Dorsey’s firm Square to invest $5M for solar-powered Bitcoin mining

The facility will be a proof-of-concept for a 100 per cent renewable energy Bitcoin mine at scale, with the economics of the build-out -- including operational costs and ROI -- made open to the public.

San Francisco: Twitter CEO Jack Dorsey-run financial services company Square is investing $5 million to build an open-source, solar-powered Bitcoin mining facility with blockchain technology provider Blockstream Mining.

The facility will be a proof-of-concept for a 100 per cent renewable energy Bitcoin mine at scale, with the economics of the build-out — including operational costs and ROI — made open to the public.

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“We hope to show that a renewable mining facility in the real world is not only possible but also prove empirically that Bitcoin accelerates the world toward a sustainable future,” Blockstream Mining said in a statement on Saturday.

Square tweeted that it was “committed to driving further adoption and efficiency of renewables within the Bitcoin ecosystem.”

Thr solar mining facilities are designed to be scalable, enabling the companies to add additional capacity and support more participants to significantly expand renewable mining operations.

Non-US individual investors can also get involved in Bitcoin mining which provides access to hashpower generated from over 80 per cent zero-emissions energy sources, including hydro, solar, wind, and nuclear.

Dorsey has also announced to consider making a hardware wallet for Bitcoin for the customers of its digital payments services company Square.

The hardware wallet will be build entirely in the open, from software to hardware design, and in collaboration with the community, he said in a tweet.

“Bitcoin is for everyone. It’s important to us to build an inclusive product that brings a non-custodial solution to the global market,” he said.