On Tuesday, payments giant Square announced a major push to go carbon neutral by 2030.
As part of the initiative, Square will be dedicating $10 million to its Bitcoin Clean Energy Investment Initiative, which aims to “support companies that help drive adoption and efficiency of renewables within the Bitcoin ecosystem.”
Square is the firm behind CashApp — a major force in bringing crypto to regular users. In today’s announcement, Square identified Bitcoin as “a unique part of Square’s footprint.” Jack Dorsey, CEO of both Square and Twitter, said:
“We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally.”
Among other recent initiatives, Square is also assembling a patent group for crypto, which Coinbase joined just days ago.
The carbon footprint of the Bitcoin network has been the subject of a great deal of controversy over the years. A 2019 study estimated BTC’s total carbon output as comparable to that of some small countries. Research from la