Jack Dorsey’s Square Inc. to invest $5M in Blockstream Bitcoin mining facility

Square Inc., a crypto-friendly cellular funds firm, is planning to invest $5 million in a solar-powered Bitcoin (BTC) mining facility for Blockstream Mining, providing additional perception into Jack Dorsey’s continued assist for blockchain infrastructure. 

Chris Cook, Blockstream’s chief data officer, introduced the collaborative partnership on Saturday, the place he outlined plans to construct the open-sourced mining facility at certainly one of Blockstream’s United States 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 reports on the status of the project, the new initiative will also feature a so-called public performance dashboard, where anyone can pull real-time metrics of the mining facility.

Bitcoin mining has been the subject of extreme media scrutiny after Tesla CEO Elon Musk decided to stop accepting BTC funds for Tesla cars, citing grave environmental issues.

MicroStrategy’s Michael Saylor brokered a truce between Musk and the Bitcoin mining neighborhood final month by bringing either side to the desk for high-level talks. The industry-led Bitcoin Mining Council emerged out of the assembly, with miners vowing to accelerate sustainability initiatives.

As for Square Inc. the Jack Dorsey-led firm has been ramping up efforts to increase adoption of Bitcoin and cryptocurrencies. Cointelegraph reported Friday that Dorsey is strongly contemplating developing a Bitcoin hardware wallet in an effort to convey self-custody and monetary inclusion to the lots.

“If we do it, we’d construct it solely in the open, from software program to {hardware} design, and in collaboration with the neighborhood,” he said in a Twitter put up.