Square Takes a Swipe at the Bitcoin Energy Debate With $5 Million Solar Mining Investment – Bitcoin News
Square, the popular mobile payments service and Cash App, has invested $5 million in a solar solar power plant in collaboration with the nonprofit Recurrent Energy. The plant will begin operation in the spring of 2019, and will be used to supply clean power to the company’s offices in Oakland, California.
Square has been having some problems lately with their technology and business practices, but they’re not letting that stop them from making major moves toward profitable energy solutions.
Square is the popular app that helps you pay merchants, but for the first time it’s investing in renewable energy as well. The company is opening a solar farm in Arizona that will generate enough energy for about 20,000 homes. The farm, which will be located in an area known for its sunny weather, will power the San Francisco-based company’s operations and provide energy for the surrounding region.. Read more about square bitcoin mining and let us know what you think.
As the debate over bitcoin’s energy use reaches a peak, Jack Dorsey’s payments company Square has unveiled plans to partner with Blockstream to fund a green bitcoin mining venture.
A mining project to serve as a large-scale proof of concept
Bitcoin has no shortage of disgruntled people, but in recent weeks the controversy over the cryptocurrency’s footprint has been thrust into the public eye following comments made by Elon Musk. While American miners have banded together after Musk’s criticism to form the Bitcoin Mining Council and promise more transparency about energy use in mining, Jack Dorsey’s Square wants to lead the way when it comes to taking concrete action. Instead of making fun of cryptocurrencies, Dorsey is putting Square’s reputation on the line by investing in a sustainable mining initiative. The payments giant has announced plans to invest $5 million in solar-powered mines, in partnership with Blockstream, which will be responsible for providing infrastructure expertise. Ultimately, the project will produce a proof of concept that demonstrates how sustainable bitcoin mining can be achieved on a large scale, paving the way for wider adoption of these techniques. Square aims to use the project not only to bring renewable energy into the debate over bitcoin mining, but also to demonstrate how crypto-currencies can be an accelerator for greater sustainability in the future. This one action stands in stark contrast to Musk’s rather opaque stance. However, there is also speculation that the entrepreneur will take his chance by launching his own green mining solution using his existing expertise in equipment manufacturing. Square has long been a supporter of cryptocurrencies, and this recent interest in mining reflects the payment provider’s other ambitions, such as implementing its own hardware wallet solution. In his recent tweets, Dorsey noted that the company plans to work with the community to develop a hardware bitcoin wallet that will focus on key features such as memoryless functionality, ease of use, reliability and minimal setup time. Do you think Dorsey’s investment in solar-powered bitcoin mining would have happened if Elon Musk hadn’t woken up the sleeping green giant? Let us know your comments in the section below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.While it may not be a well-known name to most Bitcoin users, Square is one of the most popular payment processors today. That popularity helped the company to join the Bitcoin Energy Consumption Challenge, which challenges companies to cut down their energy consumption by at least 20% by the end of the day March 31st.. Read more about bitcoin clean energy initiative and let us know what you think.