Bitcoin mining is going on. Around the world, more companies and initiatives are being brought to life. Blockstream and Square have announced a partnership to build one based on renewable energy in the US.
bitcoin infrastructure startup, led by adam back, and the financial services company, led by jack dorsey, will build an open-source bitcoin mining facility powered by solar power. The BTC mine will be constructed at a Blockstream mining site located in the United States.
They aim to share details on the economics of the project and their experience in developing the facility. Furthermore, they plan to raise awareness and demonstrate BTC mining and renewable energy can be a catalyst for the transition to clean energy.
along with @ SquareWe are building an open source fully solar powered #bitcoin Mining facility in one of our US #blockstreammining how to display #B T c Mining and renewable energy can fuel the clean energy transition. ️⛏️ https://t.co/0D4yKOe82M pic.twitter.com/HdVhe031GY
— blockstream (@blockstream) June 5, 2021
Square will invest $5 million and Blockstream will provide the infrastructure and expertise to help build the project. Ultimately, this will be a proof-of-concept that will be used to demonstrate that large-scale green bitcoin mining is possible. Thus, there is a need for transparency in every detail. Chris Cook, CIO and Head of Mining at Blockstream, said:
Many mining operations around the world, including our own, already rely on renewable energy as the most cost-effective electricity available. With Square, we hope that the open and transparent nature of the project will become a model from which other businesses can learn from.
Bitcoin, a Tool to Build a Sustainable Future
Once built, the BTC mining facility will allow other participants to expand operations. It will be designed to be scalable and with the potential to add more support for future development.
Neil Jorgensen, Global ESG Lead Class, revealed to be excited about the partnership and will contribute to Blockstream as well with a working model to prove its thesis. Jorgensen said:
This project will serve as an ongoing, transparent case study that will allow us all to learn together the specific unit economics of clean energy bitcoin mining. We can’t wait to start sharing our results with the community.
Blockstream will provide regular reports on the project and have a publicly available dashboard to display real-time metrics on the performance of BTC miners. This would include its electricity generation and the amount of BTC mined. The dashboard will be based on a technology called Blockstream Mining Note (BMN).
Square has made several efforts to support the growth of bitcoin and its ecosystem. Dorsey-led company published a whitepaper with firm Arc Invest on systems based on renewable energy Use BTC mining to run off batteries and absorb excess energy.
During discussion with Alex Gladstein, Chief Strategy Officer of the Human Rights Foundation at the Bitcoin 2021 conference, Dorsey said:
Ultimately the miners make a profit and their ability to profit increases (…) by getting cheaper renewable energy. Bitcoin over time and today encourages more renewable energy and awareness of how they are harnessing that power. It gives people the freedom to turn wasted power into something that creates value for billions of people around the world.
btc trade At $36,132 with a consistent sideways trend after a correction of over 50% over the past week. On the 7-day and 30-day charts, BTC gained 1.2% and lost 37.1%, respectively.