Financial services firm Square Inc. will partner with blockchain technology provider Blockstream Mining to build an open-source, solar-powered bitcoin mining facility,
Square will invest $5 million in the facility
According to a press release, Square will invest $5 million in the facility, which will be a “proof-of-concept for a 100% renewable energy Bitcoin mine at scale,” and will be built at one of Blockstream’s sites in the US. “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 release states.
Bitcoin mining consumes a lot of electricity, therefore many people in the sector are looking for more environmentally friendly ways to mine it. Elon Musk, the CEO of Tesla, announced in April that the company would discontinue taking bitcoin as payment for vehicles (after a month of practice), citing that cryptocurrencies like bitcoin “come at huge environmental costs.” The project Square announced is created to contribute to the solution to making Bitcoin a sustainable asset. They hope that the criticism around Bitcoin mining can be solved with these solutions.
Jack Dorsey is known to be a huge supporter of Bitcoin
Square CEO Jack Dorsey, who is also CEO of Twitter, is another big proponent of bitcoin and said in 2018 that he thinks bitcoin will become the world’s only currency within 10 years. Square invested $50 million in bitcoin in October and added another $170 million in February. Users of Square’s Cash app can use it to buy bitcoin. And during testimony before Congress in March, a bitcoin clock was visible in the background of Dorsey’s video stream.
Jack Dorsey was also one of the speakers at this weekend’s Bitcoin conference, which we’ll be covering in a journal.