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Jack Dorsey to pay $5M for solar-powered BTC mining facility

2 min read

TL;DR Breakdown

  • Dorsey to fund a solar-powered BTC mining facility with $5 million.
  • Solving BTC mining environmental concern.

Twitter and Square CEO Jack Dorsey has said he plans to invest $5million in a BTC mining facility that would be powered by solar energy rather than coal or fossil fuel as the trend is now.

BTC mining has been a trending issue since Tesla CEO Elon Musk raised environmental concerns resulting from the mining of BTC.

The finance would be doled out to Blockstream, a leading blockchain firm. The $5million would also be a form of support from Jack Dorsey for the blockchain infrastructure.

Blockstream chief information officer Chris Cook announced the collaborative partnership on Saturday, noting that they want to build the open-sourced mining facility at one of Blockstream’s United States operations.

“Together, we plan to provide public transparency by sharing the project economics and knowledge we’ve gained from building a BTC mine powered by renewable energy,” he said.

Updates as to how the project comes along would be made public via a public performance dashboard where anyone can be able to pull real-time metrics of the mining facility.

Solving BTC’s environmental issues

Jack’s donation to develop an alternate energy source to power BTC mining is another solution to solving the foremost cryptocurrency’s environmental concerns.

Also, Tesla CEO Elon Musk and MicroStrategy’s Michael Saylor brokered a truce with the BTC mining community last month. Miners and the heavy-weight investors emerged out of a meeting where miners vowed to accelerate sustainability initiatives.

Jack Dorsey’s other plans for BTC

Jack Dorsey’s Square has dedicated itself to entering the crypto market with a BTC hardware wallet. These external wallets renew security in the crypto market so investors can store their cryptocurrencies without fear.

Dorsey, while speaking, said that the company could launch a hardware wallet before the end of the year or leave the project for the next few months.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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