them this week. Refer to our full earnings calendar below 

Ok, moving on to headline news, Block (SQ) and Blockstream have partnered up to mine Bitcoin in a facility that uses solar and storage technology from Tesla (TSLA). Tesla’s 3.8 megawatts solar PV array and 12 megawatt-hours Megapack will power the facility. Wow, this is certainly interesting….

Blockstream’s co-founder and CEO Adam Back said that the mining facility is designed to be a proof of concept for 100% renewable energy Bitcoin mining at scale.

“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 Bitcoin’s synergy with renewables” - Neil Jorgensen, Global ESG Lead at Block and Project Lead for Block’s Bitcoin Clean Energy Initiative.

“This is a step to proving our thesis that Bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future” - Blockstream co-founder and CEO Adam Back.

Why is this important? People have been concerned with the impact that Bitcoin mining has on the environment. So much so, that China banned Bitcoin trading & mining late last year.

This new partnership and facility will prove that Bitcoin mining can be done with 100% renewable energy and will not harm the environment. This is a huge victory for the crypto world! More companies will probably start mining Bitcoin with renewable energy, governments will likely accept Bitcoin miners, and this will very likely accelerate the adoption of Bitcoin!

Definitely good news for the crypto industry! Cathie Wood predicts that the price of Bitcoin will hit $1 million by 2030.

When the price of crypto goes up, it is very likely that the price of stocks with crypto-exposure will also rise. We have a bunch of stocks with crypto-exposure on the Gotrade app. Check out our “Cryptocurrency” category!

 Robinhood shares close nearly 7% lower on Friday 

Uh oh... Shares of Robinhood (HOOD) headed into the weekend nearly 7% lower. Why so? Well, it could be any reason really… but maybe the recent downgrade by Goldman Sachs (GS) had something to do with it... Hmmm… Analyst Will Nance downgraded Robinhood shares from “Neutral” to “Sell” and lowered his price target from $15 per share to $13.

Nance thinks that slowing growth, softening retail engagement levels, and a “limited path to near-term profitability” are factors that may prevent them from outperforming over the next year.

Shares of Robinhood closed at $11.24, down 6.88% for the day.

Elon Musk has been stirring things up at Twitter (TWTR) ever since he bought 9.2% of its stock. He was meant to join Twitter’s Board of Directors, following a background check and formal acceptance. Things seem to have changed since then.

Twitter’s CEO, Parag Agarwal tweeted publicly that Elon Musk changed his mind the morning that he was meant to join the Board.

Shares of Twitter closed at $46.23, down 3.75% for the day.

Elon Musk decided not to join Twitter’s Board

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