Twitter founder Jack Dorsey continues to display his support for the Bitcoin network, this time through his financial services firm Square.

The company has partnered with Blockstream to build an open source bitcoin mining facility powered by solar energy.

Solar powered bitcoin mining is coming to the US:

Bitcoin mining has become a hot topic inside and outside the crypto community since Elon Musk cited the energy consumption levels of bitcoin as the main reason why Tesla rejected bitcoin payments for its products.

Although less than a month has passed since then, several prominent organizations, companies and individuals have already taken steps to address these concerns, including the creation of a Bitcoin Mining Board.

Read:One of the leading banks in Italy plans to start providing cryptocurrency services

The latest initiative comes from Blockstream and Square.

cooperation The two parties to establish an open source solar-powered mining facility at one of Blockstream’s mining sites in the United States of America.

The two companies pledged to maintain transparency throughout the entire process by sharing details of the project’s economics and knowledge gained from building a bitcoin mining facility powered by renewable energy.

Square and Blockstream aim to raise awareness and show how bitcoin mining with renewable energy can help drive the transition to clean energy.

To do this, Blockstream will launch a free access dashboard that displays real-time metrics of project performance, including bitcoin mining and power consumption.

Chris Cook, CIO and Head of Mining at Blockstream said:

We hope to prove that a mining facility based on renewable energy in the real world is not only possible, but also empirically demonstrating that Bitcoin is accelerating the world towards a sustainable future.

Square invests $5 million:

The financial services company told Square it would invest $5 million in the facility, while Blockstream would provide the necessary infrastructure.

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Neil Jorgensen, President of Square Global ESG noted:

The project will be an ongoing and transparent case study that will allow us all to learn together about the specific unit economics of clean energy bitcoin mining.

Read:Hackers have stolen nearly $10 billion in cryptocurrency since 2017…details here

Thus, Square is doubling its support for the underlying cryptocurrency.

We mentioned on Bitcoin Arab earlier that the company put Bitcoin on its balance sheet by allocating $50 million.

In addition, the company’s CEO, Jack Dorsey, publicly praised and explained the importance of the Bitcoin network.

The most recent example of this came just days ago during the Bitcoin 2021 conference, where Dorsey described Bitcoin as the most important work he could do in his life:

The founder of Twitter stated: I will leave “Square” and “Twitter” for Bitcoin if the latter needs me more!

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