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Not long ago, Michael Saylor, CEO of MicroStrategy, declared that Bitcoin is the world’s “greatest customer” for renewable energy. The world’s largest cryptocurrency has faced some criticism in the past, but nothing quite as serious as its ESG worries.
The entire notion of sustainability in the Proof-of-work vs. Proof-of-stake argument has swept the crypto world. The most recent news between Tesla and China’s energy FUD has undoubtedly added to the market’s confusion.
Is THIS going to be a game changer?
According to a recent release, Blockstream, a Bitcoin technology startup, has collaborated with Square Inc. to build a solar-powered Bitcoin mining facility. Square will contribute $5 million, while Blockstream will give infrastructure and experience to help create the project, according to the previously discussed agreement.
Together with @Square, we’re building an open-source fully solar-powered #Bitcoin mining facility at one of our US #BlockstreamMining locations to demonstrate how #BTC mining and renewables can drive the clean energy transition. ☀️⛏️ https://t.co/0D4yKOe82M pic.twitter.com/HdVhe031GY
— Blockstream (@Blockstream) June 5, 2021
Furthermore, the new project will include a so-called public performance dashboard, through which anybody may access real-time analytics on the mining site. The dashboard will be built using a technique known as Blockstream Mining Note (BMN).
Chris Cook, Blockstream’s CIO and Mining Director, stated:
“Many mining operations throughout the world, including our own, already rely on renewable energy because it is the most cost-effective power 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.”
Similarly, Neil Jorgensen, Global ESG Lead at Square stated:
“The project will serve as an ongoing, transparent case study that will allow us to all learn together the specific unit economics of clean energy Bitcoin mining. We can’t wait to start sharing our results with the community.”
Jack Dorsey and his firm, Square have been a major voice for bitcoin in the past as well. Recently, it published a paper, with Ark investment on bitcoin’s potential to tap renewable energy.
Furthermore, to extend his support, the Twitter CEO, while speaking at the Bitcoin 2021 Conference, opined:
“Ultimately miners have to make a profit and getting cheap renewable energy maximizes their potential for profit (…). Bitcoin over time and today do incentivize more renewable energy and awareness about how they are getting that power. It gives people the freedom to convert wasted power into something that creates value for billions of people around the world.”