New Green Bitcoin Mining Location
Twitter CEO Jack Dorsey and his payment company Square, known for the Cash App, will invest $5 million in a new bitcoin (BTC) mining location that runs on solar energy. The institution is being built in the United States by Blockstream, the largest Bitcoin development team founded by Adam Back. Blockstream announced this on June 5:
Together with @Square, we’re building an open-source fully solar-powered #Bitcoin mining facility at one of our US #BlockstreamMining locations to demonstrate how #BTC mining and renewables can drive the clean energy transition. ☀️⛏️ https://t.co/0D4yKOe82M pic.twitter.com/HdVhe031GY
— Blockstream (@Blockstream) June 5, 2021
Blockstream wants to make the new location completely transparent, show that green energy is used and that bitcoin can lead to a “sustainable future”. The new location should be an example for others and will regularly publish reports. A dashboard is also being built where everyone can look at the performance, consumption and the amount of bitcoin that is being mined.
The decision for this follows after a lot of lately fear, uncertainty & doubt (FUD) pops up about bitcoin power consumption. That’s probably because of Tesla CEO Elon Musk’s recent fickle tweets.
New Bitcoin Hardware Wallet
In related news, Dorsey reports on Twitter that he is considering a new one with Square hardware wallet build for bitcoin.
Square is considering making a hardware wallet for #bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community. We want to kick off this thinking the right way: by sharing some of our guiding principles.
— jack (@jack) June 4, 2021
According to Dorsey, bitcoin is for everyone and it is important that Square build an inclusive product and do so in an open way in collaboration with the community. However, he lists a few stumbling blocks:
3/Custody doesn’t have to be all-or-nothing. We can probably simplify custody through “assisted self-custody.” Assisted requires great product design: minimal setup time, relying on existing devices, and end-to-end reliability. How should we be thinking about assisted solutions?
— jack (@jack) June 4, 2021
No keys, no money. The exchange you used to buy your bitcoin probably provides security with good intentions, but circumstances may reveal that “custody” actually means “IOU”. Deciding to take custody and security of your bitcoin is complicated. What’s the #1 problem here?
Retention doesn’t have to be all-or-nothing. We can probably simplify custody through ‘assisted self-preservation’. That requires great product design. How should we think about assisted solutions?
Bitcoin Miami Evenement 2021
Dorsey also made an appearance at the major Bitcoin 2021 event in Miami on Friday. At the event, he emphasized that he still believes that bitcoin will become the currency of the internet and a more inclusive and fairer economic system for everyone.
He also indicated that he is considering adding Bitcoin to Twitter’s reserves and that he wants to return the focus to Bitcoin as a means of payment, not just a store of value. During the event, Dorsey was suddenly attacked by far-right Laura Loomer:
“How can you say this is a currency for everyone in the world when you are the king of censorship?”
Said Loomer, who himself has been banned from Twitter and Facebook. Dorsey replies that he is working on this issue with a decentralized version of Twitter through the ‘Blue Sky’ project:
“I know you don’t believe me, I know you say ‘liar’. I’m going to prove it to you and then we can talk about it later.”
During the Miami event, the president of El Salvador announced that he wants to be the first country in the world to make bitcoin legal tender with the help of Blockstream. Click here to read more about it.
“It was an inevitability, but here already: the first country on track to make #Bitcoin legal tender, said @adam3us. Back said Blockstream plans to contribute technologies like @Liquid_BTC and #BlockstreamSatellite to make ???????? a model for the ????️.” https://t.co/1VYHuV7BKx
— Blockstream (@Blockstream) June 5, 2021
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