CEO Jack Dorsey Says “Square Considering Bitcoin Mining”

Square Inc. Chief Executive Officer Jack Dorsey said on Friday that the fintech company is working on a bitcoin mining system for people and businesses based on bespoke silicon and open source.


According to Square co-founder and CEO Jack Dorsey, the fintech company is considering developing a Bitcoin mining system based on custom-designed chip designs that would be available to the general public.

Square is launching a technical inquiry into establishing a Bitcoin mining system that may be widely used by individuals and businesses, according to Dorsey, who is also the co-founder of Twitter.

He also encouraged public input on the project’s progress.

Bitcoin mining is a process that both maintains the blockchain—the decentralised ledger technology that underpins Bitcoin and other cryptos—and determines how new currencies enter circulation.

Miners utilise computers to solve difficult mathematical problems in order to verify Bitcoin transactions and add them to the blockchain. Bitcoin is given to miners as a reward.

In a Twitter thread announcing Square’s new project, Dorsey addressed fundamental issues surrounding Bitcoin and mining, stating that the process should be more spread and decentralised to make the network more resilient.

“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,” sAid Dorsey

APPROACH TOWARDS MORE GREEN ENERGY

The mining process, according to the Square CEO, has to be more effective, with a focus on clean and efficient energy use critical for Bitcoin’s economics and scalability.

Square is also creating a more greener way to mine bitcoin as environmentalists are keeping an eye in the process.

Dorsey went on to say that silicon design—the intellectual property that goes into computer chips—is overly concentrated in the hands of a few businesses, making chip development prohibitively expensive.

Square’s concept would make use of custom-designed chips with designs that would be made public.

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