Square Inc. is planning. A cryptocurrency-friendly mobile payment company decided to invest $ 5 million in a solar-powered Bitcoin (BTC) mining operation for Blockstream Mining, and provided additional information about Jack Dorsey’s ongoing blockchain infrastructure support.
Chris Cook, CEO of Blockstream, announced the joint partnership on Saturday, outlining plans to build an open source mining operation in one of Blockstream’s US ventures.
“Together, we plan to provide public transparency by talking about the economics of the project and the knowledge we have gained from building a renewable energy bitcoin mine,” he said, adding:
“Finally, we hope to demonstrate how the mining of bitcoin with renewable energy can help drive the transition to clean energy.”
In addition to providing regular reports on project status, the new initiative will also include a so-called dashboard for public performance where everyone can get real-time calculations for the mine.
Bitcoin mining has been the subject of intense media scrutiny after Tesla CEO Elon Musk decided to stop accepting BTC payments for Tesla vehicles due to serious environmental concerns.
Michael Sailor of MicroStrategy struck a ceasefire between Musk and the bitcoin mining community last month, bringing both parties to the negotiating table for high-level negotiations. The industry-led Bitcoin Mining Council left the meeting when miners promised to accelerate the implementation of sustainability initiatives.
As for Square Inc., the company, led by Jack Dorsey, is stepping up its efforts to spur the spread of bitcoin and cryptocurrencies. The Cointelegraph reported on Friday that Dorsey is actively considering developing a bitcoin hardware wallet to achieve self-help and financial inclusion for the general public.
“If we did, we would build it completely in the open air, from software to hardware design and collaborating with society,” he said in a Twitter post.