Square Takes a Swipe at the BTC Energy Debate With $5 Million Solar Mining Investment

As the conversation about Bitcoin’s energy consumption reaches a fever pitch, Jack Dorsey’s payment provider Square has unveiled plans to fund a sustainable bitcoin mining facility in conjunction with Blockstream.

Although U.S. miners have come together to form the Bitcoin Mining Council following Musk’s critique by promising more transparency on mining’s energy use, Jack Dorsey’s Square plans to lead the way in terms of substantive action. Instead of jawboning the crypto up and down, Dorsey is putting Square’s reputation on the line with an investment allocation to a sustainable mining initiative.

The payment giant revealed plans to invest $5 million in a solar-energy-based mining facility in partnership with Blockstream, which will be responsible for providing the infrastructure development know-how. The project will ultimately deliver a proof of concept that underlines how sustainable bitcoin mining can be accomplished at scale, paving the way for more widespread adoption of these techniques.

Recently, Jack Dorsey drafts Square’s trial plans for Bitcoin hardware wallet