December 11, 2023

Square will invest $10 million in “green BTC mining”

Square Invests $10 Million in 'Green BTC Mining'

Square Will Support Bitcoin Mining Operations Using Renewable Sourcesenergy.

Square has partnered with Watershed,which fights climate change by reducing the carbon footprint of large companies. According to a press release, Square aims to become carbon neutral by 2030. 

In addition, Square has pledged $10 million for its recently launched Bitcoin Clean Energy Investment Initiative, which will supportother companies in the bitcoin ecosystem in their transition to renewable energy.The company said in a statement:

The new initiative of Bitcoin Clean Energy Investment will support companies that are engaged in green mining of bitcoin.The initiative aims to accelerate the transition of miners to clean energy, not just to reduce carbon emissions fromThe company intends to reinvest its profits, and is studying the possibility of creating a consortium of like-minded companies.

Square says it aims to achieve the goal by reducing its own carbon footprint and expanding the portfolio of carbon-removal products the company planslaunch in the first quarter of 2021.

Subscribe to ForkNews on Telegram to stay up to date with the latest news from the world of cryptocurrencies