Square to invest $5 million in 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, local time.

Square to invest  million in solar-powered bitcoin mining facility

Square confirmed the news on Twitter, saying it is “committed to furthering the adoption of renewable energy and efficiency gains in the Bitcoin ecosystem.”

According to the press release, Square will invest $5 million in the facility, which will be a large-scale proof of concept for a 100% renewable energy bitcoin mine that will be built at one of Blockstream’s sites in the United States. The press release states, “We want to show that it is not only possible to build renewable mining facilities in the real world, but also to demonstrate through practice that Bitcoin accelerates the world’s evolution toward a sustainable future.”

Square to invest  million in solar-powered bitcoin mining facility

Bitcoin mining consumes a lot of electricity, and the pursuit of sustainable mining methods is at the top of many industry players’ minds. In April, Tesla CEO Elon Musk said the company would stop accepting bitcoin as a form of payment for vehicles (about a month after the policy was implemented), and also noted that cryptocurrencies like bitcoin come at a huge cost to the environment. In May, he met with bitcoin miners who agreed to form a bitcoin mining council to promote transparency in energy use and accelerate global sustainability initiatives.

Square CEO Jack Dorsey, who is also the CEO of Twitter, is another big supporter of bitcoin. He previously said in 2018 that he believes bitcoin will be the world’s single currency within 10 years. square invested $50 million in bitcoin last October and another $170 million in February of this year. square’s Cash users can use it to buy bitcoin. During Dorsey’s remote testimony in front of Congress in March, a bitcoin clock could be seen in the background of his video stream.

On Friday, Dorsey said on Twitter that Square is considering building a hardware wallet for Bitcoin in a completely open and collaborative effort with the community.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/square-to-invest-5-million-in-solar-powered-bitcoin-mining-facility/
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