Square Inc, a US-based financial services and digital payments company, will invest $5 million to construct a solar-powered Bitcoin mining facility.
The facility will be built at a Blockchain Mining site in the US via a partnership with the blockchain technology provider.
Blockstream said in a press release that the facility will be a “proof-of-concept for a 100% renewable energy Bitcoin mine at scale.” Information regarding the operational costs and ROI (return-on-investment) will be disclosed to the public.
We’re committed to driving further adoption and efficiency of renewables within the bitcoin ecosystem, which is why we’ve teamed up with Blockstream to launch an open-source renewable energy mining project as part of our Bitcoin Clean Energy Initiative.
On Friday, CEO of Square Inc Jack Dorsey said that the company is considering creating a non-custodial hardware wallet for Bitcoin. The non-custodial wallet gives the owner full control of their private keys.