Square to invest USD 5 million to build solar-powered Bitcoin mining facility

Tuesday 8 June 2021 08:59 CET | News

Square has announced plans to team up with blockchain technology provider Blockstream Mining to build an open-source, solar-powered Bitcoin mining facility.

Square will invest USD 5 million in the facility that will be built at one of Blockstream’s sites in the US. The financial services firm said in a tweet that it is ‘committed to driving further adoption and efficiency of renewables within the Bitcoin ecosystem’, according to The Verge.

Because Bitcoin mining uses a lot of electricity, the pursuit of sustainable methods for mining has become top of mind for many in the industry. Square CEO Jack Dorsey is a big proponent of Bitcoin. As such, Square invested USD 50 million in Bitcoin in October 2020, adding another USD 170 million in February 2021, the online publication added.

On 4 June 2021, Dorsey tweeted that Square was ‘considering making a hardware wallet for Bitcoin’, aiming to build it entirely in the open and in collaboration with the community.

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Keywords: Square, Bitcoin, cryptocurrency, mining, blockchain
Categories: DeFi & Crypto & Web3
Countries: United States
This article is part of category

DeFi & Crypto & Web3

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