Square will invest $ 10 million in support of Bitcoin mining on renewable energy sources
Payment company Square today unveiled a plan to support Bitcoin mining on renewable energy sources and allocated $ 10 million for this purpose. The initiative is part of Square’s program to eliminate carbon emissions from operations by 2030. The high energy consumption of the bitcoin network and the carbon footprint left by its miners is one of the main arguments of the opponents of cryptocurrency.
Funding from the fund will go to companies promoting the use of renewable energy sources in the bitcoin ecosystem. Square has already partnered with climate firm Watershed to support its endeavors..
The company notes to Square that bitcoin is “uniquely placed” in its carbon footprint as it buys cryptocurrency for the benefit of its Cash App customers..
“The initiative will support companies working on green energy technologies for bitcoin mining, and aims to accelerate its transition to clean energy, not just carbon removal for bitcoins, which processes Square,” said in a press release. “The company intends to reinvest any proceeds from this initiative and is considering opening it to a consortium of like-minded companies to gain influence.”.
Square Co-Founder and Twitter CEO Jack Dorsey said: “We believe cryptocurrencies will eventually be powered exclusively by clean energy, thus eliminating the carbon footprint and promoting renewable energy worldwide. Bitcoin is already consuming significant amounts of energy from green sources, according to published estimates, and we hope Square’s investment initiative will accelerate this transition. “.
Square previously announced a $ 50 million investment in Bitcoin. JPMorgan analysts called it “a strong sign of confidence in the future of bitcoin” and evidence that the payments company sees “great potential” in cryptocurrency as an asset..
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