Square and Blockstream launch solar-powered mining facility

Square and Blockstream launch solar-powered mining facility - blockstream square 1024x536A solar-powered Bitcoin mining facility will arrive in the United States courtesy of Jack Dorsey of Square and Adam Back of Blockstream.

Jack Dorsey continues to show his support for the Bitcoin network, this time through the financial services firm he manages, Square Inc. The firm has partnered with Blockstream to build an open source solar-powered BTC mining facility.

Solar-powered bitcoin mining arrives in the US

Bitcoin mining has become a hot topic inside and outside the cryptocurrency community since Elon Musk cited the resource's energy consumption levels as the main reason Tesla dumped BTC payments for its products. .

Although less than a month has passed since then, numerous organizations and prominent individuals have already taken steps to address these concerns, including the establishment of the Bitcoin Mining Council.

The latest initiative comes from Blockstream and Square. The two sides have teamed up to create an open source solar-powered mining facility at one of the Blockstream mining sites in the United States.

They promised to remain transparent throughout the process by sharing the details of the project's economics and "the knowledge gained from building a renewable energy-powered Bitcoin mine."

Square and Blockstream aim to "raise awareness and show how Bitcoin mining in combination with renewable energy can help drive the transition to clean energy."

To do this, Blockstream will launch a free access dashboard showing real-time metrics of the project's performance, including bitcoin mined and power output.

"We hope to demonstrate that a renewable mining facility in the real world is not only possible, but also empirically demonstrates that Bitcoin accelerates the world towards a sustainable future," said Chris Cook, CIO and Head of Mining at Blockstream.

Square invests $ 5 million

The financial services company said that will invest $ 5 million in the facility, while Blockstream will provide the necessary infrastructure. Square's Global ESG Lead, Neil Jorgensen, indicated that the project "will serve as a continuous and transparent case study that will allow us to learn all together the specific economic unit of Bitcoin mining from clean energy."

Therefore, Square doubled its support for the primary cryptocurrency. Previously, we have already reported how Square has inserted BTC in its corporate balance sheet, allocating 50 million dollars.

Additionally, the company's CEO, Jack Dorsey, openly praised and outlined the importance of the Bitcoin network. The latest example of this kind came a few days ago during the 2021 Bitcoin Conference, where he called BTC the most important work of his life. Furthermore, he said he would leave Square and Twitter for Bitcoin if he needed him.

And what do you think of this solar-powered mining farm? Will it help Tesla retrace his steps and accept BTC as a payment method again? Write us in the comments.