Square partners with Blockstream to build a solar-powered Bitcoin mine in the US
June 7, 2021, 5:21PM EDT
1 min read
Digital payment firm Square has partnered with Bitcoin technology startup Blockstream to launch a 100% solar-powered Bitcoin mine in the United States.
The firms will also publicize details about economics of the project as well as metrics reflecting the mine’s performance, according to a June 5 release from Square and Blockstream.
The new initiative is a part of Square's pledge to be carbon neutral in its Bitcoin activity by 2030. As part of that commitment, which the firm made in December, Square promised to fund Bitcoin projects that reduce Bitcoin's carbon footprint. It will provide $5 million in funds for the facility and Blockstream will provide the infrastructure for the mining farm.
The announcement is just the latest in a series of commitments from crypto companies to address the climate impact of their business.
In March, crypto mining firm Argo and blockchain tech company DMG announced their upcoming hydro-powered Bitcoin mining operation, for instance. Other firms, such as the market maker GSR and digital asset hedge fund One River, have promised to offset their carbon emissions by purchasing carbon credits.
The new solar-powered mine 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," Neil Jorgensen, who heads global environmental, social and corporate governance (ESG) at Square, said in a statement
"We can't wait to start sharing our results with the community."