Square Wants To Make Crypto Mining “Green”

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Last Updated on 23 March 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Square helps customers of its Cash App to buy Bitcoin in large numbers, but as a “green” Californian, CEO Jack Dorsey is also aware of the effect that crypto mining has on the environment which is plagued by climate change. With that in mind, his company announced this week it would be handing out grants to the tune of $10 million to support companies that help drive adoption and efficiency of renewables within the Bitcoin ecosystem.

Their press release read:

Committing to be a net zero carbon contributor is consistent with our purpose of economic empowerment, as we’ll continue to work for our customers without contributing to longer-term climate issues.

Square Chief Financial Officer Amrita Ahuja continued:

Endangering the environment will ultimately disproportionately endanger underserved communities around the world.

Square was the company that in essence launched the current Bitcoin bullmarket at the end of the 2020 summer. Knowing that a stock listed giant company owned by a Silicon Valley successful figurehead like Dorsey was ready to directly invest in Bitcoin set off a raft of other investments as well. Two weeks after the Square investment, PayPal followed suit and Bitcoin has been seeking higher prices ever since.

Advertentie.

Inefficient

Some commentators were however less than impressed, stating that the most popular crypto was inefficient by design and therefore will never become “green” by itself. Furthermore, a $10 million investment by a billion dollar valuation company was also seen as not very much. They stated:

Thanks for your investment. But it is a bandaid solution to an underlying problem that is part of bitcoin by design. It wants to be inefficient. There are better cryptocurrencies that don’t have this problem.

migelradriges / Depositphotos.com