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Square Inc and Blockstream are partnering to build solar powered bitcoin mining facility in US

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Shivangi Mujumdar

CBW -External Analyst

INDIA

Jun, 08 2021

Jun, 08 2021

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Square will invest $5M in a bitcoin mining facility and Blockstream will supply infrastructure for the project. The project is also planned to be scalable so that Blockstream can add additional capacity and support. This partnership was decided on 05-June-21 with more participants in order to expand renewable mining operations in the future. 


Partnership agenda :


Square intends to invest $5M in the facility, with Blockstream providing expertise and infrastructure and to build and succeed in the project. The facility will be a proof-of-idea for a 100% renewable energy Bitcoin mine at scale. This is done with the economics of the build-out including operational costs and ROI made open to the public. 


This comes into notice that many mining operations from the world have already trust in renewable energy. They hope that the open and transparent nature of this project will become a theory that other businesses can acquire from. They hope to show that a renewable mining facility in the real world is not only achievable. So, it is proven empirically that Bitcoin intensifies the world toward a sustainable future. 


Highlights :


In the terms of the agreement, Square will invest $5 million in the facility. The Blockstream will render know-how to build and bring off the project. The facility will be placed at an existing Blockstream location. 


The announcement comes as the environmental outcome of mining for the world's largest cryptocurrency. It has come under concentrated scrutiny. One development that notice has scared away some institutional investors and brought to the recent decrease in the price of bitcoin. 


Blockstream has supplied a release declaring the project. For its part, Square tweeted that the venture will be creating a "public-facing dashboard to serve as a transparent case study for renewable energy and bitcoin mining." 


For Square, the venture is well in line with CEO Jack Dorsey's declared love of bitcoin. Before Saturday, Dorsey, who is also Twitter CEO, was quoted as saying "Bitcoin changes absolutely everything. I don't think there is anything more important in my life to work on." 


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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