Bitcoin Mining, mining

Square will invest $5 million into the Blockstream Bitcoin mining facility

Square Inc., a crypto-friendly mobile payments company. Has announced that it will invest $5 million in a solar-powered Bitcoin (BTC) mining facility for Blockstream Mining. Demonstrating Jack Dorsey’s continued support for blockchain infrastructure.

Blockstream’s chief information officer, Chris Cook, announced the collaboration on Saturday. Outlining plans to build the open-source mining facility at one of the company’s US operations.

“Together, we plan to provide public transparency by sharing the project economics. And knowledge we’ve gained from building a Bitcoin mine powered by renewable energy,” he said, adding:

“Ultimately, we hope to demonstrate how bitcoin mining in conjunction with renewable energy can help drive the clean energy transition.”

In addition to providing regular updates on the project’s progress. The new initiative will include a “public performance dashboard”. Where anyone can access real-time mining facility metrics.

After Tesla CEO Elon Musk decided to stop accepting Bitcoin payments for Tesla cars. Citing grave environmental concerns, bitcoin mining has been the subject of intense media scrutiny.

Last month, Michael Saylor of MicroStrategy brokered a truce between Musk and the Bitcoin mining community by bringing both parties to the table for high-level talks. The meeting resulted in the formation of the Bitcoin Mining Council, which is led by the industry, with miners promising to speed up sustainability initiatives.

Square Inc., led by Jack Dorsey, has been stepping up efforts to increase Bitcoin and cryptocurrency adoption. According to Cointelegraph, Twitter CEO Jack Dorsey is seriously considering developing a Bitcoin hardware wallet. In order to give people more control over their money.

“If we do it, we’ll do it completely in the open, from software to hardware design. Moreover, in collaboration with the community,” he wrote on Twitter.