Jack Dorsey’s Square Inc. Finalized $5M Investment In Blockstream Bitcoin Mining Center

By Shannon Wilson | June 7, 2021

Square Inc. – a pro-crypto payment firm of the former Twitter CEO Jack Dorsey – is reportedly looking to make a $5 million investment in a solar-operated Bitcoin (BTC) mining center for Blockstream Mining. 

Specifically, Chris Cook, Blockstream’s chief information officer, reportedly disclosed details of the new development on May 5th, regarding the plans to establish the open-sourced mining center at one of Blockstream’s facilities in America. 

They reportedly jointly look to offer public transparency, via the “project economics”, as well as the expertise they have gathered from establishing a Bitcoin mine, operated using renewable energy. 

“Ultimately, we hope to demonstrate how bitcoin mining in conjunction with renewable energy can help drive the clean energy transition.”

Apart from generating regular updates on the status of the initiative, the new project will further come with a functionality, referred to as “public performance dashboard”, allowing any individual to retrieve metrics of the mining center in a real-time manner. 

Bitcoin mining has reportedly been placed under a highly scrutinizing scope from the media, following Head of Tesla, Elon Musk, removing Bitcoin from the list of viable payment measures for Tesla automobiles. 

Square Inc. has reportedly been investing extensive efforts in increasing the adoption rate of Bitcoin and cryptocurrencies, with Dorsey is having plans down his pipeline to make a new Bitcoin-dedicated hardware wallet available to its users, in a bid to introduce self-custody and financial inclusion to the general demographic. 

“If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community”. Dorsey further remarked. 

Tags: , ,

Related Articles