Square, a payments company led by Twitter founder Jack Dorsey, intends to become carbon neutral according to a new press release.

Carbon Neutral by 2030

Square announced on Dec. 8 that it intends to achieve net zero carbon for its operations by 2030. The company aims to rely on clean energy rather than fossil fuels for its operations.

To achieve its goal, the company has also launched the Bitcoin Clean Energy Investment Initiative, which will support companies working on green energy technologies throughout the Bitcoin supply chain.

Bitcoin’s mining process notoriously consumes large amounts of energy. The cryptocurrency’s annual energy consumption currently stands at 77 TWh, according to Digiconomist—an amount greater than some countries. Furthermore, a significant amount of energy used in Bitcoin mining is derived from fossil fuels like coal.

Finding a Solution

All of this is a cause of concern for companies like Square. The firm buys billions of dollars worth of Bitcoin on behalf of Cash App customers each quarter, which means that the company indirectly contributes to carbon dioxide emissions. As such, investing in clean sources of energy is a sensible strategy.

However, finding clean and renewable energy resources with constant availability is a challenge. Though Square will not eliminate carbon emissions for all Bitcoin that it processes, its strategy aims to improve the overall environmental impact of Bitcoin mining.

This approach could help Square balance both of its missions: reducing its carbon footprint and simultaneously buying the most energy-intensive asset on the planet.

13 COMMENTS

  1. Thanks,it will be a bit of a shocker to actually have to work then! Had more time off than on so far this year. Xx Wilmette Iver Rogers

  2. Awesome post. I am a regular visitor of your web site and appreciate you taking the time to maintain the excellent site. I will be a frequent visitor for a long time. Jeannie Flinn Fons

  3. I think this is among the most significant information for me. And i am glad reading your article. But should remark on some general things, The web site style is great, the articles is really excellent : D. Good job, cheers| Ursuline Currey Vastah

  4. Excellent post! We will be linking to this great content on our site. Keep up the great writing. Zelda Harmon Naples

  5. Have you ever considered creating an ebook or guest authoring on other blogs? I have a blog based upon on the same topics you discuss and would really like to have you share some stories/information. I know my viewers would enjoy your work. If you are even remotely interested, feel free to send me an e mail. Haily Tuck Cal

  6. Hiya, I am really glad I have found this info. Today bloggers publish just about gossip and internet stuff and this is actually annoying. A good website with exciting content, that is what I need. Thank you for making this web-site, and I will be visiting again. Do you do newsletters by email? Margarita Yale Cornela

  7. Superb, what a blog it is! This weblog provides useful facts to us, keep it up. Cherilynn Thorstein Bixby Nanon Trevar Adlare

  8. After looking at a few of the blog posts on your site, I really like your way of blogging. I added it to my bookmark website list and will be checking back in the near future. Please visit my website as well and let me know your opinion. Meagan Sawyere Burchett

LEAVE A REPLY

Please enter your comment!
Please enter your name here