Jack Dorsey: Square Could Build Bitcoin Mining System
October 15 2021 - 5:55PM
NEWSBTC
CEO of financial services company Square Jack Dorsey could take
another step further into expanding the Bitcoin ecosystem. Via his
Twitter account, Dorsey announced that the company is currently
“considering” the possibility of creating a BTC mining system.
Related Reading | Square’s Cash App Reports $2.7B In Quarterly
Bitcoin Revenue, A 200% Jump A known Bitcoin bull, Dorsey has been
exploring the sector throughout 2021 with important partnerships
created with Ark’s Cathie Wood. As NewsBTC reported, the partners
proposed an alternative driven system to support a renewable energy
grid with Bitcoin miners. Now, Square could be based their mining
system on “custom silicon and open source for individuals and
businesses worldwide”, the announcement said. Dorsey clarified that
the mining system could track its hardware wallet model. In August,
the company revealed a new project to build a decentralized
exchange to facilitate Bitcoin peer-to-peer trading alongside a
hardware wallet. Similar to today’s announcement, the company
emphasized the need to collaborate with the community and the
ecosystem to benefit the project and the network. Dorsey made some
reflections on the nature of mining and: Mining needs to be more
distributed. The core job of a miner is to securely settle
transactions without the need for trusted 3rd parties. This is
critical well after the last bitcoin is mined. The more
decentralized this is, the more resilient the Bitcoin network
becomes. In that sense, the CEO of Square believes BTC mining needs
to be “more efficient” and to continue to move towards clean
energy. Related Reading | Why Square Will Create New
Bitcoin-Focused Company, According To CEO Jack Dorsey As stated in
the aforementioned Whitepaper, BTC mining could be used to create
and support an alternative energy system. Dorsey believes BTC and
its network are a potential source of innovation for the renewable
energy dilemma. Square To Work On Bitcoin Mining For The Mainstream
Therefore, Square wants to make BTC mining more accessible to
everyone in order to resolve the issues around Silicon design and
vertical integration in the energy sector. Dorsey said: Mining
isn’t accessible to everyone. Bitcoin mining should be as easy as
plugging a rig into a power source. There isn’t enough incentive
today for individuals to overcome the complexity of running a miner
for themselves. What are the biggest barriers for people running
miners? The CEO of Square said Jessi Dorogusker will lead a team to
research the technical requirements to undertake the project with
Afshin Rezayee and Thomas Templeton. Dorogusker said: 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. At
the time of writing, BTC trades at $61,945 with a 7% and 16.1%
profit in the daily and weekly charts, respectively.
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