Home
News
The Elon Musk tweet citing the environmental impact of mining Bitcoin (BTC) continues to create ripples within the crypto world as the digital payments firm of Square just announced that they no longer intend to purchase more of that digital gold in the near future. It looks like the planet’s largest virtual money is starting to lose its luster.
Taking a breather in buying bitcoins
Square’s Chief Financial Officer Amrita Ahuja told Financial News that they “don’t have any plans at this point to make further purchases,” adding that their company has no plans re-evaluating where they are now at a treasury standpoint.” However, she made it clear that there are still avenues for the fintech to learn with BTC.
Also citing BTC network’s carbon footprint
Ahuja seconded the Tesla CEO’s recent tweet about the BTC as she highlighted that their “position has always been that this is an area that needs innovation in terms of renewables and clean energy,” adding that they too want to be a part of it. The CFO went on to say that there’s what she calls a “supply chain question” as to how both clean energy and renewables are introduced in the blockchain and later on play a huge role in the overall mining and transaction network.
Back in April, Square released a white paper – “Bitcoin Clean Energy Initiative Memorandum” – where it tackled how the Bitcoin network can cause a shift for society to utilize greener forms of energy. It went on to note that their goal is to assist in the transition to “a cleaner and more resilient energy grid” as the company believes that today’s energy asset owners can become tomorrow’s essential BTC miners.
During its Q1 earnings report, Square’s revenue surged 266 percent year-on-year in March. Now that’s an impressive $5.06 billion as this can be credited from Cash App’s bitcoin revenue.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
