Square, an American financial services aggregator, has announced the launch of its Bitcoin Clean Energy Investment Initiative to become net zero carbon for operations by 2030. According to the company's official press release, Square has already donated $10 million to drive adoption and efficiency of renewables within the bitcoin ecosystem.
As part of the initiative, Square has entered into a partnership with Watershed, a company focused on climate programs for businesses, to reduce carbon footprint.
Jack Dorsey, Square Co-Founder and CEO, believes that cryptocurrency will "eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally."
"Published estimates indicate bitcoin already consumes a significant amount of clean energy, and we hope that Square’s investment initiative will accelerate this conversion to renewable energy," Dorsey added.
With the new initiative, Square will support companies dedicated to green energy technologies within bitcoin mining. While Square is mainly focused on fintech solutions, the company is also enhancing its presence on the cryptocurrency market. iHodl earlier reported that Square's revenue and gross margin related to BTC sales increased 10-fold during Q3.
Square sold $1.63 billion in BTC between July and September, the company said in a report, making a gross profit of $32 million. As a comparison, during Q2, the figures rose to $875 million and $17 million, respectively.
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