As conversations intensify about bitcoin’s energy consumption, Jack Dorsey’s payment provider Square has unveiled plans to partner with Blockstream to fund a sustainable bitcoin mining facility.
Mining project to serve as scalable proof of concept
Bitcoin does not face any downside, but controversy over the cryptocurrency’s footprint spread to the public in the past few weeks following Elon Musk’s comments.
Although American miners have come together bitcoin mining council Following criticism from Musk by promising more transparency in the energy use of mining, Jack Dorsey’s Square plans to take the lead in terms of concrete action. Instead of pushing the cryptocurrency up and down, Dorsey is aligning Square’s reputation with an investment allocation for a sustainable mining initiative.
The payments giant revealed plans to invest $5 million in a solar-powered mining facility in partnership with Blockstream, which will be responsible for providing information on infrastructure development. The project will eventually provide a proof of concept that outlines how sustainable bitcoin mining can be accomplished on a large scale, paving the way for more widespread adoption of these technologies.
In addition to committing itself towards advancing renewable energy in the bitcoin mining conversation, Square has demonstrated this project of how the cryptocurrency can be an accelerator for increased sustainability in the future.
This action alone stands in contrast to the more opaque position taken by Musk. However, speculation has also grown that the entrepreneur wants to throw his hat in the ring. Offering Green Mining Solutions Your own by taking advantage of your existing hardware manufacturing knowledge.
Square has long been a supporter of cryptocurrencies, and this latest interest in mining echoes the payments provider’s other ambitions, such as offering its own hardware wallet solution. During recent tweets, Dorsey outlined that the company is looking at collaborating with the community. bitcoin hardware wallet To focus on core features like non-custodial functionality, user-friendly experience, reliability and minimum setup time.
Do you think Dorsey’s investment in solar-powered bitcoin mining would have come without awakening the green sleeping giant of Elon Musk? Let us know in the comments section below.
image credit: Shutterstock, Pixabay, WikiCommons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell any products, services, or companies, or a recommendation or endorsement of any products, services or companies. bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the Company nor the author is responsible, directly or indirectly, for any damage or loss alleged to be caused or in connection with the use or reliance on any content, goods or services mentioned in this article.