Square Inc., the renowned financial services firm, has joined hands with Blockstream Mining, the provider of Blockchain technology services for the development of Blockstream, a Solar-powered, open-source facility for Bitcoin mining. Square tweeted that Blockstream shall drive mass adoption and efficiency of renewable energy in the Blockchain Bitcoin universe.
According to the press release report of Saturday, Square Inc. is gearing up to invest a huge sum of $5 million in Blockstream in driving the proof-of-concept to develop a scalable Bitcoin mining machine powered by 100% renewable energy. Mining facilities are known to consume tremendous amounts of electric power, so Blockstream is here to revolutionize the Bitcoin mining space by being driven completely by renewable energy.
The use of Bitcoin has recently been subjected to great scrutiny owing to the cryptocurrency’s environmental impact. This environmental probe into the mining process of Bitcoin has driven several environmentally-conscious institutional investors away from investing in Bitcoin.
The investment to be made by Square was triggered by Elon Musk’s sudden decision last month to bar the acceptance of Bitcoin payment to use the Tesla electric cars. Musk backtracked on his promise to accept BTC because Bitcoin mining and Bitcoin transactions are toxic activities because of the excessive consumption of fossil fuels. In a recent statement made by Elon Musk, it was revealed by the CEO of Tesla that he will continue to hold on to his BTC assets of $1.5 billion until the discovery of environment-friendly methods of Bitcoin mining.
Elon Musk convened a conference with Bitcoin miners in May to form a group called Bitcoin Mining Council to promote transparency in energy utilization through initiatives for the sustainable use of energy in the Bitcoin ecosystem. The investment being made by Square Inc. in Blockstream through the Bitcoin Clean Energy Initiative will help in the furtherance of the objectives of the Bitcoin Mining Council. The solar-powered facility of Bitcoin mining will prove to the world that Bitcoin can be green and eco-friendly.