Bitcoin infrastructure company Blockstream and financial services company Square will jointly build a solar-powered Bitcoin mining facility. It will be located at one of the pre-existing mining facilities on Blockstream and is part of Square’s Bitcoin Clean Energy Initiative.
Square plans to invest $5 million in the facility and Blockstream will provide infrastructure and management expertise, according to a press release shared with Bitcoin Magazine.
According to the release, “The facility will be a proof-of-concept mine for 100% renewable energy at scale, while making the economics of construction — including operational costs and investment returns — available to the public.”
Blockstream will maintain a public dashboard displaying real-time metrics on the facility’s performance, including energy production and bitcoin mining revenue, that anyone can access through a web browser. By providing this information transparently, we hope the facility will demonstrate that Bitcoin can push the world toward renewable energy.
“Many mining operations around the world, including ours, already rely on renewable energy because it is the most cost-effective energy available,” said Chris Cook, chief information officer and head of mining at Blockstream, in the announcement. “We hope to demonstrate that a renewable mining facility in the real world is not only possible, but also empirically proven that Bitcoin is accelerating the world toward a sustainable future.”
“The project will be an ongoing and transparent case study that will allow us to learn together about the specific unit economics of clean energy bitcoin mining,” added Neil Jorgensen, Square’s Global Environmental, Society and Corporate Governance Officer (ESG). for release. “We can’t wait to start sharing our results with the community.”