According to a press release from Blockstream Mining, Square Inc. will partner with the blockchain technology provider Blockstream Mining to build an open-source, solar-powered bitcoin mining facility.
A tweet from Square revealed that the company was “dedicated to driving adoption and efficiency of renewables within the blockchain ecosystem.”
Square has committed $5 million to the project that will serve as a “proof-of-concept for a 100% renewable energy Bitcoin mine at scale.” It will be built on Blockstream’s US campus.
A press release states that the researchers hope to prove that renewable mining facilities in the real world are possible, as well as show empirically how Bitcoin contributes to a sustainable future.
In the bitcoin mining industry, sustainable mining methods are a top concern. Bitcoin mining consumes a large amount of electricity.
Earlier this month, Tesla’s CEO Elon Musk announced that the automaker will no longer accept bitcoin in the form of payment (after accepting it for roughly a month), noting that cryptocurrencies like bitcoin are environmentally harmful.
As a result of his May meeting with bitcoin miners, the group formed a Bitcoin Mining Council, “to promote energy usage transparency [and] accelerate sustainability initiatives worldwide.”
The CEO of Square and Twitter, Jack Dorsey, believes bitcoin will become the world’s leading currency in 2018 (it’s his only word in his Twitter bio now). single currency wants bitcoin to become the world’s One of the most popular payment systems, bitcoin, brought in $170 million in February.
With Square Cash, users can buy bitcoins using the app. While Dorsey was giving a remote congressional testimony in March, a bitcoin clock was visible in the background of the video feed.