Twitter CEO Jack Dorsey is a big fan of Bitcoin and blockchain in general. We have covered how his company named Square has invested tens of millions into Bitcoin itself. Now, Square is looking to get into the mining business as well, specifically the renewable energy-focused mining that is so in right now.
Bitcoin mining had been used to being under the radar for quite some time. While occasionally, a conventional news source like Bloomberg or an environmental group did raise concerns from time to time, overall, the issue was not debated a lot. Bitcoin’s price index normally dominated the news.
Elon Musk then proceeded to post about the matter right in the middle of the current bull run. After investing more than $1.5 billion into the cryptocurrency a couple of months before, Musk suddenly did a flip flop and posted a lengthy post regarding Bitcoin mining and how it is becoming an environmental issue. He however, to this day hasn’t stated that Tesla is looking to sell its Bitcoin hoardings. He just wanted to start a conversation about sustainable Bitcoin mining and he succeeded in that. Being involved with Tesla, the largest electric carmaker in the world, it made sense because this topic was bound to explode later on.
While it is true that some miners, a minority of the total industry do use fossil fuel generated electricity, the overall environmental toll was already low, much lower than the conventional banking industry. To counter the growing narrative Bitcoin investors, stakeholders and enthusiasts are now looking to address these concerns and shift entirely to renewable sources. Michael Saylor, the CEO of Microstrategy, a big investor in the cryptocurrency has already set up a Bitcoin mining council in the US to kickstart this process and even invited Musk to become a part of it. Similarly, miners around the world are looking at ways to bring energy transparency and sustainability to the table.
A part of this movement is Twitter CEO Jack Dorsey. After investing millions in the cryptocurrency from time to time, Dorsey is now looking to invest directly in a renewable energy-focused Bitcoin mining facility through Square Inc. The facility is being run by Blockstream Mining and is expected to be directly powered by Solar panels.
These kinds of steps are going to be important for the future as environmental concerns grow. Ultimately as Bitcoin becomes cleaner, it will become more sustainable for the future.
Image Source: pixabay.com
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