Twitter CEO Jack Dorsey's Square Plans To Build Open-Source Bitcoin Mining System

Twitter CEO Jack Dorsey's Square Plans To Build Open-Source Bitcoin Mining System

Twitter Inc TWTR and Square Inc SQ CEO Jack Dorsey says that the fintech firm is looking to build a Bitcoin BTC/USD mining system based on custom silicon and open source for individuals as well as businesses.

In a series of tweets, Dorsey explained why there is a need for an open-source Bitcoin mining system and why he wants to follow a collaborative approach to further decentralize Bitcoin mining. 

In the tweet, he says, "Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. The more decentralized this is, the more resilient the Bitcoin network becomes."

This will help strengthen Square's existing bitcoin-focused projects, including a business building an open developer platform and a hardware wallet for the cryptocurrency.

According to the report, a team led by Square's hardware lead, Jesse Dorogusker, will investigate requisites for Square to take on the project to build a bitcoin mining system.

Dorsey believes that further decentralizing the Bitcoin network will be critical for securely settling the transactions "well after the last bitcoin is mined." 

He says Square's system aims to deliver energy-efficient mining solutions through silicon, software, and integration innovation. However, silicon or chip design is too concentrated in a few companies, leading to supply constraints.

According to Dorsey, the company will build the mining system following a similar collaborative approach to develop its "assisted custody" BTC hardware wallet.

Dorsey says, "Mining isn't accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. But, there isn't enough incentive today for individuals to overcome the complexity of running a miner for themselves."

In June, Square invested $5 Million to build a 100% solar-powered Bitcoin mine and the Bitcoin infrastructure startup Blockstream.

Related Link: Why Bitcoin And Ethereum Mining Stock Hut 8 Mining Is Surging Today

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