We're live blogging the Facebook event to unveil its open compute initiative. The event is detailing Facebook's new data center in Prineville, Oregon.

Let's get started.

The first ideas for the open compute effort:

10:48 a.m. - Facebook is detailing how it cools the servers. The fan is larger, allowing for more air to cool the servers as an example.

10:50 a.m. - Talk about encouraging people to adopt Facebook framework and its philosophy. It's time to open the data center and stop treating it like "Fight Club." Om Malik of GigaOm is moderating a panel.

Some photos from the event so far:

Overview shot:

Facebook power consumption:

10:54 a.m. - Graham Watson, chairman and founder of Rackspace, says they always have a need to buy servers. Those servers need to be efficient. Watson says a 10 megawatt data center costs $10 million. New data center that Facebook is launching will save $4 million, bringing cost down to $6 million.

10:57 a.m. - Department of Energy CIO says energy efficiency is critical to being deployed. Dell executive says its point of view is about open standards efforts and the importance of such an effort such as the Open Compute initiative from Facebook. If you look at Open Compute - one of the efforts will be to make this accessible for companies of all sizes. Costs are still too high for most to implement.

11:04 a.m. - How does this affect Intel and its chip design? Executive says it will push Intel to challenge its thinking and how it will work with companies such as Facebook.

11:09 a.m. - Why should we be excited about data centers? For Instagram it will result in lower costs. It is also the emergence of a new stack, all operating together. These servers are the most powerful you can buy and are 20% of what they would have cost five years ago.

Panel at Facebook event:

11:16 a.m. - For Zynga, this is a leap forward and now it's time to put it through the paces. The new design does not require air conditioning due to its location. What is the leap? This is about innovation and open-source software. It is like the launch of the Prius. It is showing how the Prius was built. This is the demystification - opening people's eyes. It is the end-to-end optimization. That is seminal.

11:19 a.m. - Why should startups care? When you launch a web scale service it will allow for better features and the launch of new offerings faster.

11:23 a.m. That's it. Thanks for joining us.