In recent news, a new BTC mining facility that will be solar-powered in nature shall be launched soon, thanks to the combined efforts of Adam Back’s Blockstream and Jack Dorsey’s Square. Jack has been supportive of cryptocurrencies for a while now, and he continues to show his unconditional support for Bitcoin (BTC) thanks to this new project. This time around, he shall be displaying this support via his company, Square Inc., which specializes in financial services. To that end, Square has also now aligned itself with Blockstream as part of a collaborative effort to construct a solar-powered and open-source Bitcoin mining institution.
Mining to be powered via solar energy
There has been an increase in demand to have BTC mining be more eco-friendly and environmentally sustainable. This recent increase had been largely spurred by Elon Musk after he removed BTC from Tesla’s list of payment options following his statement that BTC mining is causing too much damage to the environment.
Since then, many organizations and people of influence have come together to address the concerns relating to BTC mining harming the environment, which also involved the formation of the highly praised Bitcoin Mining Council, which Elon himself has reportedly developed an interest in.
As such, both Square and Blockstream have decided to take the initiative to help reduce the carbon emissions being caused by BTC mining, and the solution has come via solar-powered mining. The open-source facility is thus set to be constructed at a key Blockstream mining site within the United States. Both Square and Blockstream have also stated that transparency is vital and that all of the relevant details and characteristics of the project shall be revealed as time progresses.
In related news, Blockstream will also be administering a dashboard (with free access) to display metrics of the aforementioned project in real-time, which will also reportedly highlight the power output and BTC mining.
$5 million invested by Square
Square has decided to invest $5 million for the project, while Blockstream is getting ready to provide the infrastructure. Square had also previously added Bitcoin to its respective balance sheet through the successful allocation of $50 million.
Jack Dorsey has also stated that he is more than willing to leave Square behind if Bitcoin should ever require his services, thus once again displaying his continued support for the flagship cryptocurrency.