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.”

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.

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.