Cryptocurrency News

Jack Dorsey’s Square Inc. to Invest $5M in Blockstream Bitcoin Mining Facility

Square Inc.Crypto-Friendly Mobile Payments Company Planning to Invest $5 Million in Solar-Powered BitcoinB T cmining facility for blockstream mining, provides further insight into Jack Dorsey’s continued support for blockchain infrastructure.

Blockstream Chief Information Officer Chris Cook announced the collaborative partnership on Saturday, where he outlined plans to build an open source mining facility at one of Blockstream’s United States operations.

“Together, we plan to provide public transparency by sharing project economics and knowledge that we have gained from building a bitcoin mine powered by renewable energy,” he said. said, to link:

“Ultimately, we hope to demonstrate how bitcoin mining with renewable energy can help drive the clean energy transition.”

In addition to providing regular reports on the status of the project, the new initiative will also feature a so-called public performance dashboard, where anyone can pull up real-time metrics of a mining facility.

Bitcoin mining has been the subject of extreme media scrutiny after Tesla CEO Elon Musk’s decision Stop accepting BTC payments for Tesla carsCiting serious environmental concerns.

MicroStrategy’s Michael Sayer last month struck an agreement between Musk and the bitcoin mining community by bringing both sides to the table for high-level talks. Industry-led Bitcoin Mining Council pulls out of meeting Miners vow to accelerate sustainability initiatives.

As for Square Inc., the Jack Dorsey-led company is ramping up efforts to promote the adoption of bitcoin and cryptocurrencies. Cointelegraph reported on Friday that Dorsey is strongly considering Developing a bitcoin hardware wallet In an effort to bring self-detention and financial inclusion to the masses.

“If we do that, we will build it completely out in the open, from software to hardware design, and in collaboration with the community,” he said. said In a Twitter post.