Square invests $5 million in solar-powered BTC mining at Blockstream facilities – Bits Media

Payments company Square and Blockstream will set up a solar-powered BTC mining joint venture to demonstrate that, that Bitcoin mining can be environmentally friendly.

Under the terms of the agreement, Square invests $5 million to a new mining facility, а Blockstream will provide a practical solution for creating and managing the project. The company will be located on one of the locations of Blockstream.

The theme of the environmental friendliness of the BTC mining is actively discussed the last weeks after the statement of Ilon Mask about, that Tesla suspenses the receipt of payments in BTC due to the concern of the environmental consequences of mining.

In May, North American miners created the Bitcoin Mining Council group, To promote the use of energy, meet the requirements of sustainable development, and transparency in the industry. According to Catherine Wood, Elon Musk and the green mining movement are behind the current decline in markets.

“We hope to show, that cryptocurrency mining in renewable energy sources in the real world is possible. We want to prove, that bitcoin strengthens the world course on sustainable development ", - says in the statement Blockstream.

Square reported, that within the framework of the enterprise will create a "public information panel, which will serve as a transparent example of using renewable energy sources in BTC mining ".

Recently the founder of Square Jack Dorsi reported, that his payment company is considering the possibility of developing a hardware wallet for bitcoin. At the beginning of the year, Blockstream purchased asic major $25 million from MicroBT, and also released a token action with the provision of a hashReit of its ASIC Mainers.