- Square and Blocktream have announced plans to build a solar powered Bitcoin mine
- The solar powered Bitcoin mine will be act as a proof of concept that Bitcoin mining can be achieved at scale with renewable energy sources
- Mainstream media outlets have beaten Bitcoin with an environmental stick throughout 2021
Square and Blockstream have announced a joint partnership to build a solar powered Bitcoin mine which will hopefully prove that Bitcoin can be mined through everyday renewable energy sources. The project, which is in essence a large-scale proof of concept attempt, will be built by Blockstream and financed by Square, who will invest $5 million into it. The solar powered Bitcoin mine will be built at one of Blockstream’s mining sites in the U.S., although no timescale was offered. The move shows that Bitcoin companies have both the desire and the ability to tackle the environmental issue head on which can only be good for the entire crypto industry.
Solar Powered Bitcoin Mine Could Prove Viability of Eco-friendly Mining
Blockstream and Square announced the project on Saturday, with Blockstream posting an update on their website which revealed the building of “an open-source, solar-powered Bitcoin mining facility at one of our Blockstream Mining sites in the United States.”
Square made their announcement through Twitter, stating that the project was part of the Bitcoin Clean Energy Investment Initiative the company announced in December last year, adding that the venture would “serve as a transparent case study for renewable energy and bitcoin mining.”
We’re committed to driving further adoption and efficiency of renewables within the bitcoin ecosystem, which is why we’ve teamed up with @Blockstream to launch an open-source renewable energy mining project as part of our Bitcoin Clean Energy Initiative. (1/2)
— Square (@Square) June 5, 2021
Mainstream Media Has Taken Bitcoin to Task Over Environmental Issues
Mainstream media outlets have zeroed in on Bitcoin’s environmental impact this year following their dwindling inability to criticize its use case, a narrative that has led to a misconception among the public about how much energy Bitcoin mining uses.
This narrative has led to the creation of the Bitcoin Mining Council, fronted by Elon Musk and Michael Saylor, although it is not clear if there is any link between this and Blockstream and Square’s plans for a solar powered Bitcoin mine. Either way, the fact that crypt companies are willing to invest in such practices is great news for the ecosystem and the planet.