Square and Blockstream to Create Solar-Powered BTC Mining

by in Cryptocurrency News

Square & Blockstream

Cryptography and blockchain technology firm Blockstream and payments operations provider Square teamed up to create a solar-based Bitcoin mining facility.

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On June 5 Blockstream issued a blog post informing it received a $5 M investment from Square to provide the framework and arrange the project.

The solution will be based on a Proof-of-Concept Mechanism and will use 100% renewable power. Blockstream and Square's undertaking will be fully see-through.

The company mentioned that although a lot of mining operators all over the world already use green energy as its cost-effective, the new project comes to indicate that actually Bitcoin and environment-friendly mining facility helps to make the world more sustainable.

There will be regular reports on the project's economics through a publicly available dashboard. The latter is based on BMN (Blockstream Mining Note) which allows 24/7 access. Earlier, in March Blockstream announced cooperation with an engineering company focused on renewable energy solutions, Aker.

On May 13, Tesla disallowed payments in BTC. As the CEO of the company Elon Musk said the reason is the coin's bad influence on the environment.

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After the news went public, BTC saw a significant price drop. Currently, it trades at around $36.100.