Square and Blockstream are building a solar-powered Bitcoin mining facility in the U.S.
Bitcoin technology company Blockstream has partnered with Jack Dorsey’s payments company Square to construct a solar-powered Bitcoin mining facility, according to June 5 press release.
The aim of the initiative is to highlight how Bitcoin can accelerate the adoption of green energy.
The open-source renewable mining project will receive a $5 million investment from Square.
Blockstream CIO Chris Cook claims that renewable energy is “the most cost-effective power available”:
Together with Square, we hope that the open and transparent nature of the project will become a model that other businesses can learn from. We’re 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.
Square is also intending to create its own Bitcoin hardware wallet.
At the Bitcoin 2021 Conference, Dorsey said that he would be willing to leave Square and Twitter to work on Bitcoin:
If I were not at Square or Twitter, I would be working on bitcoin. If [Bitcoin] needed more help than Square or Twitter, I would leave them for Bitcoin.