Crypto

Meet the $5M solar-powered Bitcoin mine

Published

2 years ago

June 7, 2021

Square Inc. will partner with a Blockstream mining to build an open-source solar-powered bitcoin mine in the US

The company announced they will invest $5 million in the facility, which will be a “proof-of-concept for a 100% renewable energy Bitcoin mine at scale.”

Square said it’s “committed to driving further adoption and efficiency of renewables within the Bitcoin ecosystem.”

“We hope to show that a renewable mining facility in the real world is not only possible but also prove empirically that Bitcoin accelerates the world toward a sustainable future.”

We’re committed to driving further adoption and efficiency of renewables within the bitcoin ecosystem, which is why we’ve teamed up with @Blockstream to launch an open-source renewable energy mining project as part of our Bitcoin Clean Energy Initiative. (1/2)
— Square (@Square) June 5, 2021

Open-source mining technology

The economics of the build will be made open to the public, so that other businesses in the crypto space might follow suit towards going green.

The project will also feature a dashboard open to the public, which will show real-time metrics. This will include information on the project’s performance, including power output and bitcoin mined.

“The dashboard, based on technology developed for the BMN, aims to be available 24/7 from any browser, providing the industry with a real-world, real-time case study of a renewable energy Bitcoin mine,” said Square.

“Ultimately, we hope to demonstrate how Bitcoin mining in conjunction with renewable energy can help drive the clean energy transition.”
Square Inc.

Climate concerns of crypto mining

News of the solar-powered Bitcoin mine comes after Elon Musk recently tweeted that Tesla is going to pull support for Bitcoin over environmental concerns.

This sent Bitcoin prices tumbling, and also has raised questions about the sustainability of cryptocurrency.

The Bitcoin mining process requires a significant amount of computing power, which in turn requires large amounts of electricity. This can pose an environmental issue when the miners use fossil fuels.

Crypto mining uses significant amounts of energy

Bitcoin falls amid China regulations

Bitcoin and a number of other cryptocurrencies fell at the weekend. Experts say this China’s increasing sector regulations and concerns over mainstream adoption were behind the plummet.

This comes after China’s social media service Weibo blocked users from viewing a number of crypto-related accounts. The platform says the accounts violated a number of rules and regulations.

Authorities in Beijing have also recently cautioned against the use of digital currencies.

Jonathan Cheesman from crypto exchange FTX says: “uncertainty about China’s crypto regulations are still a headwind.”

Meanwhile, the former US ambassador to the UN, Republican John Bolton, says there needs to be more regulation around the sector.

Related Topics:bitcoin china crypto Featured square

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Crypto

Sam Bankman-Fried accused of conspiring to bribe Chinese officials

Published

3 days ago

March 29, 2023

ticker NEWS

The charge is added to his list of indictments since the collapse of FTX

The founder of now bankrupt crypto exchange FTX was accused by Manhattan federal prosecutors on Tuesday of conspiring to bribe Chinese government officials with $40 million worth of payments.

The new charge adds pressure on the 31-year-old former billionaire, who now faces a 13-count indictment over the November collapse of FTX.

Prosecutors had previously accused Bankman-Fried of stealing billions of dollars in customer funds to plug losses at his Alameda Research hedge fund, and orchestrating an illegal campaign donation scheme to buy influence in Washington.

He has pleaded not guilty to eight of the 12 prior counts he faces.

The latest indictment accuses Bankman-Fried of ordering a $40 million cryptocurrency payment to a private wallet from Alameda’s main trading account, to persuade Chinese authorities to unfreeze Alameda accounts with more than $1 billion of cryptocurrency.

A spokesman for Bankman-Fried declined to comment. China’s foreign ministry could not immediately be reached for comment after business hours in Beijing. The Chinese embassy in Washington, D.C. did not immediately respond to a request for comment.

Bankman-Fried – who has been confined to his parents’ Palo Alto, California, home ahead of his October trial – is expected to be arraigned Thursday on the latest charge.

The judge on Tuesday also approved modifications to Bankman-Fried’s $250 million bail package, which include the use of a cell phone without internet connection and a laptop with limited functions.

Crypto

Celebrities busted over illegal crypto scheme

Published

1 week ago

March 24, 2023

ticker NEWS

Agreements have been settled without admitting guilt

Eight celebrities have been busted over allegations they’ve been participating in an illegal crypto scheme.

The stars, including Lindsay Lohan, Logan Paul and Soulja Boy, were all charged following an investigation by the U.S. Securities and Exchange Commission.

Lohan and Paul have reportedly settled the matter without admitting guilt.

But, regardless, it’s just another bad look for the already embattled crypto industry.