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Square to Support Greener Bitcoin Mining as Part of Zero-Carbon Pledge
Square will dedicate $10 million to the development of clean bitcoin mining technologies.
Square (SQ) intends to support the use of renewable energy in bitcoin mining with a new Bitcoin Clean Energy Investment Initiative, and it's dedicating $10 million to the effort.
STORY CONTINUES BELOW
- Announced Tuesday, the company said it aims to become a net-zero carbon contributor for operations by 2030 and wants to help drive the adoption and efficiency of renewables within the Bitcoin ecosystem.
- Square said it has mapped out a path towards a net-zero carbon target by lowering its own carbon footprint in conjunction with scaling a verified carbon removal portfolio, which Square intends to launch in the first quarter of 2021.
- The Bitcoin Clean Energy Investment Initiative is part of a broader push to support clean energy efforts at Square.
- The company has also partnered with Watershed, which powers climate programs and reducing its carbon footprint.
- “We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally," said Square CEO Jack Dorsey, who is also the founder of Twitter. "Published estimates indicate bitcoin already consumes a significant amount of clean energy, and we hope that Square’s investment initiative will accelerate this conversion to renewable energy.”
Also see: Square Puts 1% of Total Assets in Bitcoin in Surprise $50M Investment
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
