Square officially launches green energy mining! Future announcements to include "operating costs" and "return on investment".

The Bitcoin infrastructure developer Blockstream announced a partnership with the digital payment startup Square to establish an open-source solar-powered Bitcoin mining facility at one of Blockstream's mining sites, seemingly in response to Elon Musk's claim that Bitcoin is too energy-intensive.

Promoting Bitcoin Green Mining

Open-source refers to the project by Blockstream and Square to establish a green energy-driven Bitcoin mining facility, providing transparency by sharing knowledge and detailed project information, and committing to transitioning Bitcoin towards renewable energy utilization.

According to a press release, Square will invest $5 million, with infrastructure provided and the project managed by Blockstream. This will be a Bitcoin mining facility powered 100% by renewable energy, with information including "operating costs" and "return on investment" to be disclosed to the public in the future.

Chris Cook, Chief Information Officer at Blockstream, stated:

We aim to demonstrate that mining with renewable energy is not only possible but can also accelerate Bitcoin's transition to a sustainable future through experience and knowledge. We hope that our collaboration with Square will serve as a model for other companies to follow through open and transparent information.

Is Musk Driving Green Mining?

Tesla CEO Elon Musk tweeted on 5/13 that Tesla has suspended the use of Bitcoin as a payment option, citing concerns over the rapid increase in fossil fuel usage for Bitcoin mining and transactions, especially coal, and its significant impact on carbon emissions.

This move led to a crash in the overall crypto market, with consolidation lasting nearly a month. Despite strong criticisms from various sectors, claiming that over half of Bitcoin's energy comes from renewable sources and that Bitcoin miners are driving green energy initiatives for profit maximization, it seems that the entire crypto industry only began to address mining energy issues after this incident.

Entities including Ripple, exchanges like FTX and BitMEX, and mining companies have outlined more comprehensive energy transition and carbon-neutral plans. Some large mining facilities have announced voluntary purchases of carbon offset credits. Musk also eventually joined North American miners to promote the use of green energy in mining, but there have been no concrete actions taken as of yet.