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Square (NYSE: SQ) has partnered with the blockchain investment company Blockstream to build an open-source, solar-powered Bitcoin mining facility, the latter said in a blog post.
Under the terms of the agreement, Square will invest $5 million in the facility while Blockstream will provide its expertise and infrastructure.
“The facility will be a proof-of-concept for a 100% renewable energy Bitcoin mine at scale, with the economics of the build-out—including operational costs and ROI—made open to the public,” Blockstream said in a blog post.
“While we know that many mining operations throughout the world, including ours, already rely on renewable energy (as it is the most cost-effective power available), we hope that the open and transparent nature of this project will become a model that other businesses can learn from. 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.”
Two companies agreed to act transparently and share the obtained data as they make efforts to show that bitcoin mining and renewable energy can co-exist.