Square Teams With Blockstream for Solar-Powered Bitcoin Mining Facility
2022.04.08 20:52
By Sam Boughedda
Investing.com — Block Inc’s (NYSE:SQ) Square will work with Blockstream to build an open-source solar-powered Bitcoin mining facility.
Blockstream, a blockchain technology company, said they will build the facility at one of its Blockstream Mining sites in the United States.
Square intends to invest $5 million in the facility, while Blockstream will provide the infrastructure and expertise to build and manage the project.
“The facility will be a proof-of-concept for a 100% renewable energy Bitcoin mine at scale, with the economics of the build-out — including operational costs and ROI — made open to the public,” stated Blockstream.
It was reported earlier today that the facility will be using solar and storage technology from Tesla (NASDAQ:TSLA).
Block shares are down 1% Friday.
