{"id":33052,"date":"2020-12-08T20:41:27","date_gmt":"2020-12-08T18:41:27","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=33052"},"modified":"2025-08-28T11:52:11","modified_gmt":"2025-08-28T08:52:11","slug":"square-to-allocate-10m-for-renewable-energy-bitcoin-mining","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/square-to-allocate-10m-for-renewable-energy-bitcoin-mining\/","title":{"rendered":"Square to allocate $10m for renewable-energy Bitcoin mining"},"content":{"rendered":"<p>Jack Dorsey\u2019s payments company Square announced plans to cut its carbon emissions from operations to zero by 2030. The firm will also allocate $10 million to support Bitcoin mining powered by renewable energy.<!--more--><\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">We\u2019re excited to announce our plans to become net zero carbon for operations by 2030.<\/p>\n<p>We have mapped out a path through a combination of lowering our carbon footprint in conjunction with scaling a verified carbon removal portfolio, which we intend to launch in Q1 of 2021. (1\/2)<\/p>\n<p>\u2014 Square (@Square) <a href=\\\"https:\/\/twitter.com\/Square\/status\/1336311337392062464?ref_src=twsrc%5Etfw\\\">December 8, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>To help measure and reduce its own carbon footprint, Square has partnered with Watershed, which supports corporate climate programs.<\/p>\n<blockquote>\n<p>\u201cThe drive to zero carbon emissions aligns with our goal of expanding economic opportunities, as we want to serve our customers without contributing to long-term climate problems. The threat to the environment will ultimately disproportionately endanger socially disadvantaged communities around the world,\u201d said Amrita Ahuja, Square\u2019s chief financial officer.<\/p>\n<\/blockquote>\n<p>The company participates in the Bitcoin ecosystem by purchasing cryptocurrency for customers of its Cash App \u2014 in the third quarter, profits from these operations <a href=\"https:\/\/u1f987.com\/en\/news\/squares-bitcoin-sales-profit-hits-32-million-in-q3\">amounted to<\/a> $32 million. In addition, Square <a href=\"https:\/\/u1f987.com\/en\/news\/square-invested-50-million-in-bitcoin\">invested<\/a> $50 million of equity in the first cryptocurrency.<\/p>\n<p>The Bitcoin Clean Energy Investment Initiative will support companies working on green-energy technologies within Bitcoin mining. It is aimed at accelerating this business&#8217;s transition to clean energy, not merely eliminating the carbon footprint from the coins Square processes, the statement said.<\/p>\n<blockquote><p>\u201cWe believe that cryptocurrency will ultimately be fully powered by clean energy. This will eliminate its carbon footprint and spur the adoption of renewable energy worldwide. <a href=\"https:\/\/u1f987.com\/en\/news\/study-finds-that-76-of-miners-use-renewable-energy-sources\">Estimates show<\/a> that Bitcoin already consumes a significant amount of green energy, and we hope that Square&#8217;s initiative will accelerate the transition to renewables,\u201d said Jack Dorsey, co-founder and CEO of the company.<\/p><\/blockquote>\n<p>The New York State Department of Financial Services (NYDFS) <a href=\"https:\/\/u1f987.com\/en\/news\/new-york-financial-regulator-calls-on-miners-to-consider-climate-change\">has asked<\/a> mining and other regulated companies to assess the financial risks associated with climate change.<\/p>\n<p>Follow Forklog news on <a href=\\\"https:\/\/www.facebook.com\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\"> Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Jack Dorsey\u2019s payments company Square announced plans to cut its carbon emissions to zero by 2030. The firm will also allocate $10 million to support renewable-energy Bitcoin mining.<\/p>\n","protected":false},"author":1,"featured_media":33053,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1259,1534],"class_list":["post-33052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-ecology","tag-square"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/33052","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=33052"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/33052\/revisions"}],"predecessor-version":[{"id":33054,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/33052\/revisions\/33054"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/33053"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=33052"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=33052"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=33052"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}