Jack Dorsey’s Square is partnering with prominent Bitcoin development company Blockstream to create a new solar-powered BTC mining facility.
According to an announcement from Blockstream, the blockchain powerhouse is collaborating with the payments giant in an effort to develop a scalable and sustainable Bitcoin mining process.
“Square intends to invest $5 million in the facility, with Blockstream providing infrastructure and expertise to build and manage the project. The facility will be a proof-of-concept for a 100% renewable energy Bitcoin mine at scale, with the economics of the build-out – including operational costs and ROI – made open to the public.
While we know that many mining operations throughout the world, including ours, already rely on renewable energy (as it is the most cost-effective power available), we hope that the open and transparent nature of this project will become a model that other businesses can learn from. 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 partnership arrives at a time when conversations surrounding the environmental impact of crypto mining continue to permeate the space.
Shark tank investor Kevin O’Leary has been vocal about his desire to invest solely in crypto assets mined with renewable energy, and has stated that his network of institutional investors is concerned about so-called “blood-coins.”
“I have certainly shifted my holdings. I don’t own random ETFs with blood coin in them. I know the providence of where my wallet coins are mined now.
I’m trying to organize now a council of sustainability. Certainly, where I’ll be investing in the companies that do set sustainable mandates, they will be the ones I invest in, and I would like to make them a showcase for the industry that we care about sustainability.”
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