Electronic payment business Square announced a partnership with Blockstream Mining to start using renewable energy for Bitcoin mining.
As part of the agreement, Square will invest US$ 5 million into the project, with Blockstream providing the infrastructure and expertise to develop and manage it.
The move by Square, co-founded by Twitter’s CEO and crypto enthusiast Jack Dorsey, follows criticisms over Bitcoin’s high environmental impact given the amount of energy required for its mining. It was Bitcoin’s energy-hungry aspect that led maverick entrepreneur, Elon Musk, to start distancing himself from the crypto and stop its acceptance as one of the payment methods for Tesla electric cars.
"“No business, including those in the digital financial sector, can simply ignore their environmental impact; one advantage of targeting the kind of premium real estate we will be linking with our D¥NS tokens is that these properties tend to meet world-class environmental standards for both their construction and running”, commented Eduardo Carvalho, co-founder and CEO of Dynasty Global Investments AG."
According to the release issued by Square and Blockstream, the project will be highly transparent and open, including 24/7 access to a dashboard displaying its performance, economics and knowledge.