Financial services giant to invest in $5 million to power Bitcoin with solar

Jun 9, 2021 0 comments

The project will be completely transparent, with the economics of the build-out including the operational costs and return on investment to be made open to the public. It is hoped that the project will be a catalyst for more mining operations to use renewable energy instead of sucking power from the grid.

There will be regular updates from the companies on the economics of the project, and a freely accessible public dashboard, including real-time metrics such as power output and the volume mined.

While it’s not the first renewable energy project to mine cryptocurrency, it will be the most transparent. The companies released a statement saying they hope it will inspire more renewable mining operations of this nature to be created.

“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,” the statement said.

“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,” Square said in a statement.

Sourced from energymatters.com.au.

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