Square, the digital payment firm, is partnering up with prominent Bitcoin and blockchain technology firm Blockstream to construct an open-source, solar-powered Bitcoin mining facility in the US.
According to an article released by Blockstream, the mining facility will be built at one of its mining sites. Blockstream will be providing the infrastructure and expertise to manage the project, while Square will be making a US$5 million investment.
Why is this mine so special? There are other mines that operate on renewable energy or offset their carbon emissions by buying carbon credits.
The difference is this mine will be open-source and aims to be completely transparent from construction to economics. The facility will be a proof-of-concept for a 100 percent renewable energy Bitcoin mine at scale, with the economics of the build-out – including operational costs and ROI – revealed to the public.
We hope that the open and transparent nature of the project will become a model that other businesses can learn from […] We’re hoping to demonstrate that a renewable mining facility in the real world is not only possible but also empirically prove that Bitcoin accelerates the world toward a sustainable future
Chris Cook, Chief Information Officer and head of mining, Blockstream
Two Birds With One Stone For Square
The new initiative is also part of Square’s pledge to make its Bitcoin activity carbon-neutral by 2030. Under that commitment Square has promised to fund Bitcoin projects that reduce its carbon footprint.
The bonus is that while Square is busy sustainably mining Bitcoin, its researchers will be able to document the process as a case study for future use. “We’re thrilled to partner with Blockstream to provide an open-source working model for our combined thesis that Bitcoin can further accelerate the renewable energy transition,” said Neil Jorgensen, Global ESG Lead at Square, Inc.
The project will serve as an ongoing, transparent case study that will allow us to all learn together the specific unit economics of clean-energy Bitcoin mining. We can’t wait to start sharing our results with the community.
Neil Jorgensen, Global ESG Lead at Square
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