Square plans to build an open-source bitcoin mining system
Square and Twitter boss, Jack Dorsey, has announced that Square will soon begin investigating technical requirements for building an open-source Bitcoin (BTC) mining system.
Square is an American financial technology service provider, popularly known for creating one of America’s most utilized means of payment CashApp.
Dorsey shared this in a series of tweets explaining his intent to follow a collaborative approach in further decentralizing bitcoin mining.
He stated, “Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. The more decentralized this is, the more resilient the Bitcoin network becomes.”
The Twitter boss believes that further decentralizing the bitcoin network will be critical for securely settling the transactions, “well after the last bitcoin is mined.” Moreover, Square’s system aims to deliver energy-efficient mining solutions by innovation in silicon, software and integration.
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According to the tweet, the initiative will be led by Jesse Dorogusker, Square’s hardware lead, who previously helped launch Square’s hardware wallet and custody service. According to Dorsey, the company will build the mining system following a similar collaborative approach that was used to develop its “assisted custody” BTC hardware wallet.
The announcement also spoke on issues related to silicon shortage and vertical integration that the project will have to overcome in order to become successful. Dorsey further shared the intent to build a single system that can improve accessibility to bitcoin mining.
He stated, “Mining isn’t accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves.”
Dorsey is one of the biggest supporters of bitcoin and he is praised by the cryptocurrency community for his consistent insight and innovation. He seems to want to encourage the usage of the flagship cryptocurrency, bitcoin, in all his businesses.
Recently, Twitter launched a cryptocurrency-based tipping service, which allows users to tip using bitcoin’s lightning network. He partners with Jack Maller’s Zap Inc., the creators of the Strike payment platform.
Square trades $249, up 0.35% as of Friday’s close.
