CryptoInvestment

With Blockstream, Square will invest $5 million to build a solar-powered Bitcoin mining facility

The news comes as the environmental effect of mining for the world’s largest cryptocurrency is closely examined.

Square, a financial payments startup, and Blockstream, a bitcoin (BTC, -0.2 percent ) infrastructure startup, are joining together to develop a solar-powered bitcoin mining facility to demonstrate to the world that bitcoin can be environmentally friendly.

Square will invest $5 million in the facility, while Blockstream will contribute expertise in the construction and management of the project. The facility will be placed in a Blockstream site that already exists.

The news comes as the environmental effect of mining for the world’s largest cryptocurrency is closely examined. A development that has scared off some institutional investors and led to bitcoin’s recent price drop.

, “We hope to show that a renewable mining facility in the real world is not only possible but also prove empirically that Bitcoin accelerates the world toward a sustainable future.”

In a press statement announcing the initiative, Blockstream stated

Square, for its part, said it would create a public-facing dashboard to serve as a transparent case study for renewable energy and bitcoin mining, according to a tweet.

Square’s investment is in keeping with CEO Jack Dorsey’s professed enthusiasm for bitcoin. Dorsey, also the CEO of Twitter, was cited earlier Saturday as stating that Bitcoin completely transforms the world. I don’t believe there is anything more essential for me to focus on in my lifetime.

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