Blockstream, a Bitcoin infrastructure startup, recently announced a collaboration with Square, Inc., the financial services and digital payments corporation led by Jack Dorsey, to develop an open solar-powered Bitcoin mining unit at one of Blockstream’s US mining locations.
They intend to work collaboratively to increase public transparency by disclosing the economics of the project and the insights acquired from developing a Bitcoin mine based on sustainable energy. The project’s overall goal is to raise knowledge and understanding and exemplify how bitcoin mining combined with sustainable energy can significantly expedite the renewable energy transformation.
Square plans to invest $5 million in the facility, which will be built and managed by Blockstream. The facility will serve as a proof-of-concept for a large-scale Bitcoin mine powered entirely by sustainable energy, with the economics of the build-out — including operating expenses and return on investment — revealed to the public.
Numerous mining activities worldwide, including their own, already depend on renewable energy as perhaps the most cost-effective energy source. Together with Square, they hope that the project’s fair and inclusive aspect will serve as a model for other corporations to emulate, said Chris Cook, Blockstream’s Chief Information Officer and Head of Mining. Furthermore, they hope to exemplify not only that a sustainable mining unit is feasible in the modern environment but also to empirically convey that Bitcoin enhances the world’s transition to a more sustainable future.
Additionally, the solar-powered mining initiative is intended to be expandable, allowing Blockstream to add additional capability and support new participants as clean energy mining activities expand significantly in the near future.
They are enthused to partner with Blockstream to offer an open-source working example for their joint thesis that Bitcoin can boost the shift to sustainable energy, said Neil Jorgensen, Square’s Global ESG Lead. The project will function as a continuous, streamlined research study, allowing them to better understand the unit economics of renewable energy Bitcoin mining. They are excited to begin discussing their findings with the larger society.
Along with supplying consistent economic reports on the plan, Blockstream is developing a publicly available dashboard that will display real-time statistics on the project activities, such as power output and bitcoin mined.
Blockstream’s purpose is to enable the future financial system. They develop crypto-financial infrastructure on the Bitcoin blockchain, which is the most robust and secure blockchain available. By leveraging cutting-edge cryptography and security engineering, they are developing products and networks that improve the efficiency of financial markets by reducing reliance on trust. With a long-term focus on delivering robust and scalable solutions, they invest heavily in research and development to further the development of the Bitcoin ecosystem and protocol.
For more information, visit: https://www.blockstream.com