Square to allocate $10m for renewable-energy Bitcoin mining

Jack Dorsey’s payments company Square announced plans to cut its carbon emissions from operations to zero by 2030. The firm will also allocate $10 million to support Bitcoin mining powered by renewable energy.

We’re excited to announce our plans to become net zero carbon for operations by 2030.

We have mapped out a path through a combination of lowering our carbon footprint in conjunction with scaling a verified carbon removal portfolio, which we intend to launch in Q1 of 2021. (1/2)

— Square (@Square) December 8, 2020

To help measure and reduce its own carbon footprint, Square has partnered with Watershed, which supports corporate climate programs.

“The drive to zero carbon emissions aligns with our goal of expanding economic opportunities, as we want to serve our customers without contributing to long-term climate problems. The threat to the environment will ultimately disproportionately endanger socially disadvantaged communities around the world,” said Amrita Ahuja, Square’s chief financial officer.

The company participates in the Bitcoin ecosystem by purchasing cryptocurrency for customers of its Cash App — in the third quarter, profits from these operations amounted to $32 million. In addition, Square invested $50 million of equity in the first cryptocurrency.

The Bitcoin Clean Energy Investment Initiative will support companies working on green-energy technologies within Bitcoin mining. It is aimed at accelerating this business’s transition to clean energy, not merely eliminating the carbon footprint from the coins Square processes, the statement said.

“We believe that cryptocurrency will ultimately be fully powered by clean energy. This will eliminate its carbon footprint and spur the adoption of renewable energy worldwide. Estimates show that Bitcoin already consumes a significant amount of green energy, and we hope that Square’s initiative will accelerate the transition to renewables,” said Jack Dorsey, co-founder and CEO of the company.

The New York State Department of Financial Services (NYDFS) has asked mining and other regulated companies to assess the financial risks associated with climate change.

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