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U.S.-based payment and financial services company Square Inc has announced a $10 million clean energy initiative for Bitcoin mining. The company disclosed this as part of its plans to go carbon neutral for its operations by 2030.
According to the announcement, the Bitcoin Clean Energy Investment Initiative will support companies promoting green energy tech and renewable energy within the Bitcoin mining ecosystem.
Square has also collaborated with Watershed as a measure in reducing the carbon footprint of the Bitcoin network. Watershed is an environmental consulting and landscape architecture firm that powers climate programs.
The company has also worked out a plan towards their net-zero carbon target and lowering its carbon footprint. It has also scaled a verified carbon removal portfolio, set to be launched in Q1 of 2021.
The Chief Financial Officer of Square Inc, Amrita Ahuja, disclosed in the release that the plans were made to protect communities and reduce the dangers of carbon on the environment. He added that the plans are in total conformity with Square’s purpose of economic empowerment.
Jack Dorsey, Co-Founder and CEO of Square said that the company “believes that cryptocurrency will eventually be powered by clean power” to eliminate its carbon footprint and promote the adoption of renewable energy globally.
Bitcoin’s carbon output has been a great subject of concern over the years. Total carbon output from Bitcoin mining is estimated to be more than that of some countries.
New Era For Bitcoin Mining
The Bitcoin Clean Energy Investment Initiative will accelerate the adoption and transition to greener energy for mining operations.
Square plans to reinvest profits and proceedings into the project to expand the initiative to more companies. This will help to amplify the transition in a short period.
As a Bitcoin-friendly company, Square’s CashApp allows users to buy and sell BTC from the mobile platform.
Square says Bitcoin is an integral part of its financial imprint, and the company purchases BTC for CashApp users.
In October 2020, the Dorsey-led company invested $50 million in Bitcoin, calling the cryptocurrency a treasury reserve asset.