Jack Dorsey’s financial payments firm Square will invest $5 million in a Bitcoin mine that will run on renewable energy. Markets Insider reported on Monday.
- The solar-powered mine will be financially backed by Square while Bitcoin technology company Blockstream will provide infrastructure and expertise for the facility. It will be developed in an existing mine of Blockstream in the United States.
- The code, process, and economic data behind the mine will be made accessible as the firms seek to provide a model for other businesses. The dashboard aims to be a transparent case study for renewable energy and Bitcoin mining.
- The partners said the mine will demonstrate the possibility of a renewable Bitcoin mining facility and findings will be shared to the public.
Stakeholders have raised concerns over the environmental impact of Bitcoin mining activities due to carbon emissions. BTC/USD is up 1.96%.