Electronic Payment Company Invests 25 Million to Build Solar Power Plant for Bitcoin Mining

With The Goal Of Showing That Bitcoin Can Utilize Renewable Energies, Square Company Closed A Partnership With Blockstream For The Construction Of A Solar Power Plant To Mine The Cryptocurrency

Square Inc., a financial services company, will partner with Blockstream Mining to build a solar power plant to mine Bitcoin. Blockstream announced to the press on Saturday, and Square confirmed the news in a tweet, stating that it was committed to adopting the efficiency of solar energy in its Bitcoin activities.

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Understand The Partnership Between The Companies For The Construction Of The Solar Power Plant

According to the statement, in the partnership, Square will invest US$ 5 million (approximately R$ 25 million in direct conversion) in the installation of the solar power plant.

The company stated that it will be a proof of concept for Bitcoin mining with 100% renewable energy at scale and will be built at one of the partner’s facilities, Blockstream, in the United States. Square aims to prove that a Bitcoin miner powered by solar energy is not only possible but also to show that Bitcoin accelerates the world towards sustainability.

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Sustainability Issues Generated By Bitcoin Mining

In May, the CEO of Tesla, Elon Musk, announced that the company would no longer accept payments with Bitcoin due to concerns about Bitcoin’s impact on the environment.

Elon Musk expressed his concern on social media regarding the increased use of polluting fossil fuels linked to the virtual currency. Meanwhile, Jack Dorsey, CEO of Square, is a strong advocate for the virtual currency and believes that Bitcoin could become a global currency within the next 10 years. Last October, his company made investments of approximately US$ 50 million in the cryptocurrency and, in February, invested an additional US$ 170 million.

Other Investments In Solar Energy For Cryptocurrency Mining

At the end of May, Madison River Equity LLC, a Bitcoin miner, requested approval to build a solar power plant to mine the cryptocurrency.

The investment in the solar power plant was around R$ 4 billion. The company will build a plant spanning approximately 6.5 kilometers with a capacity to produce around 300 megawatts (MW) per year. The facility will be the largest in the solar energy sector in the United States.

In Madison’s solar energy investment, eight buildings will also be constructed to house the mining equipment. The new GPUs will also be capable of utilizing artificial intelligence in their operations.