CEO Jack Dorsey says square is considering building a Bitcoin mining system, this development comes after the firm had earlier announced it is with building a hardware wallet.
The CEO of Square and Twitter, Jack Dorsey, is all in on Bitcoin, and the leading cryptocurrency has gradually become a focal point in his worldview.
He revealed the latest potential component of his strategy today, tweeting that Square is considering building Bitcoin mining hardware.
“Square is exploring constructing a Bitcoin mining system for consumers and businesses throughout the world based on bespoke silicon and open source,” he tweeted. “If we do this, we’ll construct it in the open, in conjunction with the community, as we did with our hardware wallet.”
In a tweet thread, Dorsey explained the logic, stating that increasing the distribution of cryptocurrency mining nodes helps protect a decentralized network.
He also mentioned the need for better energy-efficient mining, a topic that has been a hot topic in the popular discussion about Bitcoin and cryptocurrency.
After the electric vehicle company, Tesla challenged the energy-intensive mining process, it was one of the factors that contributed to the crypto market’s summer slump.
Dorsey tweeted, “Driving towards clean and efficient energy consumption is wonderful for Bitcoin’s economics, impact, and scalability.” “Energy is a system-level issue that necessitates silicon, software, and integration innovation.”
Custom-built Bitcoin mining rigs are currently incredibly expensive, take months to get, and consume a lot of energy to operate.
Dorsey argues that silicon chip creation is “too concentrated in a few businesses,” and that new processes—such as vertical integration with software and system design—can result in a better mining rig.
He wrote, “Mining isn’t accessible to everyone.” “Mining bitcoins should be as simple as plugging a computer into a power outlet.” Individuals do not have enough incentive today to overcome the difficulties of running a miner on their own.”
Jesse Dorogusker, a former Apple engineer who leads Square’s hardware initiatives and oversees the company’s TIDAL streaming music business, will lead the team that will undertake the “deep technical research required to embark on this project,” according to Dorsey.
The financial services firm’s statement today is the latest in a series of Bitcoin-related activities. Square’s Cash App mobile app is already a popular way to buy Bitcoin, and the film announced plans to produce a Bitcoin hardware wallet in July. Square also announced plans to launch a new type of decentralized exchange focused on Bitcoin in August.
Dorsey is a well-known Bitcoin maximalist who has stated in recent months that he expects Bitcoin can bring about “global peace,” and that if Bitcoin “required more help than Square or Twitter,” he “would leave” his dual CEO roles to work on it.
