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.”
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.
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.
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.
Russian Police investigate a crypto mining facility
Russian Police are investigating a crypto mining facility, which is suspected of defrauding clients
It’s understood the miners handed devices to those who were running a mining hotel.
They are also accused of stealing their expensive coin minting hardware, and stopping payments to their customers.
The scam allegedly took place from November to May, where the suspects worked with people who wanted to install their coin minting hardware in a mining hotel.
They were offered electricity prices that were below market value.
Electricity consumed by some of the world’s largest cryptocurrencies has dropped by nearly half.
Gucci goes big in metaverse with new Vault Art Space
Forward thinkers who love fashion, this exhibit is for you
Luxury brand Gucci has opened a Vault Art Space as it continues to explore the art world and the metaverse
Gucci inaugurated the gallery in a partnership with NFT marketplace SuperRare
The debut exhibit is titled “The Next 100 Years of Gucci”
Keep your eye out for a special selection of NFT artworks, each a collectible fragment of Gucci’s heritage.
The artworks are showcased and auctioned off directly on Vault’s website in three drops between now and the end of July.
All sales will be in Ethereum.
Ethereum to finally undergo shift to new energy model
The popular cryptocurrency are ready to make the switch from one energy model to another
Ethereum is about to undergo its long awaited makeover, which will see the company shift from its energy intensive model.
The crypto has been working to shift from its proof-of-work method to a proof-of-stake model, which requires far less power than mining.
Crypto currencies have been criticised for their mining processes to generate new coins. But this new method will be eco-friendly and lead to faster transactions.
The transition has been repeatedly pushed back because of major flaws.
But developers reportedly say the latest test run was very smooth.
The price of Ethereum has lost nearly half its value this year and is trading at just over $1,800 USD.
Investors will continue to keep an eye out on what will come out of this upgrade.
Meanwhile, Bitcoin investors can enjoy a sigh of relief as the cryptocurrency bounces back after months of turbulence.
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