Square Inc – the payments subsidiary owned by Twitter CEO Jack Dorsey, is set to invest in a new Bitcoin Clean Energy Initiative which aims to make crypto mining more eco-friendly.
Announced this week, Square says it will be investing $10 million in the project in a bid to support companies that drive the adoption of an efficient and renewable Bitcoin ecosystem.
Square Inc majorly known for its CashApp which has brought easy payments and Bitcoin purchase to United States residents, says the Bitcoin Clean Energy program is a unique part of its footprint in the industry.
Speaking on the project, Jack Dorsey – CEO of Square and Twitter is quoted:
“We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally.”
Also commenting, CFO at Square INC Amrita Ahuja remarked:
“Committing to be a net-zero carbon contributor is consistent with our purpose of economic empowerment, as we’ll continue to work for our customers without contributing to longer-term climate issues. Endangering the environment will ultimately disproportionately endanger underserved communities around the world.”
In recent times, the carbon footprint of the Bitcoin network has been a major subject of discussion.
Some section of environmentalists query the intensive use of electricity in mining, and have even compared BTC’s total carbon emission to that of some small nations.
These reports have forced authorities to demand the use of renewable energy for bitcoin mining, as part of an efficient climate policy.
According to Square, the new project will ensure that crypto mining operations become completely powered by clean/green energy technologies by the year 2030.
At this time, miners are said to be adopting more clean sources of energy for their farms with about 74% of miners globally now using renewables such as hydro and nuclear power plants.