The installation of a new mining farm will happen in the United States of America and will work as a proof of concept. Square is behind the financing of the project with $ 5 million, and Blockstream will lead the management of the mine.
Square, a cryptocurrency payments company founded by Jack Dorsey, has joined efforts with Blockstream, the Bitcoin technology company behind the Liquid Network sidechain, to release an open-source bitcoin mine that will function with solar energy.
Both companies released the information in the framework of the Bitcoin Conference that took place in Miami last weekend. It was later confirmed in posts posted on her blogs and social media on June 5.
On this, the publications explain that the new mining farm will be installed in the United States of America and will operate as a proof of concept. The goal is for this mine to play the main role as a model for other companies to learn about bitcoin mining, according to the note from Blockstream, which already owns a bunch of mining facilities in Canada and the United States of America.
The farm will receive financing support from Square, which will invest USD 5 million to support the installation of the mine, while Blockstream will bring the infrastructure and its expertise to develop and set the management of the project.
“As we continue to explore synergies between the two companies, we look forward to sharing our ongoing learning and real-world data,” Square tweeted announcing its participation in the project.
To meet such a goal, periodic reports will be provided on the project’s economy. To achieve this periodic report, Blockstream will create a free access dashboard that will display real-time mine performance metrics, adding also the power output and every bitcoin mined.
Square Promotes Transition to Bitcoin ‘Green Mining’
The new bitcoin mine will be part of a broader plan launched by Square in December 2020 and known as the “Clean Energy Investment Initiative through Bitcoin.” The program wants to promote the use of green energies to mine the main cryptocurrency.
The basic goal is to aid companies in their road to mining transition intending to use cleaner energy sources. Square predicts that by 2030 all the operations of the companies that join the program will have zero carbon emissions.
The CEO of the company, Jack Dorsey, hopes that Bitcoin will eventually run entirely on clean energy eliminating its carbon footprint and driving the adoption of renewable energy globally.
As this outlet has previously reported, cryptocurrency mining has been drawing much criticism in recent months for its heavy use of electricity and its alleged damage to the environment. This is an argument that was even used by Tesla CEO Elon Musk to justify the withdrawal of BTC as a means of payment last May.
Cryptocurrency critics often view the resources used to secure the network as wasteful and destructive. But the fact is, studies are showing that more than 70% of the bitcoin mining industry receives its power from clean, green, and renewable energy.
By: Jenson Nuñez