Jack Dorsey’s Square weighs up open-source Bitcoin mining system
Square, the American financial services and digital payments provider founded by Jack Dorsey, is looking into building an open-source Bitcoin mining system.
Dorsey made this clear via a Twitter thread in which he elaborated on the company’s possible approach.
“Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide,” Dorsey said. “If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community.”
Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community. First some thoughts and questions.— jack⚡ (@jack) October 15, 2021
Dorsey is of the view that additional decentralisation of the Bitcoin network is an important aspect of settling transactions in a secure way.
Square will also focus on ensuring mining efforts are delivered in an energy-efficient way using a combination of innovation in silicon, software and integration.
We will incubate the Bitcoin mining system project inside Square’s hardware team, starting with architecture, design, and prototyping of more efficient silicon, hashing algorithms, and power architectures.— Jesse Dorogusker (@JesseDorogusker) October 15, 2021
Jesse Dorogusker, Hardware Lead at Square, will lead up the team investigating the path to constructing a Bitcoin mining system.
The Square share price closed 0.35% higher on Friday upon the news emerging via social media.
The company will adopt a similar approach to the way it is developing its “assisted custody” Bitcoin hardware wallet.
The move also follows Twitter implementing a Bitcoin-based tipping service via the Lightning Network, underlying Dorsey’s steadfast commitment to the crypto.
Users are now able to receive funds from other users by using Twitter’s crypto tipping jar.
🚨 psa 🚨@twitter Tips is now LIVE for ALL users (100% globally for the kids at home) on iOS— Strike (@ln_strike) October 7, 2021
what does that mean?
if u have @twitter and an iPhone you can send GLOBAL tips 🌎
if u have @twitter, an iPhone, and a strike account u can receive tips from ANYONE in the world 🌎