US financial services company Square has just announced its commitment to environmentally friendly business practices.
As part of the announcement, the company revealed the Bitcoin Clean Energy Investment Initiative.
Square will invest $10 million as part of the move. The money will help fund research into Bitcoin mining that relies on renewable energy sources.
Square Launches Bitcoin Clean Energy Investment Initiative
As BeInCrypto has reported previously, Bitcoin attracts a lot of criticism for its heavy electricity use. BTC naysayers frequently deem the resources used to secure the network as wasteful and environmentally destructive.
We are also launching a Bitcoin Clean Energy Investment Initiative, committing $10M to support companies that help drive adoption and efficiency of renewables within the bitcoin ecosystem.— Square (@Square) December 8, 2020
More information in our full press release below. (2/2)https://t.co/6ppkwc3Uk2
Although Bitcoin miners are increasingly opting to use renewable energy, Square is looking to speed up this shift with the initiative. Announced via a press release on Tuesday, the company will aid companies driving the miner transition towards cleaner sources of energy.
As part of the announcement, Square stated that it will reinvest any financial gains it makes back into the initiative. The company is also exploring opening the initiative up to other firms via a consortium to increase its efficacy.
Square CEO, Jack Dorsey, explained that he believes Bitcoin will eventually run entirely on clean energy:
“We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally”
Square’s Wider Commitment to Environmentally Sound Practices
As part of the same announcement, the company revealed plans to reduce its carbon footprint to zero by 2030. To help it achieve this, Square has partnered with Watershed, a firm focused on helping companies reduce their environmental impact.
Square has mapped out its path towards a zero-carbon footprint. The firm reportedly hopes to reduce its own impact on the environment by scaling a carbon removal portfolio, which it plans to launch in early 2021.
Protecting Its BTC Investments
As BeInCrypto reported in October, Square recently became one of a handful of major companies to invest part of its treasury reserve assets in bitcoin. The move was unsurprising to many since Jack Dorsey has long been supportive of BTC.
On more than one occasion, Dorsey has claimed that bitcoin is shaping up to be a native currency of the internet. He’s also invested his own money into Lightning Labs, a company dedicated to building out the Lightning Network BTC scaling solution.
Given that Square has financial interests in the alpha crypto, the company’s environmental commitment appears to be targeted at one of Bitcoin’s largest criticisms.
The Square Grants Program launched earlier this year also provides funding to those working full-time on improving Bitcoin infrastructure. Square is likely making moves to help protect its BTC allocation into the future
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.