Payment giant Square announced a massive drive to cut carbon emissions by 2030 on Tuesday.
As part of this initiative, Square will donate $ 10 million to the Bitcoin Clean Energy Investment Initiative, which aims to “support companies that advance the adoption and efficiency of renewable energies in the Bitcoin ecosystem.”
Square is the company behind CashApp, the main driving force behind offering encryption to regular users. In today’s announcement, Square identified Bitcoin as “a unique piece of Square’s footprint.” Jack Dorsey, CEO of Square, said on Twitter:
“We believe that the cryptocurrency will ultimately be fully supported by clean energy, which will remove the carbon footprint and lead to the global adoption of renewable energy sources.”
Bitcoin’s carbon footprint has been the subject of much controversy over the years. A 2019 study estimated that total BTC carbon emissions are comparable to some smaller countries. A study from last week casts doubt on these numbers.
The controversy is exacerbated by the strengths of Bitcoin mining. As the mining industry becomes more competitive, large mining companies are flocking to regions that are already generating surplus energy to increase profit margins. Popular destinations are hydroelectric plants. Recent estimates indicate that the vast majority of mining companies rely on renewable energy for their operations.
Among other recent initiatives, Square is also forming a patent pool for cryptocurrencies, which Coinbase joined just a few days ago.