Financial payments company Square and bitcoin infrastructure firm Blockstream are teaming up to build a solar-powered bitcoin mining facility to show the world that bitcoin can be "green."
- Under terms of the agreement, Square will invest $5 million in the facility while Blockstream will provide know-how to build and manage the project. The facility will be located at an existing Blockstream location.
- The announcement comes as the environmental impact of mining for the world's largest cryptocurrency has come under intense scrutiny. a development that reportedly has scared away some institutional investors and contributed to the recent decline in the price of bitcoin.
- "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," Blockstream said in a release announcing the project. For its part, Square tweeted that the venture will be creating a "public-facing dashboard to serve as a transparent case study for renewable energy and bitcoin mining."
- For Square, the venture is well in line with CEO Jack Dorsey's stated love of bitcoin. Earlier Saturday, Dorsey, who is also Twitter CEO, was quoted as saying, "Bitcoin changes absolutely everything. I don't think there is anything more important in my lifetime to work on."
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.