Blockstream, a Bitcoin infrastructure company and Square, financial services company owned by Jack Dorsey(founder of twitter) will be partnering to construct a solar-powered Bitcoin mining facility and demonstrate potential for sustainable energy use.
Square plans to invest $5 million in the facility and Blockstream will provide infrastructure and management experience.
Blockstream will maintain a public dashboard that shows real-time metrics about the facility’s performance, including its power output and bitcoin mining yield, accessible to anyone through an internet browser. By providing this information transparently, the hope is that the facility will prove that Bitcoin can propel the world toward renewable energy.
“Many mining operations throughout the world, including our own, already rely on renewable energy because it is the most cost-effective power available,” said Chris Cook, the chief information officer and head of mining at Blockstream
He added “We’re hoping to demonstrate that a renewable mining facility in the real world is not only possible but empirically prove that Bitcoin accelerates the world toward a sustainable future.”