Square and Blockstream to launch a solar-powered Bitcoin mining facility
Square Inc. has partnered with Blockstream to build a solar-powered BTC mining facility.
The two parties have collaborated to create an open-source, solar-powered mining facility at one of Blockstream’s mining sites in the US.
They vowed to stay transparent through the entire process by sharing details of the project economics and the knowledge gained from building a Bitcoin mine powered by renewable energy.
Square Inc. said it will invest $5 million in the facility, while Blockstream will provide the necessary infrastructure.
The partnership aims to raise awareness and show how Bitcoin mining in conjunction with renewable energy can help drive the clean energy transition.
In order to do so, Blockstream will launch a free access dashboard showing real-time metrics of the project’s performance, including bitcoin mined and power output.
Chris Cook, Blockstream’s CIO and Head of Mining, said, “We are hoping to demonstrate that a renewable mining facility in the real world is not only possible but also empirically prove that Bitcoin accelerates the world toward a sustainable future.”
Neil Jorgensen, Square’s Global ESG Lead, said that the project will serve as an ongoing, transparent case study that will allow us to all learn together the specific unit economics of clean energy Bitcoin mining.
Square CEO, Jack Dorsey, has openly praised and outlined the significance of the Bitcoin network. The latest example was seen during the 2021 Bitcoin Conference, where he called BTC the most important work in his lifetime. Even he is ready to leave Square and Twitter for Bitcoin if it needed him, he said.