Jack Dorsey says Square may build a Bitcoin mining system

Investigation has begun

Square CEO Jack Dorsey said late on Friday that Square might be building a system that can improve accessibility to Bitcoin mining and further decentralize the BTC network.

Big possibility

The idea was first revealed when Dorsey tweeted that Square, his financial services and digital payments company, is considering creating an open-source Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.

Improve Bitcoin’s future

Dorsey believes mining needs to be more energy-efficient, as clean and efficient energy use would improve Bitcoin’s economics, impact, and scalability. He also said that Bitcoin mining should be more accessible to everyone, to the point it is as easy as plugging a rig into a power source.

For the community

Jesse Dorogusker, Square’s hardware lead, who previously worked on the launch of Square's hardware wallet and custody service, will start the deep technical investigation required for the project. According to Dorsey, the company will follow the method used to create its BTC hardware wallet, built in the open in collaboration with the community.

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