I woke up to a wonderful news clipping this morning that aligns well with my professional alley. Square, who recently dived into Bitcoin investment, released a press statement that announced its plans to be Net Zero Carbon for operations by 2030. This is huge for someone who believes in clean and sustainable energy and is beginning to dive into the concept of Bitcoin. Square is focusing on a carbon removal portfolio which may steer them towards carbon market options and also is lowering its carbon footprint which could start by early 2021.
Not only that, they are also committing 10 million to its Bitcoin Clean Energy Initiative. This is a watershed moment for Bitcoin mining and energy criticism they receive all the time as the mining operation is estimated to rival small countries in terms of energy consumption.
The new Bitcoin Clean Energy Investment Initiative will support companies working on green energy technologies within bitcoin mining, and aims to accelerate its transition to clean power rather than only removing the carbon for the bitcoin that Square processes. - Square
It is really important for Square to take the responsibility for the entire Bitcoin energy consumption rather than focusing on the BTC processes they own. The BTC mining is a whole system and Square may not necessarily tackle this issue without considering the whole unit. Yes, they can lower their operational carbon but it would not be sustainable.
This announcement seems to move into a right direction as Jack Dorsey is open to partnerships with other like minded organizations. If they manage to pull this off then we are looking to a future where BTC mining operations are built on renewable energy.
Next- TESLA and BITCOIN - who knows?
Read the Square statement here - https://squareup.com/us/en/press/carbon
First Posted Using LeoFinance Beta