Blockstream Mining, a bitcoin mining company run by a Twitter co-founder, is investing in solar-powered bitcoin mining

 

Sq. Inc, helmed by Twitter CEO Jack Dorsey, is cooperating with blockchain technology provider Blockstream Mining (‘Blockstream') to build a solar-powered bitcoin mining plant. Sq. will invest $5 million in one of Blockstream Mining's American facilities to build an open-source, solar-powered Bitcoin mining plant.

The companies want to work together to provide public transparency by disclosing the project's economics and data obtained through Blockstream's construction of a Bitcoin mine powered by renewable energy. Blockstream hopes to demonstrate how bitcoin mining in conjunction with renewable energy can help to accelerate the clear power transition.

The bitcoin mining facility will serve as a proof-of-concept for a large-scale Bitcoin mine that runs entirely on renewable energy, with the costs of construction, as well as operational pricing and ROI, made public.

Blockstream has already partnered with Aker, and now Sq., to seek alternative and sustainable Bitcoin mining options.

Non-US individual traders can also participate in Bitcoin mining using Blockstream's BMN, which provides access to hash power generated by over 80% zero-emissions power sources like as hydro, photovoltaic, wind, and nuclear.

Sq. Inc. is a company based in New York City.

Sq. is a digital asset management company situated in San Francisco, California. The company was founded by Jack Dorsey and Jim McKelvey in 2009, and its initial platform was introduced in 2010. The company allows its sellers to start, run, and grow their businesses. It combines software and technology to enable merchants to convert mobile and computing devices into finances and point-of-sale (PoS) choices.

The market capitalization of Sq. was over $100 billion in 2020.