Square Invested $10 Million To Promote Green Energy For BTC Mining

Square invested $10 million in a new initiative that aims to promote green energy for BTC mining as we are reading more in today’s Bitcoin latest news.

Jack Dorsey’s Square invested $10 million in order to promote the adoption of green energy in the mining industry so according to the official release, the US-based financial services company launched the new initiative while trying to become net-zero carbon for operations by 2030. As a part of the plan, Square will allocate $10 million to its BTC Clean Energy Investment Initiative that intends to fund companies that boost adoption and research into the use of greener energy for Bitcoin mining operations.

BTC is often criticized for the heavy electricity usage which makes mining a very expensive business. the 2019 study showed that BTC’s total carbon output is similar to one of some smaller countries. As the entire mining sector becomes more competitive, major miners are moving to areas that are producing a surplus of energy to boost their profit margins. The miners are eager to use green energy for their operations but Square is looking to speed up the change with the plans to reinvest the profit generated into the project in order to expand the initiative.

The company’s co-founder and CEO Jack Dorsey said that he believes that BTC mining will be powered entirely by clean energy and ruled out the carbon footprint by boosting the adoption of renewable energy across the world. Square hopes to reduce the impact of the environment by spanning the carbon removal portal which will launch by 2021 as the company already laid out a plan for e neutral carbon footprint.

Given that the company has financial interests in BTC, the environmental commitment is targeted at one of the crypto’s biggest controversies. As a financial company, Square allows the clients too may payments via their mobile devices. The company also runs CashApp, the popular payments app that allows clients to buy and sell BTC.

Square regards BTC as a unique part of the footprint as the company buys crypto on behalf of the cashApp clients. The company also became one of the first publicly-traded companies that adopted BTC as a reserve asset which was not unexpected since Dorsey is a known advocate for Bitcoin.