06 Jun Jack Dorsey’s Square Inc. to invest $5M in Blockstream Bitcoin mining facility
Jack Dorsey’s Square Inc. (“Square”) today announced that it has invested in a Bitcoin mining facility, located in Quebec, Canada. The investment will allow Square to participate in the Bitcoin mining business and to utilize Bitcoin and blockchain technology.
The cryptocurrency mining industry has taken a hit in the past year. As Bitcoin prices have been in decline, large-scale miners have begun shutting down some facilities. However, there is one company that still plans on keeping its doors open. According to reports, Square Inc. will invest $5 million in a new facility for crypto mining. This is Blockstream, a leading Bitcoin company, that is based in Montreal, Canada.
Blockstream, a major blockchain technology provider, has announced a new investment fund with backing from tech heavyweights including Square Inc, the mobile payments firm run by Twitter founder Jack Dorsey. Blockstream has raised $55 million to date to fund its development of Bitcoin core software.. Read more about bitcoin mining software and let us know what you think.Mobile payments crypto-currency company Square Inc. plans to invest $5 million in a solar-powered Blockstream mining facility to mine bitcoin (BTC), providing further insight into Jack Dorsey’s continued support for blockchain infrastructure. Chris Cook, Blockstream’s chief information officer, announced the joint partnership on Saturday, unveiling plans for an open-source mining facility at a Blockstream facility in the United States. Together we want to ensure public transparency by sharing the economics of the project and the lessons learned in building a bitcoin mine powered by renewable energy, he said, adding: Ultimately, we hope to show how bitcoin mining combined with renewable energy sources can contribute to the transition to clean energy. In addition to regular reports on the status of the project, the new initiative will include a public dashboard where anyone can access real-time data on the status of mining activities. Bitcoin mining has come under scrutiny in the media after Tesla CEO Elon Musk decided to stop accepting Bitcoin payments for Tesla cars, citing serious environmental concerns. Last month, Michael Saylor of MicroStrategy brokered a truce between Musk and the bitcoin mining community, bringing the two sides to a high-level negotiating table. The meeting resulted in the creation of the Bitcoin Mining Industry Council, in which mining companies committed to accelerate work on sustainability initiatives. As for Square Inc, the Jack Dorsey-led company is stepping up its efforts to promote the adoption of bitcoin and cryptocurrencies. On Friday, Cointelegraph reported that Dorsey is considering developing a bitcoin hardware wallet to enable self-service and affordability for the masses. If we do, we will build it in a completely open way, from software to hardware design, and in collaboration with the community, he wrote on Twitter.Square Inc. has just announced it will invest $5 million in a $30 million Bitcoin mining facility in Quebec, Canada. It’s part of a $75 million investment that’s being invested across the world. The announcement was made at the annual Bitcoin Expo in Montreal. It’s the first time the company has invested in a mining facility.. Read more about bitcoin cloud mining and let us know what you think.
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