Jack Dorsey's Square to Create Clean Energy, Open Source Bitcoin Mining System
According to Twitter and Square CEO Jack Dorsey, his new Bitcoin mining system would be 'more decentralized' and accessible to individuals and businesses around the world.
For some time here, Jack Dorsey has made several moves to integrate cryptocurrencies to Twitter , his most famous company, Now, the also CEO of Square , his financial services company (fintech), plans to build a mining system for Bitcoin of code open , more accessible, decentralized and powered by clean energy.
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Dorsey revealed his intentions in a series of tweets posted on his official account last Friday.
“Square is considering building an open source, custom silicon-based Bitcoin mining system for individuals and businesses around the world. The more decentralized it is, the more resilient the Bitcoin network becomes, " wrote the CEO of Twitter and Square .
“Mining is not accessible to everyone. Bitcoin mining should be as easy as connecting a rig to a power source. Today, there are not enough incentives for people to overcome the complexity of managing a miner on their own, " added Jack Dorsey .
1 / 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. True?- jack (@jack) October 15, 2021
The project would be led by Jesse Dorogusker, Square's hardware leader, whose team will investigate the requirements for Fintech to develop this ambitious mining system.
Jack Dorsey to integrate Bitcoin mining into his own cryptocurrency exchange and wallet
In August, the company revealed a project to build a decentralized cryptocurrency exchange to facilitate Bitcoin trading. This exchange would be linked to Square's hardware wallet and assisted custody service , announced last July. Thus, the new mining system would be added to complement both projects.
"If we do this, we would follow our hardware wallet model: building outdoors in collaboration with the community," said Jack Dorsey on Twitter.
Another objective of Square's mining system would be to move towards the use of clean energy , which would offer a solution to the most criticized problem of Bitcoin : its excessive consumption of electricity. However, he also mentioned that the silicon shortage could be an obstacle to his project.
Dorsey underscored the need to facilitate access to Bitcoin mining and make it "more efficient" in ecological and commercial terms.
“Mining must be more distributed. The primary job of a miner is to securely settle transactions without the need for trusted third parties. This is critical long after the last bitcoin is mined. The more decentralized it is, the more resistant the Bitcoin network becomes ” , declared the creator of Twitter.