Posted 8 months ago | by @devadmin
Square wants a cleaner energy consumption for Bitcoin to counteract the narrative that Bitcoin is wasteful on power causing pollution.
Payments company Square has launched a Bitcoin Clean Energy Investment Initiative. The company which funds many companies within the cryptocurrency space is committing $10 million to support businesses that drive renewable energy within the Bitcoin ecosystem.
“We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally,” said Square Co-Founder and CEO, Jack Dorsey.
Dorsey further stated that “published estimates indicate Bitcoin already consumes a significant amount of clean energy, and we hope that Square’s investment initiative will accelerate this conversion to renewable energy.”
On the back of the announcement, Square Crypto the company’s cryptocurrency arm humorously tweeted that “every Square Crypto employee will convert 200 miles worth of pedaling on an exercise bike into renewable electricity each day.”
Every Square Crypto employee will convert 200 miles worth of pedaling on an exercise bike into renewable electricity each day. https://t.co/JjCIwnD0g0
— Square Crypto (@sqcrypto) December 8, 2020
Square also announced today that it has a company goal to become net-zero on carbon emissions for its operations by 2030. Square has partnered with Watershed, a company that powers climate programs in business to accomplish this feat.
Square’s Bitcoin Clean Energy Investment Initiative has been set up to support the development of green energy technology in Bitcoin mining. Further, according to the announcement any gains made from the investment will be placed back into the initiative for a greener future in Bitcoin.
Square has mostly been in the spotlight for purchasing $50 million dollars worth of Bitcoin earlier this year as Bitboy Crypto reported. The investment at the time represented, approximately 1% of Square’s total assets as of Q2 2020 or a total of 4,709 Bitcoins purchased at around $11K.
“Committing to be a net-zero carbon contributor is consistent with our purpose of economic empowerment, as we’ll continue to work for our customers without contributing to longer-term climate issues,” said Square Chief Financial Officer, Amrita Ahuja. “Endangering the environment will ultimately disproportionately endanger underserved communities around the world.”
Bitcoin is currently trading at [FIAT: $18,788.89] DOWN -1.5% in the last 24 hours according to Coingecko at the time of this report.