Payments company Square and Blockstream will set up a solar-powered BTC mining joint venture to demonstrate that Bitcoin mining can be green.
Under the terms of the agreement, Square will invest $ 5 million in a new mining facility, and Blockstream will provide a practical solution for creating and managing the project. The facility will be located at one of the Blockstream locations.
The topic of environmental friendliness of BTC mining has been actively discussed in recent weeks after Elon Musk announced that Tesla is suspending accepting payments in BTC due to concerns about the environmental consequences of mining.
In May, North American miners formed the Bitcoin Mining Council group to promote sustainable energy use and industry transparency. According to Catherine Wood, Elon Musk and the green mining movement are behind the current decline in markets.
“We hope to show that mining cryptocurrencies from renewable energy sources in the real world is possible. We want to prove that Bitcoin is strengthening the global course towards sustainable development, ”Blockstream said in a statement.
Square said the venture will create a “public dashboard that will serve as a transparent example of the use of renewable energy in BTC mining.”
Square founder Jack Dorsey recently revealed that his payment company is considering developing a hardware wallet for Bitcoin. At the beginning of the year, Blockstream purchased ASIC miners for $ 25 million from MicroBT, and also issued a token share with a hashrate of its ASIC miners.
