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Jack Dorsey's Square and Cathie Wood's Ark suggest bitcoin mining encourages the adoption of renewable energy and isn't environmentally-damaging.

Square CEO Jack Dorsey and Ark Invest founder Cathie Wood. Francois Mori/AP/ ARK Investment Management

Teams from Jack Dorsey's Square and Cathie Wood's Ark Invest produced the results of a research collaboration on Wednesday that aims to show how bitcoin mining incentivizes the use of renewable energy.

Star stock-picker Wood said in a tweet their findings disprove the myth that the mining process is damaging to the environment. "Instead, as crypto mining, energy storage, and AI technologies converge, the adoption of renewable energy is likely to accelerate!" she said.

A number of recent studies indicate bitcoin mining consumes immense energy, as the matrix of computers that run its software are dedicated to solving complex calculations that create new tokens. Analysis by Cambridge University shows bitcoin consumes more electricity annually than the whole of Argentina, according to the BBC.

But research from Square and Ark seems to indicate the conversation around bitcoin's negative environmental impact only tells half the story. A memo they published shows bitcoin network functions could act as a "unique energy buyer" that helps develop cleaner solutions, so that bitcoin mining and trading relies on clean energy sources and helps make these projects profitable.

Read more: UBS picks 13 stocks poised to profit for years to come from the return to retail as the economy recovers and consumers start spending again

The memo narrates a seemingly complex explanation of how clean-tech forms of energy, such as solar and wind power, can constitute a "green grid" ecosystem that generates more electricity from renewable carbon-free sources.

The key highlights from the memo are:

Square

Dorsey also tweeted about the research, stating: "Bitcoin incentivizes renewable energy."

While many of his followers seemed to disagree with the statement, billionaire Elon Musk, wh...

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