- Square and Blockstream team up to build a solar-driven Bitcoin mining facility.
- Blockstream is providing the infrastructure and expertise to build the project.
- The Bitcoin mining facility will be built on Blockstream’s mining site in the U.S.
Jack Dorsey, Twitter’s CEO and Square’s Chairman, teams up with Blockstream to build a solar-driven Bitcoin mining facility. Amidst the concern over Bitcoin’s high energy consumption, Square and Blockstream joined hands to build a Bitcoin mining facility on a Blockstream mining site in America.
It can be recalled, Elon Musk triggered a market crash when he announced that Tesla would suspend vehicle purchases using Bitcoins, citing environmental concerns. In a tweet this June 5, Blockstream said it is ‘to demonstrate how Bitcoin mining and renewables can drive the clean energy transition.’
Together with @Square, we’re building an open-source fully solar-powered #Bitcoin mining facility at one of our US #BlockstreamMining locations to demonstrate how #BTC mining and renewables can drive the clean energy transition. ☀️⛏️ https://t.co/0D4yKOe82M pic.twitter.com/HdVhe031GY
— Blockstream (@Blockstream) June 5, 2021
Furthermore, the Proof-of-Concept will demonstrate that Bitcoin can be mined at scale with renewable energy. Square will invest $5 million to start this and Blockstream is providing the infrastructure and expertise to build the project.
The head of Mining at Blockstream noted,
Many mining operations throughout the world, including our own, already rely on renewable energy because it is the most cost-effective power available. Together with Square, we hope that the open and transparent nature of the project will become a model that other businesses can learn from.
Consequently, the partnership between Blockstream and Square couldn’t have come at a better time. Once it’s built, the Bitcoin mining facility will allow other industry participants to expand their operations.
Clearly, Neil Jorgensen, the Global ESG Lead at Square expressed his excitement over the collaboration. He said that the project will serve as an ‘ongoing, transparent case study that will allow us to all learn together’. Lastly, the whole Square team cannot wait to start sharing their results with the community.
- Lanceria to Launch Commission-Free Crypto-Powered Platform for Freelancers
- London Police Requests for the Ability to Freeze Crypto Assets
- KuCoin To Face Allegations From Ontario’s Regulator
- Ethereum-powered Winding Tree Hires Eric Leopold as Advisor
- Investor Company Cashes Out $1B From $600M BTC Investment