Square Takes a Swipe at the Bitcoin Energy Debate With $5 Million Solar Mining Investment – Bitcoin News
As the discussion about Bitcoin’s energy consumption reaches a climax, Jack Dorsey’s payment provider Square unveiled plans to fund a sustainable Bitcoin mining facility in partnership with Blockstream.
Mining project as a scalable proof of concept
Bitcoin is not lacking in dismay, but the ridicule of the cryptocurrency’s footprint has come to light in recent weeks following comments from Elon Musk.
Though US miners joined forces to form the Bitcoin Mining Council following Musk’s criticism by promising more transparency on mining energy use, Jack Dorsey’s Square plans to lead the way in terms of substantial action. Rather than rip the crypto up and down, Dorsey is jeopardizing Square’s reputation with an investment allocation for a sustainable mining initiative.
The payment giant announced plans to invest $ 5 million in a solar-powered mining facility in partnership with Blockstream, which will be responsible for providing infrastructure development expertise. The project will ultimately provide a proof of concept that underscores how sustainable bitcoin mining can be achieved on a large scale and pave the way for wider adoption of these techniques.
Not only is Square advocating bringing renewable energy into the bitcoin mining conversation, but envisioning the project demonstrating how cryptocurrency can be an accelerator for more sustainability going forward.
This action alone is in sharp contrast to the more opaque position of Musk. However, there is also speculation that the entrepreneur will want to toss his hat in the ring by introducing his own green mining solution, using his existing hardware manufacturing expertise.
Square has long been a proponent of cryptocurrencies, and this recent interest in mining reflects other ambitions of the payment provider, such as launching its own hardware wallet solution. In recent tweets, Dorsey pointed out that the company is considering working with the community to develop a Bitcoin hardware wallet that focuses on core features such as non-custodian functionality, a user-friendly experience, reliability, and minimal set-up time.
Do you think Dorsey’s investment in solar-powered Bitcoin mining would have come about without Elon Musks awakening the green sleeping giant? Let us know in the comment section below.
Photo credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or approval of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.