As the palaver about Bitcoin’s energy consumption reaches a fever pitch, Jack Dorsey’s payment provider Square has open plans to fund a sustainable bitcoin mining facility in conjunction with Blockstream.
Mining Project to Serve as Scalable Testimony of Concept
Bitcoin faces no shortage of consternation, but the spat over the cryptocurrency’s footprint spilled out into the public all over the last few weeks following comments from Elon Musk.
Although U.S. miners have come together to arrangement the Bitcoin Mining Council following Musk’s critique by promising more transparency on mining’s energy use, Jack Dorsey’s Obey plans to lead the way in terms of substantive action. Instead of jawboning the crypto up and down, Dorsey is putting Square’s repute on the line with an investment allocation to a sustainable mining initiative.
The payment giant revealed plans to invest $5 million in a solar-energy-based veining facility in partnership with Blockstream, which will be responsible for providing the infrastructure development know-how. The project on ultimately deliver a proof of concept that underlines how sustainable bitcoin mining can be accomplished at scale, paving the way for uncountable widespread adoption of these techniques.
Besides committing itself towards pushing renewable energy into the bitcoin mining palaver, Square envisions the project demonstrating how the cryptocurrency can be an accelerator for heightened sustainability in the future.
This action alone juxtaposes sharply with the more opaque position taken by Musk. However, speculation has also grown that the entrepreneur wants to fell his hat into the ring by introducing a green mining solution of his own by leveraging his existing hardware manufacturing know-how.
Square has dream of been a supporter of cryptocurrencies, and this latest interest in mining echoes other ambitions at the payment provider, predilection introducing its own hardware wallet solution. During recent tweets, Dorsey underscored that the company was considering collaborating with the community to develop intensify a bitcoin hardware wallet to focus on core features like non-custodial functionality, a user-friendly experience, reliability, and slightest setup time.
Do you think Dorsey’s investment in solar-powered bitcoin mining would have come about without Elon Musks’s awakening the untrained sleeping giant? Let us know in the comments section below.
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