Blockstream is a leading blockchain development company founded by Adam Back in 2014.
Square Inc., a crypto-friendly mobile payments company, is planning to invest $5 million in a solar-powered Bitcoin (BTC) mining facility for Blockstream Mining, offering further insight into Jack Dorsey’s continued support for blockchain infrastructure.
Chris
Cook, Blockstream’s chief information officer, announced the
collaborative partnership on Saturday, where he outlined plans to build
the open-sourced mining facility at 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 payments for Tesla cars, citing grave environmental concerns.
MicroStrategy’s
Michael Saylor brokered a truce between Musk and the Bitcoin mining
community last month by bringing both sides to the table for high-level
talks. The industry-led Bitcoin Mining Council emerged out of the
meeting, with miners vowing to accelerate sustainability initiatives.
As
for Square Inc. the Jack Dorsey-led company has been ramping up efforts
to boost adoption of Bitcoin and cryptocurrencies. Cointelegraph
reported Friday that Dorsey is strongly considering developing a Bitcoin hardware wallet in an effort to bring self-custody and financial inclusion to the masses.
"If
we do it, we would build it entirely in the open, from software to
hardware design, and in collaboration with the community,” he said in a Twitter post.
source link : https://cointelegraph.com/news/jack-dorsey-s-square-inc-to-invest-5m-in-blockstream-bitcoin-mining-facility
