Square Investing $5 Million Into Solar-Powered Bitcoin

Last Updated on June 7, 2021 by Jason

Square, which is a financial payments firm, says that it is investing in Blockstream, an infrastructure company to build a mining facility for Bitcoin that is powered by solar, in a bid to prove to everyone that Bitcoin can operate and be environmentally-friendly.

$5 million will be invested in the project, while Blockstream will bring to the table the knowledge to manage and build it. The announcement is timely, as many people step back out of scepticism that Bitcoin and other cryptos can be mined without having a detrimental impact on the environment.

Blockstream said, “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.”

Square Jack Dorsey

The venture shows that people still believe in Bitcoin, like CEO Jack Dorsey. The Twitter CEO said, “Bitcoin changes absolutely everything. I don’t think there is anything more important in my lifetime to work on.”

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