Jack Dorsey's Square invested $5 Million in a solar-powered Bitcoin mining facility in partnership with Blockstream. It is part of the company's endeavor of pairing power-hogging cryptocurrency mining with clean energy.
Blockstream first announced the new facility in a press release on June 5. On the other hand, Square confirmed the partnership in a separate tweet on the same day.
The Jack Dorsey-owned financial service firm said it has "teamed up with Blockstream to launch an open-source renewable energy mining project." Square added that the move is part of the larger Bitcoin Clean Energy Initiative.
Bitcoin Mining and Solar Energy
Blockstream, a blockchain tech provider, said in its release that Square is handsomely investing $5 million to the green mining facility.
The blockchain company assured that their experience in building such ambitions would help in making the project possible.
The ambition that Square and Blockstream collaborated on is anchored on the vision of mining Bitcoin solely from renewable energy.
In addition, the overall progress and cost of the project will be openly made known to the public. The two companies wanted to share with everyone that Bitcoin could be a sustainable endeavor as well.
Specifically, Blockchain vowed to give constant updates for the sake of transparency. With that, the blockchain provider even created a performance dashboard for the consumption of the public. More precisely, it will be providing simultaneous data as the project continues.
Anyone with internet could access the dashboard through any web browser.
Bitcoin Mining and the Environment
The endeavor of the two tech companies is a result of the issue that Bitcoin mining is detrimental to the environment as it hogs electricity. Consequently, the effects on the environment could worsen when the mining facility is coal-powered.
According to The Verge, environmental concerns have persuaded sustainable methods for bitcoin.
As such, Elon Musk, Tesla CEO, stopped accepting bitcoin as payment in his company. He cited that the payment method is not environment-friendly, which, in turn, could make his electric vehicle company merely a hypocrite -- by pursuing a greener vehicle and, at the same time, accepting a currency that hogs too much power.
However, Dorsey has a different response to the problem. As much as he still campaigns for Bitcoin -- he is looking into ways to lessen the carbon footprint of the cryptocurrency.
Meanwhile, Square bought more Bitcoin at the tune of $170 million in February 2021.
This article is owned by Tech Times
Written by Teejay Boris