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Square to Invest $5M to Build Solar-Powered Bitcoin Mining Facility With Blockstream
The announcement comes as the environmental impact of mining for the world's largest cryptocurrency has come under intense scrutiny.
Financial payments company Square and bitcoin infrastructure firm Blockstream are teaming up to build a solar-powered bitcoin mining facility to show the world that bitcoin can be "green."
STORY CONTINUES BELOW
- Under terms of the agreement, Square will invest $5 million in the facility while Blockstream will provide know-how to build and manage the project. The facility will be located at an existing Blockstream location.
- The announcement comes as the environmental impact of mining for the world's largest cryptocurrency has come under intense scrutiny. a development that reportedly has scared away some institutional investors and contributed to the recent decline in the price of bitcoin.
- "We hope to show that a renewable mining facility in the real world is not only possible but also prove empirically that Bitcoin accelerates the world toward a sustainable future," Blockstream said in a release announcing the project. For its part, Square tweeted that the venture will be creating a "public-facing dashboard to serve as a transparent case study for renewable energy and bitcoin mining."
- For Square, the venture is well in line with CEO Jack Dorsey's stated love of bitcoin. Earlier Saturday, Dorsey, who is also Twitter CEO, was quoted as saying, "Bitcoin changes absolutely everything. I don't think there is anything more important in my lifetime to work on."
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
