A Big Step From Square To Make Bitcoin Mining Green
On Tuesday, payments giant Square announced that it is making a major move towards carbon neutrality by 2030 .
A Big Step From Square To Make Bitcoin Mining Green.
On Tuesday, payments giant Square announced that it is making a major move towards carbon neutrality by 2030 .As part of the initiative, Square will allocate $ 10 million to the Bitcoin Clean Energy Investment Initiative, which aims to “support companies that help the adoption and efficiency of renewable energies within the Bitcoin ecosystem.”
Square is the company behind CashApp. It is a large company that offers cryptocurrency services to its users. In its today’s announcement, Square described Bitcoin as “a unique piece of Square’s footprint.” Jack Dorsey, the CEO of both Square and Twitter, said:
“WE BELIEVE THE CRYPTOCURRENCY WILL EVENTUALLY BE FULLY BACKED BY CLEAN ENERGY, ELIMINATE THE CARBON FOOTPRINT AND DRIVE THE ADOPTION OF RENEWABLE ENERGIES GLOBALLY.”
The carbon footprint of the Bitcoin network has been the subject of great controversy over the years. A 2019 study estimated that BTC’s total carbon production was comparable to that of some smaller countries. A study conducted last week offers similar results to these numbers.
What complicates the discussion are the specific power resources consumed for BTC mining. As the network’s mining industry becomes more competitive, large miners are flocking to areas that already generate excess energy to maximize their profit margins. Locations of hydro and nuclear power plants, popular places. Recent estimates say that the vast majority of miners depend on renewable energy sources.
Also, Square is forming a patent group for crypto, among other initiatives. Coinbase joined this group a few days ago.It should also be noted that Square has 4,709 Bitcoins.