An estimated 0.2% of the world’s electricity is used by Bitcoin mining machines. That supposedly uses 22.9 million metric tons of carbon a year.
For this reason and the fact that Bitcoin mining has nearly become an obsolete enterprise as mining costs more than the cryptocurrency on most days, a new solution must arise.
In comes billionaire companies like Square to the rescue, pledging $10 million to the cause. The goal, says CEO of Square and owner of Twitter, Jack Dorsey, is to make it so that “cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally.”
The company itself has big plans to go carbon-free by 2030 while helping the future of cryptocurrency turn in that direction as well. Their first step is the Bitcoin Clean Energy Investment Initiative, helping the industry’s largest mining network begin to use more renewable energy.
A partnership with Watershed, an advisory firm for carbon-based cutting within the business sector, seals the deal.
Square’s interest in Bitcoin stems from their CashApp platform which sells the coin. Any profit gained from the investment is meant to go back into the initiative by supporting other companies with the same cause.