Payments company Square has launched a Bitcoin Clean Energy Investment Initiative. The company is committing $10 million to support other companies that drive renewables within the Bitcoin ecosystem.
"We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally," said Square co-founder and CEO Jack Dorsey.
Dorsey added that, "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."
On the news, Square Crypto jokingly tweeted, "Every Square Crypto employee will convert 200 miles worth of pedaling on an exercise bike into renewable electricity each day."
Every Square Crypto employee will convert 200 miles worth of pedaling on an exercise bike into renewable electricity each day. https://t.co/JjCIwnD0g0
— Square Crypto (@sqcrypto) December 8, 2020
This announcement coincides with the company's goal—also announced today—to become net zero on carbon for operations by 2030. To this end, Square has partnered with Watershed, a company that powers climate programs in business.
Since Square began purchasing Bitcoin for its Cash App customers, the cryptocurrency has become a significant part of the company's footprint. When discussing the company's $50 million investment in Bitcoin this October, Square's then-chief financial officer said, "For a company that is building products based on a more inclusive future, this investment is a step on that journey."
Part of that inclusive future is an investment in clean power. The Bitcoin Clean Energy Investment Initiative has been set up to support the development of green energy technology in Bitcoin mining, and any gains made from investment will be placed back into the initiative itself.
As part of the company's wider social efforts, it will publish a full-year 2020 Corporate Social Responsibility Report in early 2021.