Blockstream, Square to build US solar-powered Bitcoin mine
License: CC0 Creative Commons
Financial services and digital payments company Square Inc (NYSE:SQ) intends to invest USD 5 million (EUR 4.1m) in a solar-powered Bitcoin mine project at one of the US mining sites of Bitcoin infrastructure startup Blockstream.
The project is designed to serve as a proof-of-concept for a 100% renewable energy Bitcoin mine at scale. The economics of the build-out, including operational costs and return on investment (ROI), will be available to the public, the parties said in a statement.
Blockstream’s role will be to provide infrastructure and expertise to build and manage the project. It will be scalable by design, meaning that the company will be able to add more capacity in the future.
The Bitcoin infrastructure startup is also establishing a dashboard, based on technology developed for the Blockstream Mining Note (BMN), to show real-time metrics of the project's performance, including power output and bitcoin mined.