Bitcoin Mining Operation Greenidge Generation Plans to Be Carbon Neutral Next Month

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Square not revisiting its Bitcoin allocation, but still interested in the asset

May 14, 2021 Coin Telegraph

Square appears content with its Bitcoin holdings for now.

Over the course of 2020 and 2021, Square bought over $200 million worth of Bitcoin. At present, the payments company does not anticipate picking up more of the asset, according to its chief financial officer, Amrita Ahuja.

In an interview with Financial News, reported on Friday, Ahuja said: “We don’t have any plans at this point to make further purchases.” She added: “There’s no plans at this point to re-evaluate where we are from a treasury standpoint."

Cointelegraph reached out to Square for additional comments, but did not receive a response in time for publication.

In October 2020, Square announced buying $50 million worth of Bitcoin (BTC), which equated to 4,709 BTC, given the asset’s prices back then. In February 2021, the company announced picking up $170 million worth of additional Bitcoin, which paid for roughly 3,318 coins.

May has hosted sideways and downward price action from Bitcoin, although Square has still seen some significant profit from its BTC holdings. “In Square’s most recent quarterly earnings, published on 6 May, the company said it had lost $20m on its bitcoin investment despite its fair value rising to $472m based on market prices,” Financial News detailed.

Square’s Bitcoin involvement does not stop at its purchasing of the asset, however. The company’s Cash App facilitates free Bitcoin transactions, unveiled in March, as per Square’s May 6 earnings document. Square’s Cash App also hosts Bitcoin trading.

"Lots of other opportunities for [Square] to learn with bitcoin” exist, Ahuja told Financial News following her comments on the company’s stance on its Bitcoin holdings.

She also said in the interview:

“We’re always evaluating and as ever, I think we’d be customer-led [...] As we see the evolution of the bitcoin product or crypto products in general, I think we’ll make further assessments at that point.”

Square’s CEO, Jack Dorsey, has spoken positively of Bitcoin on a number of occasions.

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Square’s Cash App raises minimum Bitcoin withdrawal to 0.001 BTC

April 22, 2021 Coin Telegraph

Applications

A 0.001 BTC withdrawal is equivalent to around $51.80 based on current prices.

Square's Cash App, a Bitcoin-friendly mobile payments platform, has raised its minimum withdrawal requirements for BTC holders.

The minimum withdrawal amount for Bitcoin accounts is now 0.001 BTC, or 100,000 satoshis, compared with 0.0001 BTC, or 10,000 satoshis, previously.

With Bitcoin hovering around $51,800, 0.001 BTC is equivalent to $51.80. The leading cryptocurrency was in the midst of another large correction on Thursday, having fallen 6%. Bitcoin is down over 19% over the past seven days, according to CoinMarketCap data.

“You must have a balance of at least 0.001 bitcoin to make a withdrawal,” reads Cash App’s withdrawal instructions. Users can still withdraw up to $2,000 worth of BTC every 24 hours and up to $5,000 within any seven-day period.

Although Cash App appears to have updated its withdrawal terms silently, the change may be due to higher network fees. As Cointelegraph recently reported, BTC transaction fees are approaching all-time highs in dollar terms following a major decline in the network’s hash rate. The average cost of a Bitcoin transaction reached $58 on Tuesday, just shy of the $62 record set in December 2017.

Cash App has emerged as a popular method for buying Bitcoin, with fees on purchases accounting for the lion’s share of its revenue. Cash App’s Bitcoin-derived revenue reached $1.63 billion in the third quarter of 2020, accounting for 80% of its total sales.