I can applaud the initiative but at the same time wonder... just why. We can invest in making coal mining greener so that coal plants are less CO2-intensive but in the end.. why not put that money and effort into using greener energies in the first place?
The bitcoin network already gets over 50% of its energy from renewable sources (solar, wind, hydro) they’re trying to get it up to 100%
There is also gas flaring, the gas will be burned whether you like it or not, and before bitcoin mining there was no profitable/useful way to use this energy. That’s why massive energy giants like Equinor are getting into [Bitcoin mining from flaring](https://news.bitcoin.com/publicly-listed-energy-firm-equinor-exploits-gas-flaring-in-north-dakota-to-mine-bitcoin/).
[Here’s a video showing one of these mining setups](https://np.reddit.com/r/CryptoCurrency/comments/iwfhr4/mining_bitcoin_from_excess_gas_that_would_have/?utm_source=share&utm_medium=ios_app&utm_name=iossmf)
[Peter Thiel invested in Layer 1](https://www.coindesk.com/peter-thiel-backs-200-million-valuation-for-renewable-bitcoin-mining-in-the-us), which is a renewable energy mining company based out of Texas. They help balance the electrical grid (and get paid to do it) in addition to mining from renewable energy.
Nic carter wrote a fantastic piece on this [here](https://www.coindesk.com/the-last-word-on-bitcoins-energy-consumption)
Tbf to actually support being environmentally sustainable just don’t use btc in the first place. There are many more protocol that is supposedly “greener”. It is like using old cars, yeah it works well, but at what cost? If btc is not priced this high nobody would bother with btc.
My point is that btc is one of the least efficient as a means of currency, you do understand how much power is actually used to mine btc which translates to obviously higher cost and inefficient energy usage? If you don’t know not most miner are not that much profitable mining btc, because just how much electricity is consumed to mine btc.
There are many more protocol that is arguably works as a digital money. If we want to be more “green” might as well use a better protocol (more efficient) no?
Yes completely agree, imo though since its accepted that the network cannot scale as it is today maybe people smrter than me will figure out a path for btc that will work in the long term. Shifting from POW sounds kind of nuts but seems like a necessity and I think these could be some people that are trying to figure that out.
Eventually the network has to be secured off transaction fees so there's plenty left to figure out tech wise for good old btc.
It will have to be hard forked to be fixed. It´s almost unfixable and people should stop wasting time on it, and put their energy into cryptos that could really change the world. Waste of time, money and energy to suppport bitcoin, just because you can´t let it go for some weird reason. People don´t want to see it fail, but it has to fail, it´s destiny.
Bitcoin is a unique part of Square’s footprint, as the company purchases the cryptocurrency on behalf of Cash App customers. The new Bitcoin Clean Energy Investment Initiative will support companies working on green energy technologies within bitcoin mining, and aims to accelerate its transition to clean power rather than only removing the carbon for the bitcoin that Square processes. The company intends to reinvest any of its gains from the investment back into the initiative, and is exploring the possibility of opening this initiative for participation by a consortium of like-minded companies in order to amplify the impact.
“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. “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.”