Jack Dorsey’s Square Launches $10M Initiative for Greener Bitcoin Mining

Jafrin  |  Dec 9, 2020

Jack Dorsey’s Square has announced the launch of a $10 million Bitcoin Clean Energy Investment Initiative. The move intends to support companies towards driving efficiency and adoption within the Bitcoin ecosystem. As per the announcement, the company will reinvest its gains from the investment back into the initiative. It wants to do so by opening its project towards a larger impact. Square is the firm behind CashApp, a mobile payment service that enables the buying and selling of Bitcoin.

Square Launches $10M Initiative for Greener Bitcoin Mining

On Dec. 8, Square announced ongoing carbon neutral by the year 2030. It will do so by including renewables in its project. As part of the initiative, the firm has included Bitcoin as part of reducing the carbon footprint from Bitcoin mining.

The payment giant has laid out its plans towards declining its carbon footprint by launching a scalable verified carbon removal portfolio during the first quarter of 2021.

Square Co-Founder and CEO, Jack Dorsey, said:

“We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally. Published estimates indicate bitcoin already consumes a significant amount of clean energy, and we hope that Square’s investment initiative will accelerate this conversion to renewable energy.”

Square has also partnered with Watershed that powers climate programs for top businesses to assist the measurement and reduction of carbon footprint.

Carbon Footprint of Bitcoin Has Been the Subject of Debate

Over the past years, debate on the impact of the carbon footprint on the Bitcoin network has been the subject of controversies. Some research said that the total carbon output of the cryptocurrency is even comparable to that of smaller countries.

As Bitcoin mining gets more competitive, miners have to move those areas that produce surplus energy with maximum profit margins. Some miners even have to depend on a mix of renewable energies and other energy sources.

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