Square confirmed the news in a tweet, saying it was “committed to driving greater adoption and efficiency of renewables within the Bitcoin ecosystem.”
According to the release, Square will invest $5 million in the facility, which will be a “proof-of-concept mine.” Bitcoin “We hope to show that a real-world renewable mining facility is not only feasible, but also empirically demonstrating that Bitcoin is accelerating the world toward a sustainable future.” stated in the statement.
Bitcoin mining uses a lot of electricity, and the pursuit of sustainable ways of mining is high on the minds of many in the industry.
Tesla CEO Elon Musk said in April that the automaker would stop accepting bitcoin as payment for vehicles (after implementing the policy for about a month), noting that cryptocurrencies like bitcoin “come with significant costs to the environment,” he met with bitcoin miners In May, the group agreed to form the Bitcoin Mining Council, to “promote transparency of energy use and accelerate sustainability initiatives around the world.”
And Square CEO Jack Dorsey, who is also the CEO of Twitter, is another big Bitcoin supporter (it’s the only word in his bio on Twitter Currently), he said in 2018 that he believed Bitcoin would become the world’s single currency within 10 years.
Square invested nearly $50 million in bitcoin in October, adding another $170 million in February, and users of Square’s Cash app can use it to buy bitcoin.