Jack Dorsey’s Square commits $10M to green energy for Bitcoin mining

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 — a major force in bringing crypto to regular users. In today’s announcement, Square identified Bitcoin as “a unique part of Square’s footprint.” Jack Dorsey, CEO of both Square and Twitter, said: 

“We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally.”

The carbon footprint of the Bitcoin network has been the subject of a great deal of controversy over the years. A 2019 study estimated BTC’s total carbon output as comparable to that of some small countries. Research from last week calls those numbers into question. 

Complicating the controversy are the particular sources of power for BTC mining. As the network's mining industry has gotten more competitive, major miners flock to areas already producing surplus energy to maximize profit margins. Hydro and nuclear plants are popular destinations. Recent estimates say that a large majority of miners depend on renewable sources of energy as part of their mix. 

Among other recent initiatives, Square is also assembling a patent group for crypto, which Coinbase joined just days ago.