Climate friendly Bitcoin Mining? Square has big goals

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Climate friendly Bitcoin Mining? Square has big goals

Jack Dorsey’s company Square wants to invest USD 10 million in Bitcoin Mining to become carbon neutral by 2030 – how does that fit together?

Square’s new Bitcoin Clean Energy Investment Initiative aims to make the energy-hungry Bitcoin Mining more environmentally friendly in the future. On Tuesday, the payment giant announced a $10 million investment in BTC Mining with renewable energies.

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In addition, Twitter and Square CEO Jack Dorsey has identified Bitcoin Trader scam as an important part of Square’s environmental footprint. Dorsey believes that Bitcoin will drive the adoption of renewable energy and will also help his company become carbon neutral:

We believe that crypto currencies will eventually be powered entirely by clean energy. As a result, the negative impact of mining on the environment will be negligible and the establishment of renewable energies will be promoted worldwide.

The Bitcoin Clean Energy Investment Initiative aims to support companies that mine BTC with green energy. Square intends to reinvest all profits from the project in the initiative immediately. Square also plans to form a consortium with other companies that share the same mission.

Controversies about the environmental friendliness of Bitcoin Mining

Time and again, the Bitcoin network’s ecological footprint is the subject of lively debate. According to Digiconomist and another study, BTC currently consumes more energy than all of Denmark, Switzerland or some US states.

But recent research questions the figures of the studies. BTC Mining has become more and more competitive in recent years. As a result, the Bitcoin mining industry has automatically shifted to areas where surplus energy is produced. In particular, hydroelectric and nuclear power have proved to be popular sources of energy. Accordingly, a large majority of BTC Miners would currently be dependent on renewable energy sources.

Square believes the figures of these new studies and is convinced that in the long term only those miners that mine BTC with renewable energy sources will prevail.

Square’s shadow cast on the BTC ecosystem

One of Square’s best-known products is CashApp. The CashApp is a mobile wallet that enables users in the USA to trade crypto currencies such as Bitcoin (BTC), Ethereum (ETH) or Ripple (XRP).

Only at the beginning of October Square became a BTC whale and bought 4,709 Bitcoin. In addition, business with digital gold is also booming at CashApp. In the third quarter of 2020 alone, revenues from trading in crypto currencies rose by more than 1,000 per cent compared to the third quarter of 2019.