Financial services and digital payments company, Square is partnering with blockchain technology firm Blockstream to build a solar-powered Bitcoin mining facility. The environment-friendly initiative is an attempt at reducing bitcoin’s carbon footprint.
Square Is Expected to Invest $5 million in Bitcoin Mining Venture.
The joint venture was announced by Blockstream on its website. According to the release, Square will invest $5 million in the project, which will be a “proof-of-concept for a 100% renewable energy Bitcoin mine at scale”. It further stated,” we hope to show that a renewable mining facility in the real world is not only possible but also prove empirically that Bitcoin accelerates the world toward a sustainable future“. The facility will be established at one of Blockstream’s existing sites in the US.
Meanwhile, Square tweeted that the project will help create a “public-facing dashboard to serve as a transparent case study for renewable energy and bitcoin mining.”
Together, we'll be creating a public-facing dashboard to serve as a transparent case study for renewable energy and bitcoin mining. As we continue to explore the synergies between the two, we're excited to share our ongoing learnings and real world data points. (2/2)
— Square (@Square) June 5, 2021
The announcement comes amid rising concerns over the environmental impact of Bitcoin mining. Electricity consumption during mining remains of paramount concern for the cryptocurrency’s many proponents. In April, Tesla CEO, Elon Musk echoed similar sentiments when he said the automaker would no longer accept payments in Bitcoin. However, Musk met with bitcoin miners in May, who agreed to the formation of the Bitcoin Mining Council “to promote energy usage transparency [and] accelerate sustainability initiatives worldwide.”
Jack Dorsey Remains Optimistic About Bitcoin
Backed by Twitter CEO, Jack Dorsey, Square invested $50 million in bitcoin last October and added another $170 million this February. The company also allowed users of its cash application to buy bitcoins. Dorsey is a known advocate for the world’s largest cryptocurrency. It’s the only word in his Twitter bio.
Square is currently considering the creation of an open-source hardware wallet for bitcoin in collaboration with the community. Earlier on Saturday, Dorsey was quoted as saying, “Bitcoin changes absolutely everything. I don’t think there is anything more important in my lifetime to work on.”