- Investing in eco-friendly Bitcoin mining
- Open-sourced mining facility at one of Blockstream facility in the US
- Square invested $170 million on bitcoin
The debate about energy-intensive Bitcoin mining has acquired global significance. The need for using eco-friendly energy sources has gained importance. More and more companies are investing in environment-friendly Bitcoin mining. The latest in this trend is Square Inc., a crypto-friendly mobile payments company planning to invest $5 million in a solar-powered Bitcoin (BTC) mining facility for Blockstream Mining.
Announcing it in a tweet Square Inc. said that they are committed to driving further adoption and efficiency of renewables within the bitcoin ecosystem.
Blockstream’s Chief Information Officer Chris Cook, while outlining the plan said that together “we plan to provide public transparency by sharing the project economics and knowledge we’ve gained from building a Bitcoin mine powered by renewable energy.”
Square CEO Jack Dorsey, who is also CEO of Twitter, has been voicing his support and commitment towards Bitcoin and believes that it will become the world’s single currency within 10 years. The financial firm invested $50 million in bitcoin in October and added another $170 million in February.
Continued support for blockchain infrastructure
Dorsey during the Miami conference revealed that his goal is to remove the cooperativeness of his firms. Additionally, the company is also seeking more interactions with the open-source community.
In the Bitcoin 2021 live event, Jack Dorsey showed himself as a devoted proponent of Bitcoin. The event’s host asked the co-founder of Square Inc about his perspective on the scenario where there are billions of individuals with no bank account. Notably, Dorsey believes that we don’t even need a bank account when there are crypto assets.
Moreover, Square CEO Jack Dorsey said that we just don’t need the financial institutions that we have today. And it is because we already have something that is more thriving, sound, and owned by the community. According to the Twitter and Square CEO founder, the cryptocurrency ecosystem is driven by the community. Dorsey also believes that Bitcoin always manages to do the right thing over time.
DORSEY LISTS SQUARE’S PLANS FOR BITCOIN HARDWARE WALLET
In the Bitcoin 2021 event, Square CEO Jack Dorsey deemed that Bitcoin changes everything. Moreover, Dorsey believes that there is nothing more important than the coin designed by Satoshi Nakamoto. Hence, the CEO of Twitter and Square will remain supporting the flagship crypto asset for his entire lifetime.
Additionally, Dorsey also claimed that he must have worked on Bitcoin if he was not at Square or Twitter. Moreover, if the digital currency ever needed more help than Square and Twitter, he would have left those firms for Bitcoin. Still, Dorsey believes that both Twitter and Square have some role to play in the scenario.
Post the announcement, the shares of Square were up almost 1.5 percent to $214.51 Friday afternoon.
The company has further raised its bets on bitcoin since it disclosed in February it had invested $170 million more in the cryptocurrency.
SQUARE INC WILL ROLL OUT ITS HARDWARE WALLET FOR BTC
Square CEO Jack Dorsey announced that he plans to roll out a hardware wallet for Bitcoin with his company, Square. co-founder’s of Square believes that everyone should use Bitcoin. Terming it as “building a noncustodial hardware wallet”, Dorsey announced that he wants to do is make it completely in the open, from all of our software to all of our hardware design would be open-sourced.
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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.