Square to Invest in Blockstream’s Solar-Powered BTC Mining Facility
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Square to Invest in Blockstream’s Solar-Powered BTC Mining Facility

June 7, 2021      Divya Mathur

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.”

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.”

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#Bitcoin #Bitcoin Mining #Blockstream #CEO of Twitter and Square #Jack Dorsey
Divya Mathur
Divya Mathur

Divya is a postgraduate from Jawaharlal Nehru University specializing in International Relations and a professional writer with more than 5 years of experience writing for the web. She is an avid reader interested in the global financial system and the effects of decentralization. At Cryptoknowmics, she hopes to deliver clear and understandable content to inform readers about the latest events in the crypto sector.