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

It will be a partnership with Blockchain Tech Firm Blockstream Mining

Financial services firm Square Inc. will partner with blockchain technology provider Blockstream Mining to create Blockstream, an open-source, solar-powered bitcoin mining facility. announced in a press release Saturday. Square confirmed the news in a tweet, saying that it is “committed to driving greater adoption and efficiency of renewable energy within the bitcoin ecosystem.”

According to the 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 on one of Blockstream’s sites in the US. “We hope to demonstrate that a renewable mining facility in the real world is not only possible, but it also proves that bitcoin accelerates the world towards a sustainable future,” the release said.

Bitcoin mining uses a lot of electricity, and the search for sustainable methods for mining is top of mind for many in the industry. Tesla CEO Elon Musk said in April that the automaker would stop accepting bitcoin as payment for vehicles (after having a policy for about a month), noting that cryptocurrencies like bitcoin were “big for the environment.” Comes at a price.” They met with bitcoin miners in May, and the group agreed to create a bitcoin mining council “to promote energy use transparency”. [and] To accelerate sustainability initiatives around the world. “

Square CEO Jack Dorsey, who is also the CEO of Twitter, is another big proponent of bitcoin (this is his only word. twitter bio At the moment), said in 2018 that he thinks bitcoin will become the world’s single currency within 10 years. Square invested $50 million in bitcoin in October, adding another $170 million in February. Users of Square’s Cash app can use it to buy bitcoin. And during remote testimony before Congress in March, a bitcoin clock could be seen in the background of Dorsey’s video stream.

On Friday, Dorsey tweeted that Square was “considering building a hardware wallet for bitcoin” by building it completely out-of-the-box and in collaboration with the community.

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