Square partners with Blockstream Mining for a new Bitcoin facility

Square partners with Blockstream Mining for a new Bitcoin facility

Financial services firm Square Inc. plans to partner with blockchain technology provider Blockstream Mining to build an open-source, solar-powered Bitcoin mining facility, according to a press release by Blockstream last June 5.

Square confirmed the news on Twitter last June 6, stating in their tweet that this team-up shows their ‘commitment to driving further adoption and efficiency of renewables within the bitcoin ecosystem.’

According to the press release, Square will invest $5 million in the new Bitcoin mining facility that will be established in the United States. Additionally, Blockstream Mining stated that they are ‘providing infrastructure and expertise to build and manage the project’.

In the same post on their website, they mentioned that all the important details about the project such as the operational costs and returns of investment will be made available to the public in the future.

Additionally, the blockchain technology provider stated they will add an easily accessible dashboard in the site showing ‘real-time metrics of the project’s performance’ such as its power output and number of BTC mined.

Blockstream wants this project to be a ‘model that other businesses can learn from’ and show that it is possible to have a renewable mining facility.

Since Bitcoin mining uses a lot of electricity, the pursuit of sustainable methods for mining is an important discussion to have for many people in the industry. The environmental concerns on cryptocurrency mining have also been raised by notable figures like Tesla Motors CEO, Elon Musk. In May, Musk suspended the use of BTC as a form of payment in his company, citing environmental issues as the reason.

Square CEO Jack Dorsey also announced on a Tweet last June 4 that Square was ‘considering making a hardware wallet for BTC’ which is open to the public and in collaboration with the entire community.

Square Inc. is one of the first mobile payment firms that have supported the use of cryptocurrencies in their apps. Moreover, they are one of the first publicly-listed companies to hold a Bitcoin (BTC) in their balance sheet.

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