Last updated on December 1st, 2021 at 06:52 pm
Financial services provider, Square, is planning to build an open-source Bitcoin mining system and has begun investigating the technical requirements. This is according to CEO Jack Dorsey who shared a series of tweets explaining that he plans to follow a collaborative approach.
He said:
“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.”
To Dorsey, further decentralization of the Bitcoin network will be critical for securely settling the transactions “well after the last bitcoin is mined.” The development comes as Square’s system aims to deliver energy-efficient mining solutions by innovation in silicon, software, and integration.
This project will be headed by Jesse Dorogusker, Square’s hardware lead, who is reported to have previously helped launch Square’s hardware wallet and custody service. Dorsey further hinted that the company will build the mining system following a similar collaborative approach that was used to develop its “assisted custody” BTC hardware wallet.
“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 added.
Through various business initiatives, Dorsey has always supported the Bitcoin community. Recently, he rolled out a crypto-based tipping service on Twitter, allowing users of the microblogging platform to link third-party apps such as Cash App and Venmo to receive funds from other members of the platform.
