Square Allocates $ 10 Million to Eco-Friendly Bitcoin Mining
Square Inc. announced that it is making a big move toward encouraging the adoption of green energy in Bitcoin mining by investing $ 10 million. The San Francisco-based mobile payment company plans to become carbon neutral by 2030. As part of the process, Square has partnered with Watershed, which powers climate programs and reduces its carbon footprint.
On Tuesday, Square announced on Twitter that it will allocate $ 10 million to the Bitcoin Clean Energy Investment Initiative. This Initiative will promote renewable energy consumption and support companies working on green energy technologies within the bitcoin-mining ecosystem.
In a statement, Square CEO Jack Dorsey described Bitcoin as a unique part of Square’s footprint. The American tech entrepreneur stated that he believes Bitcoin will eventually be fully powered by clean energy.
We’re excited to announce our plans to become net zero carbon for operations by 2030.
We have mapped out a path through a combination of lowering our carbon footprint in conjunction with scaling a verified carbon removal portfolio, which we intend to launch in Q1 of 2021. (1/2)
— Square (@Square) December 8, 2020
Improving Mining’s Environmental Impact
The energy consumption of Bitcoin mining has been a critical issue in the industry for years. In studies conducted in the past years, researchers have reported that the large consumption of energy produced by mining has turned into a significant carbon footprint. And they stated that the computational power required to solve the bitcoin puzzle increases with each passing year is a significant problem.
Square indirectly contributes to this emission, buying billions of dollars worth of BTC on behalf of Cash App customers. Therefore, the firm aims to improve the environmental impact of bitcoin mining. Investing in clean energy resources is an important step taken by the firm.
Considering that Dorsey always supported the leading cryptocurrency, and Square was one of the first publicly traded companies to adopt Bitcoin, this initiative was just right.
Square Ceo Jack Dorsey, who is also the co-founder of Twitter, stated that Bitcoin is already starting to rely on clean energy. He then added that he hopes Square’s investment initiative will accelerate the transformation.
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