Blockstream And Square Will Build BTC Mine With Renewable Energy

Blockstream and Square will build a Bitcoin mine that will be based on renewable energy as more companies across the world are being brought to life into this sector so let’s find out in our latest bitcoin news today.

Blockstream and Square announced their partnership to build one in the US based on renewable energy and now the BTC infrastructure startup led by Adam Back, and the other one led by Jack Dorsey will create an open-source BTC mining facility that will be based on solar energy. The BTC mine will be constructed on the Blockstream mining site that is located in the United States. The goal here is to share details on the project’s economics and the experience in the development of the facility. The plan is to also raise awareness and show BTC mining and renewable energy can be a boost for the transition towards clean energy.

https://twitter.com/Blockstream/status/1401224415803809796

Square will invest $5 million and Blockstream will provide an infrastructure and expertise to help build the project. It will also be a proof of concept that will be used to demonstrate that green BTC mining at scale is truly possible as CIO and head of Mining at Blockcstream Chris Cook said:

“Many mining operations throughout the world, including our own, already rely on renewable energy because it is the most cost-effective power available. Together with Square, we hope that the open and transparent nature of the project will become a model that other businesses can learn from.”

Once built, the BTC mining facility will allow others to expand the operations and it will be designed to be scalable and with the capacity to add more support for more growth. Neil Jorgensen who is the Global ESG Lead at Square revealed that he is excited about the new partnership and along with Blockstream he will contribute with a working model that will prove their thesis as Jorgensen added:

“The project will serve as an ongoing, transparent case study that will allow us to all learn together the specific unit economics of clean energy Bitcoin mining. We can’t wait to start sharing our results with the community.”

Blockstream will provide regular reports on the project and will have a dashboard to display real-time metrics on the BTC mine performance which will include power outputs and the amount of BTC mined. The dashboard will also be based on a technology dubbed Blockstream Mining Note. Square made a few efforts to support the growth of Bitcoin and it even published a Whitepaper with Firm Ark Invest on a system based on renewable energy to drive batteries and BTC mining to absorb all the excess energy. Dorsey said:

“Ultimately miners have to make a profit and getting cheap renewable energy maximizes their potential for profit (…). Bitcoin over time and today does incentivized more renewable energy and awareness about how they are getting that power. It gives people freedom to convert wasted power into something that creates value for billions of people around the world.”