Square invests 5 million USD to mine Bitcoin

[ad_1]

Square will partner with blockchain technology provider Blockstream Mining to build a solar-powered Bitcoin mining facility.

According to the announcement, Square will invest $5 million in a solar-powered Bitcoin mining facility. The company confirmed on Twitter that it is “committed to promoting the widespread adoption of renewable energy in the Bitcoin ecosystem.” And here is “proof of a Bitcoin mine using 100% renewable energy on a large scale”.

According to research, Bitcoin mining currently consumes a lot of electricity and the pursuit of sustainable methods, using renewable energy in place of fossil fuels is a top concern for many people in the world. branch.

We’re committed to driving further adoption and efficiency of renewables within the bitcoin ecosystem, which is why we’ve teamed up with @Blockstream to launch an open-source renewable energy mining project as part of our Bitcoin Clean Energy Initiative. (1/2)

— Square (@Square) June 5, 2021

Additionally, Square CEO Jack Dorsey recently tweeted that Square is “considering creating a hardware wallet for bitcoin.” This product will be built on open source code for the community.

Square is considering making a hardware wallet for #bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community. We want to kick off this thinking the right way: by sharing some of our guiding principles.

— jack (@jack) June 4, 2021

In October 2020, Square invested $50 million in Bitcoin and continued to pour another $170 million in February this year. Square’s Cash users can now use the app to buy Bitcoin.