Square Inc., a financial services company, will collaborate with Blockstream Mining, a blockchain company, to develop an open-source, solar-used bitcoin mining operation, according to a recent news release issued by Blockstream. In a tweet, Square verified the announcement, stating it was dedicated to encouraging broader use and effectiveness of renewables within the crypto world.
Square will spend $5 million in the operation, which will serve as a “proof-of-concept for a 100 percent renewable energy Bitcoin mine at scale and will be erected in one of Blockstream’s US locations, as per the press statement.
“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 notes.
Bitcoin mining consumes a lot of power, so many people in the sector are looking for more environmentally friendly ways to mine it. Tesla CEO Elon Musk announced in April that the manufacturer will discontinue taking bitcoin as payment for automobiles (after just a month of practice), citing that digital currencies like bitcoin bring huge environmental consequences. In May, he gathered with bitcoin miners, and the group decided to create a Bitcoin Mining Council to encourage energy consumption transparency and advance sustainability projects throughout the globe.
Square CEO Jack Dorsey, who is also the CEO of Twitter, is a huge supporter of bitcoin, which is the sole word in his Twitter bio right now, predicting in 2018 that bitcoin will be the world’s sole currency within ten years. In October, Square put $50 million into bitcoin, followed by another $170 million in February. Square’s Cash application may be used to purchase bitcoin. A bitcoin clock can be seen in the back of Dorsey’s live broadcast during his remote appearance before Congress in March.
Square CEO Jack Dorsey wrote on Friday that the company was thinking of producing a hardware wallet for bitcoin, which would be built totally in the open and also in conjunction with the public.