Since the infamous 40% drop in May of this year, the crypto market has been…
Jack Dorsey’s Square Open For Bitcoin Mining
Payments service provider Square is looking to make a dent in the Bitcoin landscape. After it already announced to build a cold wallet, Jack Dorsey’s company is now going to develop a bitcoin mining system, or so it looks like.
The Square CEO made the announcement himself on Twitter this Friday.
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
In consecutive tweets, Dorsey reiterated that mining needs to be more distributed and energy efficient. Dorsey believes that this will be critical once the last Bitcoin is mined. The more decentralized the mining, the more resilient the Bitcoin network becomes. Therefore, the core responsibility of the miners has to be to secure settlements of Bitcoin transactions without requiring any trusted third parties, Dorsey said.
The Tech mogul also mentioned the importance of clean energy mining solutions, a long-used and popular point of critique by Bitcoin adversaries:
“Driving towards clean and efficient energy use is great for Bitcoin’s economics, impact, and scalability. Energy is a system-level problem that requires innovation in silicon, software, and integration,”
He added that silicon design is too concentrated into just a few companies, leading to reduced supply and that mining should become more accessible and that he is pondering about Square stepping in the space. Dorsey said that if Square would start working on the mining plans, it would again be open source, just like it is doing with its hardware wallet.
Jesse Dorogusker, who is the lead in the wallet project, will “start the deep technical investigation required to take on this project,” Dorsey wrote as he noted his team is further reviewing the opportunity.
With both the development of a hardware wallet and Bitcoin mining ticked on Square’s ‘to-do’ list, the wait is for its decentralized Bitcoin exchange as Jack Dorsey announced on August 27.
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Author: Peter Siu