Wednesday, June 29, 2022
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Square Inc. positively trusts Bitcoin and is setting a mining facility called Blockstream

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Since cryptocurrency is increasing in the market and it seems that the value of cryptocurrency will indeed keep on increasing unless of course, Elon Musk doesn’t tweet anything unwanted.

In the latest news, Square Inc. has recently partnered with blockchain technology provider Blockstream Mining to build an open-source, solar-powered bitcoin mining facility, Blockstream. Square earlier tweeted stating, “committed to driving further adoption and efficiency of renewables within the bitcoin ecosystem.”

According to sources, the financial firm will be investing $5 million in the facility, which will be a “proof-of-concept for a 100% renewable energy Bitcoin mine at scale. We hope to show that a renewable mining facility in the real world is not only possible but also prove empirically that Bitcoin accelerates the world toward a sustainable future,” stated the firm in a press release.

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since the mining of Bitcoin uses a lot of electricity, many are searching for a more efficient way to produce the source. Tesla CEO Elon Musk said in April that the automaker would stop accepting bitcoin as payment for its vehicles, after announcing that it would make crypto transactions roughly a month prior. Elon Musk stated that the cryptocurrencies like bitcoin “come at great costs to the environment.” Elon Musk and the bitcoin miners group agreed to form a Bitcoin Mining Council, “to promote energy usage transparency [and] accelerate sustainability initiatives worldwide.”

Square CEO Jack Dorsey, who is also CEO of Twitter, has been a huge promoter of Bitcoin who believes that bitcoin will become the world’s single currency within 10 years. The financial firm invested $50 million in bitcoin in October and added another $170 million in February.

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Nivedita Bangari
Nivedita Bangari
I am a software engineer by profession and technology is my love, learning and playing with new technologies is my passion.

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