Bitcoin mining might be facing severe cases of crackdowns in some parts of the world, the innovation to make the process have a less adverse effect on the environment continues.
In pursuit of bringing in sustainable methods for the same, the Jack Dorsey-led financial services company Square is all set to team up with blockchain technology provider Blockstream Mining to build an open-source, solar-powered bitcoin mining facility.
This facility will be situated at an existing Blockstream location. in the United States.
According to the official press release, Square plans to inject $5 million in the facility, with Blockstream that is focused on providing infrastructure and expertise to develop and manage the project for Bitcoin mining. This facility in question will be a “proof-of-concept for a 100% renewable energy Bitcoin mine at scale.”
“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.”
The partnership, as confirmed by Square, is essentially a part of its Bitcoin Clean Energy Investment Initiative that was launched in December 2021 to promote companies engaged in reducing carbon footprint by the cryptocurrency ecosystem. Through this initiative, the two platforms will also roll out a “public-facing dashboard” which will act as a transparent case study for renewable energy as well as mining of the crypto.
Can Bitcoin really go green?
The debate surrounding the cryptocurrency’s reliance on non-renewable energy isn’t new. However, of late the discussions related to the environmental impact of mining for the world’s largest cryptocurrency have come under immense scrutiny, thanks to Elon Musk.
There’s no denying that it does consume a lot of energy. This is a common concern among the BTC institutions and retail traders alike.
Several developers and academicians have given their fresh dose of perspective on the controversial subject as the Bitcoin mining debate has gained traction once again. Some are of the opinion that looking for other ways and putting a stop to the increasing use of real physical resources for mining is going on a wild goose chase. However, there are those, who are trying to make Bitcoin green.
Recently, Norway’s second-richest person, and oilfield services billionaire Kjell Inge Røkke, had launched a new venture called Seetee. The maon objective of the company’s goal is to set up BTC mining operations that “transfer stranded or intermittent electricity without stable demand locally—wind, solar, hydro power— to economic assets that can be used anywhere.”
In short, it intends to locate Bitcoin mining centers in those places where renewable energy farms essentially produce electricity in surplus especially when there is low demand.