Square injects $5Mn in Blockstream’s solar-led Bitcoin mining unit

Square injects $5Mn in Blockstream’s solar-led Bitcoin mining unit

The company is also seeking to develop an open hardware wallet for Bitcoin for its clients

San Francisco-based financial services firm- Square which is head by Twitter CEO- Jack Dorsey has reportedly invested USD 5 million in blockchain technology company- Blockstream Mining- to develop an open-sources, solar-backed Bitcoin mining unit.  

The announcement follows as the environmental impact of mining for one of the largest cryptocurrency (Bitcoin) has come under scrutiny, a development that has threatened certain institutional investors and contributed to the recent fall in bitcoin prices.  

Notably, the mining unit is slated to be a proof-of-concept for a complete- sustainable energy Bitcoin mine at scale along with the cost of operations and ROI made open for the public.

According to a statement by Blockstream, the company aims at showcasing that the renewable mining unit is possible and proves that Bitcoin technology is gradually moving towards a sustainable future.

In a recent social media post, Square mentioned that it was working towards encouraging the adoption and efficiency of renewables within the growing Bitcoin ecosystem.

For the record, solar mining units have been designed to be scalable, allowing firms to add capacity and support more participants to expand the renewable mining operations.

As per sources, non-US investors can also take part in Bitcoin mining that provides access to hash power which is generated from more than 80% zero-emission sources of energy, which includes solar, wind, hydro, and nuclear.

Jack Dorsey, Founder of Square, has also announced plans of developing a hardware wallet for Bitcoin for clients of the digital payments service firm. He mentioned that the hardware wallet is expected to be built in the open, from software to hardware design, and in partnership with the community.

Jack stated that it is integral to develop an inclusive technology that offers a non-custodial solution to the global market.

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