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Square Teams With Blockstream for Solar-Powered Bitcoin Mining Facility

Published 08/04/2022, 18:48
© Reuters
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By Sam Boughedda

Investing.com -- Block Inc's (NYSE:SQ) Square will work with Blockstream to build an open-source solar-powered Bitcoin mining facility. 

Blockstream, a blockchain technology company, said they will build the facility at one of its Blockstream Mining sites in the United States.

Square intends to invest $5 million in the facility, while Blockstream will provide the infrastructure and expertise to build and manage the project. 

"The facility will be a proof-of-concept for a 100% renewable energy Bitcoin mine at scale, with the economics of the build-out — including operational costs and ROI — made open to the public," stated Blockstream.

It was reported earlier today that the facility will be using solar and storage technology from Tesla (NASDAQ:TSLA). 

Block shares are down 1% Friday.

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