‘Cryptocurrency will eventually be powered completely by clean power,’ Says Square’s Jack Dorsey

2020-12-8 18:35

US financial services company Square has just announced its commitment to environmentally friendly business practices.

As part of the announcement, the company revealed the Bitcoin Clean Energy Investment Initiative.

Square will invest $10 million as part of the move. The money will help fund research into Bitcoin mining that relies on renewable energy sources.

Square Launches Bitcoin Clean Energy Investment Initiative

As BeInCrypto has reported previously, Bitcoin attracts a lot of criticism for its heavy electricity use. BTC naysayers frequently deem the resources used to secure the network as wasteful and environmentally destructive.

We are also launching a Bitcoin Clean Energy Investment Initiative, committing $10M to support companies that help drive adoption and efficiency of renewables within the bitcoin ecosystem.

More information in our full press release below. (2/2)https://t.co/6ppkwc3Uk2

— Square (@Square) December 8, 2020

Although Bitcoin miners are increasingly opting to use renewable energy, Square is looking to speed up this shift with the initiative. Announced via a press release on Tuesday, the company will aid companies driving the miner transition towards cleaner sources of energy.

As part of the announcement, Square stated that it will reinvest any financial gains it makes back into the initiative. The company is also exploring opening the initiative up to other firms via a consortium to increase its efficacy.

Square CEO, Jack Dorsey, explained that he believes Bitcoin will eventually run entirely on clean energy:

“We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally”

Square’s Wider Commitment to Environmentally Sound Practices

As part of the same announcement, the company revealed plans to reduce its carbon footprint to zero by 2030. To help it achieve this, Square has partnered with Watershed, a firm focused on helping companies reduce their environmental impact.

Square has mapped out its path towards a zero-carbon footprint. The firm reportedly hopes to reduce its own impact on the environment by scaling a carbon removal portfolio, which it plans to launch in early 2021.

Protecting Its BTC Investments

As BeInCrypto reported in October, Square recently became one of a handful of major companies to invest part of its treasury reserve assets in bitcoin. The move was unsurprising to many since Jack Dorsey has long been supportive of BTC.

On more than one occasion, Dorsey has claimed that bitcoin is shaping up to be a native currency of the internet. He’s also invested his own money into Lightning Labs, a company dedicated to building out the Lightning Network BTC scaling solution.

Given that Square has financial interests in the alpha crypto, the company’s environmental commitment appears to be targeted at one of Bitcoin’s largest criticisms.

The Square Grants Program launched earlier this year also provides funding to those working full-time on improving Bitcoin infrastructure. Square is likely making moves to help protect its BTC allocation into the future

The post ‘Cryptocurrency will eventually be powered completely by clean power,’ Says Square’s Jack Dorsey appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Particl (PART) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.5536 (-100%)

part bitcoin clean energy square move million

part bitcoin → Результатов: 126


Craig Wright loses Kleiman case—billions in Bitcoin awarded to Kleiman estate

Craig Wright lost the Kleiman case. The judge ordered Wright to part with half of his pre-2014 Bitcoin—worth over $5 billion—to the Kleiman estate, alongside considerable intellectual property.   The Southern District Court of Florida magistrate Bruce Reinhart recommended that Kleiman’s estate be awarded half the Bitcoin and intellectual property Wright held prior to 2014.

2019-8-27 01:16


Multi-level Marketing Promoter of Bitcoin Funding Team and My7Network Will Settle With FTC

The United States Federal Trade Commission (FTC) has agreed to settle the charges it filed in 2018 against a pyramid scheme that involved 4 individuals. As part of the settlement, the promoters of recruitment-based cryptocurrency schemes are permanently banned from operating or participating in any multi-level marketing program. Additionally, they are supposed to pay a […]

2019-8-25 18:05


Circle’s Jeremy Allaire claims Bitcoin’s growing adoption will drive individuals to convert long-term wealth into digital assets

Trade wars are usually good news for non-sovereign, highly secure digital stores of value. With Bitcoin [BTC] registering continuous growth in adoption rate, Circle CEO Jeremy Allaire pictures a scenario where individuals will convert a part of their long-term investment capital into digital assets.

2019-8-23 02:30


Фото:

Bitcoin Sentiment Shines in Turkey, Diminishes in the Rest of Europe

A report published by ING shows that the percentage of the population that believes in Bitcoin is slowly decreasing, indicating skepticism for cryptocurrencies in general. With the exception of Turkey, Poland, and Romania, most of Europe does not believe that cryptocurrencies will be an integral part of the financial system in the coming years, AugustRead MoreRead More.

2019-8-19 01:00


Фото:

U.S. Authorities to Launch Blockchain Pilot for Intellectual Property Rights

As part of its preparation for the upcoming Commercial Customs Operations Advisory Committee (COAC) meeting, the U. S. Customs and Border Protection (CBP), a federal law enforcement agency, intends to trial distributed ledger technology (DLT) in intellectual property rights (IPR) enforcement by the end of August 2019, reports Yahoo Finance on August 16, 2019.

2019-8-19 09:00


Фото:

Bitcoin History Part 14: The 1,000 BTC Poker Game

Bitcoin and poker have a history that stretches back to the very start. Perhaps, even, to before the start of Bitcoin as we know it, for there is evidence that Satoshi had a background in poker. What’s beyond dispute is that in March 2010, the world’s first bitcoin poker tournament took place, with the nascent […] The post Bitcoin History Part 14: The 1,000 BTC Poker Game appeared first on Bitcoin News.

2019-8-9 14:26


Max Keiser: Buffet’s Right, Bitcoin is Rat Poison and He’s the Rat

As part of a typically-impassioned media appearance, RT’s Max Keiser has once again claimed that Bitcoin will outperform every other asset on the planet in the relatively short term. The presenter and perma-bull believes that institutions wanting to get into the industry will drive the price skywards as they accumulate the necessary inventory to offer.

2019-8-7 02:00


Protests in Moscow and flipping out on Navalny and on bitcoin (BTC)

In connection with the mass protests in Moscow due to the opposition not allowed to take part in municipal parliament of Moscow election (Moscow City Duma), the Investigative Committee of Russia opened a criminal case on money laundering by the Anti-Corruption Fund (FBK) of Alexei Navalny, the most famous of opposition politicians. According to the […]

2019-8-5 14:52


Фото:

54% of Bitcoin Users in Europe Don’t Have University Degrees: Research

More than 50% of bitcoin users across the European continent have not even finished their university program, according to BitPanda’s latest study. Too Cool For School Titled ‘Understanding Cryptocurrency Holders in Europe,’ the report explored personalities of the men and women who hold cryptocurrencies as a part of their portfolio.

2019-8-1 00:00


New Poll: Over 75% Investors Pick Bitcoin (BTC) As Their Store Value Choice, Beating Gold And Silver

In a poll by CNBC Futures Now, Bitcoin (BTC) overwhelmingly emerged as the favorite store of value amongst its followers. Of the 4,221 voters who took part in the vote, 75% selected BTC as their choice asset compared to gold and silver with 19% and 6% of the votes respectively. The #DropGold campaign by Grayscale […]

2019-7-29 19:42


Фото:

Venezuela is buying Bitcoin with airport taxes to smuggle in US dollars, report

Venezuela appears to be leveraging cryptocurrencies as part of a larger effort to bypass US sanctions. According to an investigation by Spanish newspaper ABC, President Nicolas Maduro and his administration are using a digital wallet app called Jetman Pay to convert tax revenue from one of the country’s main airports into Bitcoin and other cryptocurrencies.

2019-7-26 14:02