Square Inc. puts $10 million to help make the Bitcoin supply chain greener

Today the payments company Square launches a $10 million Bitcoin clean energy investment initiative. The company will launch a clean energy investment initiative to help make the Bitcoin chain greener.

Square, Inc. aims to become net-zero carbon for operations by 2030, including its primary Scope 3 emissions. $10 million Bitcoin Clean Energy Investment Initiative is for companies that support adoption and efficiency of renewables within the Bitcoin ecosystem.

In order to reduce carbon footprints Square has partnered with Watershed. Basically, Watershed is a company that powers climate programs for leading businesses, to provide ongoing support in measuring and reducing its carbon footprint.

Amrita Ahuja, Square Chief Financial Officer said that “Committing to be a net zero carbon contributor is consistent with our purpose of economic empowerment, as we’ll continue to work for our customers without contributing to longer-term climate issues.”

Also, the Square Co-Founder and CEO, Jack Dorsey said, “We believe 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.”

Stay tuned with us for more updates.