Square to Support Greener Bitcoin Mining as Part of Zero-Carbon Pledge

With companies like Square announcing environment-focused mining initiatives, the U.S. can take the lead in reducing bitcoin's carbon impact.

The new Bitcoin Clean Energy Investment Initiative will aim to make mining more eco-friendly. On Tuesday, payments giant Square announced a major push to go carbon neutral by 2030.As part of the initiative, Square will be dedicating $10 million to its Bitcoin Clean Energy Investment Initiative, which aims "to support companies that help drive adoption and efficiency of renewables within the bitcoin ecosystem."Square is the firm behind CashApp, which is a major force in bringing crypto to regular users. In today's announcement, Square identified Bitcoin as "a unique part of Square’s....

In this, Part Three of a three-part series, we explore the impact the bitcoin network is having on the environment. Part One projected exactly how much carbon dioxide each bitcoin produces, while Part Two put this figure in context with the broader financial sector. This article explores potential solutions to bitcoin's growing environmental problem. It turns out that the electricity used to produce bitcoins produces quite a bit of carbon dioxide - the equivalent of burning 16 gallons of gasoline, in fact. That means the entire bitcoin network uses slightly more power than it takes to run....

On Friday, the bitcoin mining operation Greenidge Generation has announced that starting June 1st, the firm will be “carbon neutral” for the rest of 2021 and beyond. Greenidge’s announcement follows the recent statements from Tesla and Square after the companies cited environmental concerns over bitcoin mining. New York-based Bitcoin Miner Aims to Be Carbon Neutral by June 1st and Beyond Ever since Tesla cited environmental concerns over bitcoin (BTC) mining and told the public it would not be accepting BTC for electric cars, the topic has spread widely across social....

The research report blamed the increase of Bitcoin’s carbon footprint on the China mining ban and claimed Chinese miners were more renewable-energy-focused. Bitcoin network’s proof-of-work mining consensus has been a topic of environmental, social and governance debates for a long time, and a new study may only add to the growing controversy around Bitcoin’s carbon footprint.A new research report titled “Revisiting Bitcoin’s carbon footprint” published in the peer-reviewed scientific journal Joules has highlighted that the Chinese crypto mining ban might not have contributed to the....