Solar-Powered Bitcoin Mining facility launched in U.S.

As per owner of Twitter, Jack Dorsey, his payments venture Square will partner with blockchain technology firm Block-stream Mining in a bid to build an open-source, solar-powered bitcoin mining facility in United Nations.

Aim of the move

Launch of solar-powered bitcoin mining facility aims to drive adoption and efficiency of renewables within the bitcoin ecosystem. The partnership seeks to demonstrate how bitcoin mining along with renewable energy can help in driving clean energy transition.

Highlights

This partnership comes after CEO of Tesla Elon Musk established a council along with American crypto miners to promote a sustainable bitcoin mining. Both Dorsey & Musk have great interest in development of cryptocurrency. They believe bitcoin will become world’s largest single currency of internet soon.

Funding for mining facility

$5 million will be invested by Square in solar-powered bitcoin mining facility.

What was the need?

Bitcoin mining is often criticised worldwide for its high energy-consumption property. As per an estimate, it generates up to 22.9 million metric tons of carbon dioxide emissions per year which is equal to emission levels produced by Sri Lanka and Jordan. Its mining makes use of coal which has worst emissions among fossil fuels. This, development of solar powered mining facility was the need to reduce emission.

Month: Current Affairs - June, 2021