Square (SQ) is exploring the possibility of developing a Bitcoin mining system based on “custom silicon and open source for individuals and businesses worldwide.” Citing posts on Twitter (TWTR) by CEO Jack Dorsey, Bloomberg reports that the new push is part of an effort to make mining more distributed. SQ shares rose 0.64 % to close at $249 on October 15. Square provides credit card payment processing solutions. It also provides reporting, analytics, and next-day settlement. In his tweets, Dorsey reiterated the need to decentralize mining to make the Bitcoin network more resilient. Additionally, the executive insists on mining being more efficient, thus ensuring cleaner and more efficient energy use.
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