In Brief:
- Jack Dorsey’s Square plans to build a bitcoin mining system.
- Square Hardware lead Jesse Dorogusker will undertake a deep technical analysis of the project.
- The firm is already building a decentralized bitcoin exchange and a hardware wallet.
Jack Dorsey, the chief executive officer of Square Inc., in a series of tweets said on Friday that Square is planning to build a bitcoin mining system.
“Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide,” said Jack.
Dorsey wrote that mining should be more distributed and energy-efficient, and that silicon design is too concentrated into a few companies, leading to a diminished supply.
The development of the Bitcoin mining system will follow their hardware wallet model. The firm announced previously to build a developer platform and a hardware wallet. It also announced plans to build a Decentralized Bitcoin Exchange.
He further added that if the payment service provider moved forward, it would use the same open-source approach it is using to build a 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.”
He suggested we should focus more on decentralization rather than being involved in a centralized structure. Square Hardware’s lead Jesse Dorogusker will undertake a deep technical analysis of the project.
