Square will invest $5 million in the facility that will “demonstrate how bitcoin mining in conjunction with renewable energy can help drive clean energy transition”. Twitter owner Jack Dorsey’s payments venture Square announced on Saturday it will partner with blockchain technology firm Blockstream Mining to build an open-source, solar-powered bitcoin mining facility in the U.S., aiming to drive adoption and efficiency of renewables within the bitcoin ecosystem. The initiative comes weeks after Tesla CEO Elon Musk’s move to establish a council along with American crypto miners to promote sustainable bitcoin mining. Square will invest $5 million in the facility that will “demonstrate how bitcoin mining in conjunction with renewable energy can help drive clean energy transition,” a company statement said. The company bought $50 million in bitcoin in October last year, and tripled its investment in cryptocurrency with a purchase of bitcoin worth $170 million in February this year.

Source: The Hindu June 07, 2021 06:46 UTC