Square will invest $5 million to build solar-powered bitcoin mining facility

Financial services company Square Inc. will partner with blockchain technology provider Blockstream Mining to build an open-source, solar-powered bitcoin mining facility, Blockstream announced in a press release Saturday. Square confirmed the news in a tweet, saying it was “committed to advancing the further adoption and efficiency of renewable energy within the Bitcoin ecosystem”.

According to the press release, Square will invest $ 5 million in the facility, which will be a “proof-of-concept for a large-scale, 100% renewable energy bitcoin mine,” being built at one of Blockstream’s locations in the United States becomes. “We hope to show that a renewable mining facility is not only possible in the real world, but also to be able to empirically prove that Bitcoin is accelerating the world towards a sustainable future,” the press release said.

Bitcoin mining uses a lot of electricity, and the pursuit of sustainable methods of mining is paramount for many in the industry. Tesla boss said Elon Musk in April The automaker would no longer accept Bitcoin as a means of payment for vehicles (after the policy was in place for about a month), noting that cryptocurrencies like Bitcoin “have a high cost to the environment”. He met with bitcoin miners in May, and the group agreed to form a bitcoin mining council “to promote transparency in energy use.” [and] Accelerate sustainability initiatives worldwide. “

Square CEO Jack Dorsey, who is also the CEO of Twitter, is another big bitcoin proponent (it’s the only word in his Twitter biography at the moment), said in 2018 that he believes Bitcoin will become one the single currency of the world within 10 years. Square has invested $ 50 million in Bitcoin in October and added another $ 170 million in February. Square Cash app users can use it to buy bitcoins. And during the televised testimony before the Congress in March a Bitcoin clock could be seen in the background of Dorsey’s video stream.

On Friday, Dorsey tweeted that Square “considered creating a hardware wallet for Bitcoin” that was completely open and built in collaboration with the community.

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