Twitter founder invests millions of dollars in bitcoin mining

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date of publication:
June 06, 2021 15:13 GMT

Update date: June 06, 2021 15:30 GMT

Square Inc., the mobile payments company owned by Twitter founder Jack Dorsey, is preparing to invest $5 million in a solar-powered Bitcoin mining facility of Blockstream Mining.

Dorsey’s move highlights the increasing support he is giving to the blockchain infrastructure, according to Coin Telegraph.

Chris Cook, Chief Information Officer, Blockstream Mining, announced the collaborative partnership with Square Inc, revealing plans to build an open source mining facility at a Blockstream Mining facility in the United States.

“Together we plan to enable public transparency by sharing the project economics and the knowledge we gained from building a bitcoin mining project powered by renewable energy,” Cook said.

“Ultimately, we hope to show how bitcoin mining using renewable energy can help drive the transition to clean energy quickly,” he added.

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In addition to providing regular project status reports, the new initiative will also contain a so-called public performance dashboard, where anyone can view the mining facility’s standards.

Bitcoin mining has been and remains an issue of widespread media scrutiny after Tesla CEO Elon Musk decided to stop accepting Bitcoin payments to buy Tesla cars, due to serious environmental concerns.

Michael Saylor of Microstrategy brokered a kind of truce between Musk and the Bitcoin mining community last month, bringing the two sides to the negotiating table for high-level talks.

Negotiations resulted in the formation of an industry-led Bitcoin Mining Council, where miners pledged to accelerate sustainability initiatives.

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As for Square Inc, the Jack Dorsey-led company is ramping up its efforts to boost Bitcoin and cryptocurrency adoption.

Jack Dorsey recently announced that he is seriously considering developing Bitcoin wallet hardware; In an effort to achieve self-preservation and financial inclusion for the masses.

“If we do that, we will build it all in the open, from software to hardware design, and in collaboration with the community,” Dorsey said on Twitter.

But Dorsey considers that dealing with Bitcoin should not be limited to those who know this field, and seeks to find ways to enhance confidence in cryptocurrencies, especially by suggesting a way to buy them without having to rely on third parties.





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