Square wants to show that Bitcoin mining can be scalable, profitable and at the same time sustainable. The planned system is operated with solar energy and the performance can be followed live.
The US payment service Square wants to build an open source, solar-powered Bitcoin mining facility together with the blockchain technology provider Blockstream Mining. As Blockstream announced and Square confirmed via Twitter, Square is investing five million US dollars in the facility, which is to be built at one of Blockstream’s US locations.
A sustainable future with Bitcoin
“We hope to show how Bitcoin mining in conjunction with renewable energies can help drive the clean energy transition,” says the press release.
There are already many mining farms that are already using renewable energies. The planned project should show that this also works on a high, scalable scale.
The entire industry should be able to use the knowledge through the open source approach. Both the operating costs and the profitability should be made transparent. A dashboard will provide real-time data on performance.