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December 8, 2022
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Bitcoin

Square and Blockstream to Build a Renewable Bitcoin Mine in the US

BTC mining is in constant motion. More companies and initiatives are being established all over the world. Blockstream and Square have announced a partnership to build a renewable energy BTC mine in the United States.

Open-source BTC mine powered by solar energy

A startup led by Adam Back and a financial services firm led by Jack Dorsey will create an open-source solar-powered Bitcoin mine. It will be built on the site of the Blockstream mine located in the United States.

Their goal is to exchange experiences on the economics of the project and experience in building development. In addition, they plan to raise awareness and show that BTC mining and renewable energy can be a catalyst for the clean energy transition.

Square will invest $ 5 million and Blockstream will provide the infrastructure and experience. Ultimately, it will be a Proof-of-Concept used to demonstrate that mining for green Bitcoin is possible. Hence the need for transparency in every detail. Chris Cook, CIO and head of mining at Blockstream, said:

Many mining operations around the world, including our own, already rely on renewable energy. It is the most profitable energy available. Together with Square, we hope that the open and transparent nature of this project will become a model for other companies.

Bitcoin is a tool to build a sustainable future

Once built, the mine will allow other participants to expand their activities. Companies will design it to be scalable and future-proof.

Neil Jorgensen, Square’s Global ESG Lead, revealed that he is excited about the partnership and that he will work with Blockstream to create an operational model that proves their thesis. Jorgensen added:

The project will serve as an ongoing transparent case study that will allow us all to learn together the specific economics of Bitcoin mining per unit from clean energy. We can’t wait to start sharing our results with the community.

Blockstream will provide regular reports on the project. Moreover, it will provide a public “dashboard” that will show the mine’s performance indicators in real time. They will include output power and amount of BTC mined. The desktop will use a technology called Blockstream Mining Note (BMN).

Square has made a number of efforts to support the development of Bitcoin and its ecosystem. The company led by Dorsey published a whitepaper with Ark Invest. It concerned a renewable energy system that would power batteries and use BTC mining to absorb excess energy.

Dorsey, in a discussion with Alex Gladstein, chief strategist at the Human Rights Foundation at the Bitcoin 2021 conference, said:

Ultimately, miners need to be profitable, and getting cheap renewable energy maximizes their profit potential (…). Bitcoin, over time and today, encourages the use of renewable energy and awareness of how they obtain this power. This gives people the freedom to convert wasted energy into something that creates value for billions of people around the world.

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