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’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.