Payment company Square and infrastructure startup Blockstream announced a joint project to build a solar-powered Bitcoin mining demonstration center in the United States.
The partners plan to ensure public transparency by sharing details of the project’s economics. They will provide access to data, including operating costs and returns on investment, and the insights gained from building a renewable-powered farm.
"Ultimately, the project aims to raise awareness and demonstrate how Bitcoin mining, combined with renewable energy, can contribute to the transition to clean energy," the statement said.
Square intends to invest $5 million in the facility, Blockstream will provide the infrastructure and know-how to create and run the mining venture. The project will serve as a proof of concept for a scalable Bitcoin mining farm powered entirely by green energy.
"Many mining farms around the world, including our own, already rely on renewable energy because it is the most economically efficient of the available power sources. Together with Square we hope the open and transparent nature of the project will become a model from which other enterprises can learn," said Kris Kuk, Chief Information Officer and Head of Mining at Blockstream.
The solar-powered Bitcoin mining project is designed with scalability in mind, enabling Blockstream in the future to add additional capacity and support more participants.
In addition to providing regular reports on the project’s economics, Blockstream will create a freely accessible dashboard displaying real-time performance metrics, including the output and Bitcoin mined.
Earlier, specialists from Square and ARK Invest presented the solar-powered mining model, which contributes to the transition of power grids to renewable energy sources.
Daniel Frumkin from Braiins conducted its financial analysis, which confirmed the viability of the approach proposed by the experts.
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