Square to allocate $10M to support green bitcoin mining

by in Cryptocurrency News

Square

Square has announced its plan to become a zero-carbon company by 2030. This was announced in a press release from Square on December 8th.

As part of the initiative, Square will provide $ 10 million to "support companies that are working to introduce and improve the efficiency of renewable energy sources in the Bitcoin ecosystem."

Jack Dorsey, CEO of Square and Twitter, said: “We believe that in the future cryptocurrency will be fully powered by clean energy - this will eliminate its carbon footprint and stimulate the adoption of renewable energy around the world. Published estimates indicate that Bitcoin is already consuming a significant amount of clean energy and we hope Square's investment initiative will accelerate the transition to renewable energy. ”

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The latest global study of crypto assets from the University of Cambridge, published in September 2020, shows that 76% of miners use electricity from renewable energy sources. According to the study, hydropower is the most common source of energy - almost 62% of miners use it.

Square has been providing users of its Cash App with the ability to buy and sell bitcoin since 2018. In September, the company pioneered the launch of the Cryptocurrency Open Patent Alliance (COPA) to unify patents in the crypto industry. Square invested $ 50M in Bitcoin in October.