Square Set To Invest $10 Million In New Bitcoin Initiative
Bitcoin has been dragging in various private and public investors into investing in it because of its visible increase in price across the years. Even though the adoption of the digital asset is not yet mainstream like some seasoned enthusiasts have predicted, some high-value investments are now pooling in funds in the digital asset. With various financial investments moving into the market, mainstream adoption is something that would be achieved in the not so distant future.
With this in mind, Square, a payments facilitation firm has announced through its head, Jack Dorsey, that they have plans to adopt Bitcoin for the foreseeable future. In a statement by the Twitter CEO, the company is presently committed to a new Bitcoin initiative which would cost $10 million to facilitate a new economy friendly Bitcoin mining initiative.
Square wants miners to use eco-friendly mining methods
In an announcement that was made on Tuesday, Square said it is looking to ensure that miners would be able to mine Bitcoin using a very economy friendly method in relation to this method that they use now. Also, Square says its initiative; Bitcoin Clean Energy Investment is one of its goals in the next ten years.
Furthermore, the firm said that it wants to reach its goal of a net-zero carbon while actively investing in companies improve major renewables in the crypto industry. Square said all the projects mentioned above would be covered using the $10 million fund that it will invest in its initiative.
In the statement that was released, Square noted that it is planning to collaborate with Watershed, a climate programs company to reduce the amount of Carbon footprints that the company will produce. Square also said that coupled with reducing its carbon emission; it would still go-ahead to launch a portfolio in the early parts of next year, which would help companies across the globe reduce their carbon emission.
Bitcoin miners are now turning to renewable energy
This is not the first time that Square is making a massive contribution towards the adoption of the leading digital asset as its CEO, Jack Dorsey noted back in October that the firm already made a massive purchase of 4709 Bitcoin for a total price of $50 million. With the investment, the company now has around 1% of its total assets in the premier digital asset.
Square made a huge contribution towards Bitcoin, and it’s adoption after it launched CryptoSquare, an independent team that would make research on Bitcoin open source. The company also founded COPA, a non-profit investment that would aid payments in digital assets across the globe.
With Bitcoin now something that is mined using a high amount of electricity, a new study has shown that about seven gigawatts have been spent on mining Bitcoin across the globe. Analysts have faulted the various digital assets that have been using the proof of work algorithm as the total amount of megawatts used is now equal to about 0.21% of the total electricity supply across the world. Miners are now using a new form of renewable mining methods like wind, solar and oil, which has drastically reduced the dependence on electricity.
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