Twitter Co-Founder’s Payment Firm To Invest In Solar-Powered Bitcoin Mining Firm Blockstream Mining
Twitter’s CEO Jack Dorsey-led payment company Square Inc is collaborating with blockchain technology provider Blockstream Mining (‘Blockstream’) to build a solar-powered bitcoin mining facility.
Square will invest $5 million to build an open-source, solar-powered Bitcoin mining facility at one of Blockstream Mining’s sites in the United States.
Together, the companies plan to provide public transparency by sharing the project economics and knowledge Blockstream gained from building a Bitcoin mine powered by renewable energy. Blockstream hope to demonstrate how bitcoin mining in conjunction with renewable energy can help drive the clean energy transition.
The bitcoin mining facility will be a proof-of-concept for a 100% renewable energy Bitcoin mine at scale, with the economics of the build-out — including operational costs and ROI — made open to the public.
Blockstream is already working with energy firm Aker, and now Square, to pursue alternative and renewable energy Bitcoin mining.
Non-US individual investors can also get involved in Bitcoin mining through Blockstream’s BMN, which provides access to hashpower generated from over 80% zero-emissions energy sources, including hydro, solar, wind, and nuclear.
Square is a digital payments company based in San Francisco, California. The company was founded in 2009 by Jack Dorsey and Jim McKelvey and launched its first platform in 2010.
The company enables its sellers start, run and grow their businesses. It combines software with hardware to enable sellers to turn mobile devices and computing devices into payments and point-of-sale (PoS) solutions.
In 2020, Square’s market capitalization was valued at over US $100 billion.