Bitcoin mining is on the move. All over the world, more companies and initiatives are being revived. Blockstream and Square have announced a partnership to build one in the US based on renewable energy.
Bitcoin infrastructure startup led Adam Buck, a financial services company led by Jack DorseyIt will create an open source bitcoin mining facility powered by solar energy. The BTC mine will be built at the Blockstream mining site located in the United States.
Their goal is to share details about the economics of the project and their experiences in developing the facility. In addition, they plan to raise awareness and demonstrate that bitcoin mining and renewable energy can be a catalyst for the transition towards clean energy.
together with @SquareWe are building a fully open source solar powered system # bitcoin Mining facility in one of the United States #BlockstreamMining Sites to explain how #BTC Mining and renewables could drive the shift to clean energy. ☀️⛏️ https://t.co/0D4yKOe82M pic.twitter.com/HdVhe031GY
– Blockstream June 5, 2021
Square will invest $5 million and Blockstream will provide infrastructure and expertise to help build the project. Ultimately, it will be a proof of concept used to prove that green bitcoin mining on a large scale is possible. Hence, the need for transparency in every detail. Chris Cook, CIO and Head of Mining at Blockstream said:
Many mining operations around the world, including ours, already rely on renewable energy because it is the most cost-effective energy 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.
Bitcoin, a tool for building a sustainable future
Once built, the BTC mining facility will allow other participants to expand operations. It will be designed to be scalable and have the potential to add more support for future growth.
Neil Jorgensen, ESG Global Official at Square, who has been revealed to be excited about the partnership and along with Blockstream will contribute a business model to prove their thesis. Jorgensen added:
The project will be an ongoing and transparent case study that will allow us all to learn together about 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 project reports and will have a publicly available dashboard to display real-time metrics on BTC miner performance. This will include the power output and the amount of BTC mined. The dashboard will be based on a technology called Blockstream Mining Note (BMN).
Square has put in many efforts to support the growth of Bitcoin and its ecosystem. The The Dorsey-led company has published a white paper with Ark Invest on a system based on renewable energy To power the batteries and use bitcoin mining to absorb the extra energy.
During a discussion with Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation, at the Bitcoin 2021 conference, Dorsey He said:
Ultimately, miners have to make a profit, and access to cheap renewable energy increases their potential for profit (…). Bitcoin over time and today is spurring more renewable energy and awareness of how they get that power. It gives people the freedom to turn wasted energy into something that creates value for billions of people around the world.
Bitcoin trading At $36,132 with a persistent sideways trend after retracement of more than 50% in the past week. On the 7-day and 30-day charts, BTC is gaining 1.2% and losing 37.1%, respectively.