Square (SQ) intends to support the use of renewable energy in bitcoin mining with a new Bitcoin Clean Energy Investment Initiative, and it's dedicating $10 million to the effort.
- Announced Tuesday, the company said it aims to become a net-zero carbon contributor for operations by 2030 and wants to help drive the adoption and efficiency of renewables within the Bitcoin ecosystem.
- Square said it has mapped out a path towards a net-zero carbon target by lowering its own carbon footprint in conjunction with scaling a verified carbon removal portfolio, which Square intends to launch in the first quarter of 2021.
- The Bitcoin Clean Energy Investment Initiative is part of a broader push to support clean energy efforts at Square.
- The company has also partnered with Watershed, which powers climate programs and reducing its carbon footprint.
- “We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally," said Square CEO Jack Dorsey, who is also the founder of Twitter. "Published estimates indicate bitcoin already consumes a significant amount of clean energy, and we hope that Square’s investment initiative will accelerate this conversion to renewable energy.”